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Jan 20 15 tweets 15 min read
Will LooksRare Steal The NFT Throne From #Opensea?

Despite many rivals are aiming to take the market share away from it, @opensea is still the go-to platform for both beginners and experienced traders to buy and sell #NFT!

Until @LooksRareNFT comes...

$LOOKS #looksrarenft Image
@opensea @LooksRareNFT 1.1/ On-chain Comparison

@LooksRareNFT, which is much younger than #Opensea, already set a record with over $5 billion in Trading Volume in just more than a week!

Even, there were days that #LooksRare has outperformed #OpenSea by more than 400%. Is It impressive? Image
@opensea @LooksRareNFT 1.2/

But wait!

The platform has had more than 18,000 total users since its launch, while more than 300,000 users have interacted with OpenSea since January 10.

Outperforming Opensea volume by more than 400% with 20x fewer users, what is the question here? Image
@opensea @LooksRareNFT 2.1/ Wash Trading

These suspicious numbers have raised Wash Trading concerns, meaning the #NFT doesn’t really change hands.

According to #Dappradar, every sale of the #Meebit #1728 happened between 2 wallets, indicating that the #NFT owner is selling the NFT to themselves. Image
@opensea @LooksRareNFT 2.2/

The evidence shows that some flippers are buying and selling to themselves to get the rewards from the platform. The point is some users tried to create as much volume as they can to receive a share of the reward pool.
@opensea @LooksRareNFT 2.3/

Look at how many $LOOKS tokens one can earn with 2,000 ETH volume, this was very profitable for wash traders.

@opensea @LooksRareNFT 2.4/

However, wash trading tends to be decreased as the team said, 'Wash traders won’t have any guarantee over the amount of rewards they’ll receive, and will also need to pay at least a 2% fee on every trade, so it’s not going to be an effective strategy,'
@opensea @LooksRareNFT 2.5/

In addition, more and more users are coming into the platform for the sharing reward, leading to a decrease in wash trading activity.

Also, users can earn healthy amounts of $LOOKS by staking their tokens within the platform, which takes part in boosting the token value.
@opensea @LooksRareNFT 3.1/ Vampire Attack

This competition reminds us of something that has happened, when #SushiSwap targeted the already established users of #Uniswap, turning them by their side with incentives in the form of governance tokens, It is the same way that $LOOKS come into existence.
@opensea @LooksRareNFT 3.2/

But how sophisticated #LooksRare is, the platform airdrop to all those who were active on #Opensea with at least 3 $ETH Trading Volume. It was a very strategic #VampireAttack!
@opensea @LooksRareNFT 4.1/ The Valuation

#OpenSea recently announced $300M in Series C funding that took its valuation up to $13.3B.

At the time of writing, $LOOKS just hit its ATH at $7 which means a $1B market cap. Image
@opensea @LooksRareNFT 4.2/

Will $LOOKS market cap reaches the Opensea Valuation when the #NFT space is mentioning it every nook and cranny

@opensea @LooksRareNFT 5.1/ Conclusion

#looksrarenft is doing a really good job of drawing users onto their platform as trading on it brings much profit right now.
@opensea @LooksRareNFT 5.2/

In order to compete with #Opensea, LooksRare needs more to be done which would point to a Robust analytics dashboard, Flexible #NFT minting, and Support for cross-platform royalties.
@opensea @LooksRareNFT 5.3/

This rivalry reminds us of the #Sushiswap and #uniswap dichotomy, and there is room for both platforms when you look at where are $SUSHI and $UNI at right now, and the NFT market continues to grow. It’s going to be very interesting to see how this plays out.

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