Last year, sales of blockchain-based digital collectibles, or NFT’s, soared, clearing the door for new marketplaces to develop in the space. LooksRare, an NFT marketplace that launched on January 10, 2022, has been seeing strong sales values in recent days, outpacing its globally established rival, OpenSea, on a frequent basis.
The development team at LooksRare dropped their weekly work on Twitter, keeping their users and fans in the loop on all their initiatives.
This week’s work flow for the $Looks dev team
The team at LooksRare has revealed their plans for the week. The team will be working on how users can sort their collections, on stale orders, lowering sale prices, animation URL support, and the much-awaited WETH/ETH converter.
The team has completed their work on Basic transfer, trading rewards update, Metadata refresh API, and overall performance of the platform.
The weekly work reports from LookRare are a much-welcomed initiative. It keeps its users informed about their weekly updates, as well as helps maintain a transparent outlook. Transparency is a much-needed priority in the crypto space, and LooksRare’s weekly posts are championed by its users.
Can LooksRare dethrone OpenSea?
Last week LookRare dropped by 50%, and people didn’t lose a moment in questioning staker’s sanity. However, the data provided by Nansen AI shows that long term was not shaken by the volatility, as they understood WETH’s distributions.
Stakers have witnessed amazing rewards on the platform.
In comparison to OpenSea, the LooksRare platform has been handled with greater daily volume since 11 January. LooksRare had its greatest single-day volume of $842.8 million on January 19, according to Dune Analytics. OpenSea only made a quarter of that [$202.6 million] on the same day.
People who support LooksRare have already started speculating about OpenSea’s “death.” It should be emphasized, however, that the new platform has struggled to maintain its user base, whereas OpenSea has done so with ease.
Without a question, OpenSea has benefited from its first-mover advantage. LooksRare, on the other hand, has quickly established itself as one of the most well-known names in the NFT market. The former has spent enough time in space to establish its credibility. But, in the case of the latter, only time will tell whether or not its model is viable.