Non-Fungible Tokens

NFT Marketplace OpenSea Has Some Fierce Competition

A new trading platform has their crosshairs set on taking down the leading NFT marketplace. But is it an OpenSea killer?

Image Credit: Altcoin Buzz

OpenSea — currently the #1 NFT marketplace — has more competition.

The newest rival for Ethereum-based NFTs is LooksRare — which launched in January 2022.

In their first month, LooksRare recorded a staggering $9.5 billion in trading volume. Almost double what OpenSea traded in January.

LooksRare is making such a huge dint in OpenSea’s revenue, the heavyweight champion lost 30% of their active users last week.

But there’s a reason OpenSea is losing traction with its users.

LooksRare is innovating the NFT market by introducing new features and lower costs to buy or sell NFTs. And this has resulted in their wild success.

The community-driven marketplace offers many benefits to its users:

• 2% service fee compared to OpenSea’s 2.5% fee
• Rewards for buying or selling, paid out daily in the LOOKS token
• Staking through LOOKS tokens, earning up to 248% APR