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Removing LooksRare’s USD 8.3B in Wash-Trades, OpenSea is Still the Dominant NFT Marketplace

Source: Adobe Stock / Valerii

Non-substitutable token (NFT) Data aggregator CryptoSlam Have Identified Value over US $ 8.3 billion Wash trade upon Looks rare, The new NFT marketplace. Subtract this volume to see that it is the main NFT marketplace. High seas Still the dominant player on the field.

According to the data Dune analysisLooks Rare Beyond Since its official launch on January 10, it has recorded a trading volume of US $ 10.9 billion. During the same period, OpenSea recorded a trading volume of US $ 3.9 billion.

In particular, at the time of writing, LooksRare has 25,220 users, while OpenSea has 447,442 users.

However, subtracting US $ 8.3 billion in reported clothes transactions, LooksRare’s actual trading volume is approximately US $ 2.6 billion.

Launched as a “community first” NFT marketplace, Looks Rare has been warmly welcomed by NFT traders. At least it looked like that. In fact, in order to strengthen its position as a popular trading platform, it attempted a so-called “vampire attack” against the decentralized financial term OpenSea ()DeFi) Suggests that competitors aim to seduce users by providing excellent incentives.

To seduce OpenSea traders, LooksRare decides to airdrop to those who combine LOOKS tokens. ETH More than 3 trading volumes on OpenSea for the 6 months from June to December 2021) Looks rare document..

The market, which has a better fee structure than its rival OpenSea, claims that “100% of LooksRare’s transaction fees are redistributed in proportion to the LOOKS stacker.” It also provides token rewards to users who buy and sell NFTs on the site. As a result, it seems that a large number of clothes transactions have occurred.

In particular, according to CryptoSlam, most clothes transactions are from royalty-free NFT projects that do not reduce secondary market transactions. One such project, Larva LabsMeebitsThe collection of 20,000 3D voxel characters has accumulated the most masquerade transactions at US $ 4.4 billion.

Continue Meebits, Terraforms Along Mass Castle I’ve seen clothes deals over US $ 2.9 billion. Loot, CryptoPhunksAnd LooksRare’s other small NFT collections have $ 705 million, $ 251 million, and $ 62 million worth of costume transactions, respectively. Is asking Looks Rare for comment.

CryptoSlam states that it has created an algorithm that detects suspicious transactions, flags them, and filters them out of specific locations in CryptoSlam.

“I think I’m currently getting 99% of the wash sale, but after a manual check, I’ve found some cases where I’m missing out on what looks like a wash sale. I’ll continue to improve this. We will work on it. Algorithms over time. “

On the other hand, according to OpenSea, the majority of free NFTs created on the platform are spammed or plagiarized.

On Thursday, the company announced that it would limit users to 50 free NFTs on the platform using the tool. Shortly thereafter, OpenSea announced that it would lift the restrictions, and free creation tools would be used almost exclusively for fraudulent and spamming purposes.

“We initially built a shared storefront contract to make it easier for creators to join the space,” says OpenSea. Said “But recently, we’ve found a surge in misuse of this feature. Over 80% of the items created with this tool were plagiarized works, fake collections, and spam.”


learn more:
―――― LookRare outperforms OpenSea NFT volumes with 20x fewer users
―――― OpenSea sees a huge amount and the collection becomes popular as NFT booms in 2022

―――― OpenSea rejects hacks and bug claims, complaint issues are related to the UI
―――― NFT Infrastructure Movement: OpenSea Acquires Dharma, Coinbase Partner with Mastercard

―――― From 2022 NFT: Word of the Year to mainstream adoption and new use cases
―――― OpenSea sees a huge amount and the collection becomes popular as NFT booms in 2022

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