NFTs continue to grow and there seems to be no end in sight. OpenSea has surpassed $1.03 billion in trading volumes since January 14, 2022, with its latest competitor, LooksRare, outperforming the platform, according to DappRadar data.
Top 8 NFT trading platforms by volume. Source: DappRadar
What is clear is that NFT collectors and dealers seem to be turning their minds to where they see value. Since the beginning of 2022, the focus has been on “community” with hype and speaker to reward users for their participation.
OpenSea already totals more than $3.2 billion, although many NFT retailers feel the market has changed Web3’s mindset. These investors are on their feet and planning to boycott the market by drawing attention to those who are more “Web3 friendly”.
Community-driven NFT Marketplace, LooksRare, and other platforms have successfully completed Vampire Attack, leaving disaffected OpenSea users who migrated from it without the value or reward of user engagement.
Participants seem determined to stand up for the value they create in the ecosystem and believe that competitors live up to their demands.
But can other OpenSea competitors influence users by claiming and rewarding their participation? And can others exploit users who blindly follow these concepts and protocols?
SOS: OpenDao got mixed opinions
Since its launch, SOS has registered 13.7 trillion SOS ($45.6 million) and 50% of the total 100 trillion has been distributed to society. Until January 12, 2022, users were eligible to claim a 145% APY for their veSOS control token and this was tied to voting rights for future projects and protocols.
The SOS seemed to spark a battle for social activism, but they faced setbacks after they abandoned their original plans to end the order by June 30, 2022. Many expressed frustration and confusion and learned that in the DAO, decisions can be changed through a query. To vote, participation is strongly encouraged.
SOS betting pool. Source: Dune Analytics SOS Requests
There are currently more than 200,000 holders and a turnover of over $2.5 billion, and the launch of future projects in addition to the existing NFT market could increase SOS liquidity.
SOS is down around 70.5% and is trading at $0.00000327 despite a threatening market that is supposed to present unique trading opportunities NFT.
SOS/USD Live: Sushiswap LP 24 hour chart. Source: CoinGecko Gecko Station.
NFTs continue to grow and there seems to be no end in sight. Since January 14, 2022, OpenSea has traded over $1.03 billion in trading volumes since January 14, 2022, with newest competitor LooksRare earning $1.79 billion more than the behemoth, according to DappRadar.
Is there more to LooksRare than just washing?
LooksRare launched on January 10, 2022 and was aimed at the neck of OpenSea, or rather Web3’s lack of incentives and initiative – and caught the attention of many who were already debating the “death of OpenSea”.
The token was a “free” downfall, but had to pay several transaction fees, including putting an NFT up for sale, which required airdrops and (optional) effort.
According to Dune Analytics, even with the cost, it requires more than 110,000 LOOK wallets, which is about 60% of the total number of eligible wallets.
Views compared to wallet addresses claimed by Airdrop. Source: Dune Analytics.
LooksRare’s total has raised nearly $2.4 billion, but the calculations show only a small part of the pie. Several red flags were raised when taking a closer look at the number of transactions.
A comparison of the number of transactions on LooksRare with OpenSea shows that OpenSea processed more than 50 times the number of transactions on LooksRare.
LooksRare has an estimated 17 times as many users, but OpenSea is half the size of the competition.
Soon after the launch, investors became skeptical that traders were laundering trades with the Larva Labs Meebit group to take advantage of the trading bonuses.
Sources seem to be rare and open to daily users. sand dune analytics
While this is the camp of people defending LooksRare and seeing the model as promising, there are other questions and concerns about the sustainability of the platform.