{"id":568045,"date":"2022-01-28T02:50:56","date_gmt":"2022-01-27T23:50:56","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=568045"},"modified":"2022-02-24T02:52:55","modified_gmt":"2022-02-23T23:52:55","slug":"looksrare-vs-opensea-the-battle-of-the-nft-marketplace","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/looksrare-vs-opensea-the-battle-of-the-nft-marketplace\/","title":{"rendered":"LooksRare vs Opensea \u2013 the battle of the NFT marketplace"},"content":{"rendered":"

OpenSea is a popular marketplace where you can trade and collect NFT\u2019s, rare digital items, and crypto collectibles. According to data collated from\u00a0Dune Analytics<\/a>, the marketplace reached its all-time high in volume traded on January 27, 2022. This popularity increase could be attributed to NFT\u2019s seeing an enormous rise in searches, as reported by Google Trends. The search for the word NFT is currently at its\u00a0all-time high.<\/a><\/p>\n

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The reason OpenSea is different from its rivals is simplicity. Anyone can trade their art and see how their personal creations fare in the open market. However, the marketplace has recently been subject to a few famous exploits, such as the\u00a0Bored Ape Yacht Club NFT Exploit<\/a>, where a Bored Ape was bought and sold well before the floor price.<\/p>\n

Looks Rare, the brand new marketplace on the block launched on January 10. They managed to impress the crypto community by choosing to release the $LOOKS token and airdrop it to fellow NFT traders and degens that have previously traded their NFT\u2019s on OpenSea.<\/p>\n

Offering rewards for traders and stakers of the $LOOKS token for using their platform; they compete with Opensea in true defi fashion.<\/p>\n

According to an analysis done by Ricardo Rivas at Yahoo, LooksRare has surpassed Opensea every day on its daily volume since its launch having the highest daily volume of $842 million on January 19. However, as trading has increased for this Opensea rival, it has also become clear that some traders are using it to wash trade and manipulate the numbers to take advantage of the reward system of the marketplace effectively.<\/p>\n

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Dozens of Loot and Meebits NFT\u2019s have sold for about \u00a33 million worth of WETH a piece as seen on the top NFT sales list at\u00a0CryptoSlam<\/a>. The Looks Rare team has not officially commented on their official Twitter or Discord about the wash trading. Although they have shared the below post on Twitter, that alleges that the wash trading may be happening \u201cby design\u2026probably\u201d and is \u201cin fact, genius.\u201d<\/p>\n

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