• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Binance.US Takes Action Amidst SEC Complaint: Delists Over 40 Trading Pairs
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Binance.US Takes Action Amidst SEC Complaint: Delists Over 40 Trading Pairs
NFT marketplaces

NFT Marketplace LooksRare Sinks Fangs Into OpenSea With “Vampire Attack”

Best Owie by Best Owie
1 year ago
in NFT
0

NFTs are still big in the crypto space and NFT marketplaces even more so. These are avenues where people are able to sell their NFTs and also display their work for potential investors. With the growth of the NFT space, marketplaces are seeing increasing support from those who are heavily involved. With time, it has evolved from one marketplace that dominates the space to a number of marketplaces now vying for supremacy.

LooksRare Comes For OpenSea

OpenSea has maintained its position as the leading NFT marketplace. But the question is, how long can it hold on to this title? The platform is still the go-to for those looking to get started and purchase NFTs in general. However, rivals are picking up speed as they aim to take market share away from the leader in the space. One of those rivals is the NFT platform LooksRare.

Related Reading | Retail Giant Walmart Ventures Into The Metaverse With Its Own Crypto And NFTs

The platform which recently launched is already rivaling OpenSea in terms of volume. OpenSea was well on its way to setting a new record for NFT trading after receiving over $2 billion worth of Ethereum in the first two weeks of January. But LooksRare had other plans. The platform which is much younger already set a record for itself with over $3.4 billion in Ethereum received in a single week.

LooksRare surpasses OpenSea Ethereum NFT volume

LooksRare outperforms OpenSea | Source: Arcane Research

Since its launch, LooksRare has successfully outperformed OpenSea on Ethereum volume. In some cases, the NFT platform has outperformed OpenSea by more than 100%, consistently returning over $300 million per day for a week.

Sucking The LifeBlood Out Of OpenSea

LooksRare took a different but effective approach when coming from rival OpenSea in what Arcane Research refers to as a “vampire attack.” It basically targeted the already established user base of OpenSea, drawing them in with an airdrop. This airdrop was tailored to those who were active on the platform, going to those who had done at least 3 ETH in trading volume on OpenSea over a six-month period. These users were awarded $LOOKS tokens when they listed an NFT on the LooksRare platform.

Related Reading | Bitcoinist Review Corner: I Played The LegendsOfCrypto Game. Here’s What I Think

LooksRare basically took a page out f the SushiSwap marketing book. The decentralized exchange had similarly targeted the established user base of rival Uniswap in its August 2020 launch by drawing them in with incentives in the form of a governance token.

LooksRare has however recorded faster success with this approach. In only a week after implementing its strategy, the platform is already outpacing that of OpenSea which has seen its volume decline by about 50%.

It is still left to see if LooksRare can continue to maintain such high volumes going forward but it continues to do incredibly well for itself. It has also beaten OpenSea’s daily record volume of $324 million when it recorded $578 million worth of ETH on January 17th.

Featured image from MARCA, chart from Arcane Research
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Best Owie

Best Owie

Related Posts

Blur Blend Loan

More NFT Holders On Blur Are Taking Loans, Not Trading

2 weeks ago
NFT sells for $2.5 million

Broke To Big Bucks: Bankrupt Crypto Firm’s NFT Assets Sell For $2.5 Million At Auction

3 weeks ago
NFTs

Are We Witnessing A NFT Capitulation? Market Sees Biggest Drop Of 2023

4 weeks ago
Elon Musk

Elon Musk Effect: Miladys NFT Floor Price Skyrockets Because Of This Tweet

4 weeks ago
OpenSea

Former OpenSea Exec’s NFT Scheme Comes Crashing Down With Guilty Verdict

1 month ago
Blur

A Look At Blur’s New NFT Lending Protocol, Blend

1 month ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    1 week ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    1 week ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • The best investment opportunities according to crypto...

    1 hour ago
  • Wall Street Memes Crosses $5 Million in JUST Twelve Days...

    2 hours ago
  • DigiToads gains tremendous presale traction among Ripple...

    3 hours ago
  • dYdX Price Prediction for June

    6 hours ago
  • InQubeta (QUBE) Presale Sees High Adoption Rate Among...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.