LooksRare Notes Impressive Volume In Its First Few Weeks

CryptoMode LooksRare $LOOKS NFT Marketplace

It has been an exciting month for NFT marketplaces. Although most platforms do not generate any volume that will shock people, LooksRare appears to build strong momentum. It has nearly three times the monthly volume of OpenSea, per statistics provided by Top7ICO.

LooksRare Is Popping Off

The launch of LooksRare took many people by surprise. Although competition among NFT marketplaces is clearly needed, very few projects can build momentum. The past month has been rather prominent for this marketplace, which redistributed fees generated to holders of the $RARE token.

Statistics by Top7ICO indicate LooksRare noted over $12.7 billion in monthly volume. An impressive and somewhat bonkers amount, considering OpenSea – the leading NFT trading platform for almost a year and a half – generated $4.62 billion. Interestingly, that volume is an all-time high for OpenSea. However, more traders flock to LooksRare, primarily because it is new.

More importantly, LooksRare has a high volume with less than 10% of the traders OpenSea has. That confirms a few whales are throwing around lots of money on the new marketplace, although that trend will likely not last for long. Noting 30,600 traders is good, though, but far from OpenSea’s 544,000 traders. It also seems to indicate the volume for LooksRare is somewhat inflated and should return to more normal levels reasonably soon.

What About Other NFT Marketplaces?

The rankings include some intriguing platforms and solutions to trade NFTs. On the Solana blockchain, Magic Eden has $295 million in monthly volume. A strong showing for the Solana network, as NFTs seem t take off on that blockchain too. Sustaining the volume will be tricky, but nothing is impossible these days.

NBA Top Shot continues to hang in there with over $55 million in volume. The collection has lost some of its momentum in recent months, but over 123,000 monthly traders are still there. Whether a new collection can rekindle the overall interest in NBA Toap Shot remains uncertain, but there is no indication the project will shut down anytime soon.

Beyond those – and excluding individual projects like CryptoPunks and Axie Infinity – there isn’t too much to get excited about. It will be interesting to see how these NFT marketplaces shape up in the coming months, as there is much room for shaking up thse rankings. 

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