Thu. Jan 20th, 2022

Just like you, I check NFT marketplace volume a few times a day to keep up with the fast-growing market for buying and selling digital signatures on various blockchains referencing images and the like. We are very cool.

Usually the data is stable. OpenSea volumes tend to lead the space, with other smaller NFT exchanges and some crypto games filling the list. You can check out DappRadar’s NFT marketplace dataset here, a related track list from NonFungible here, and some great map data from The Block here, if you’d like to dive in for yourself.

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But recently, the data has changed and an NFT marketplace called LooksRare skyrocketed on the charts, quickly surpassing OpenSea’s results and taking the top spot among its competitors in volume.

Is OpenSea in trouble? Did LooksRare suddenly rise to the top of the charts thanks to a better model, price list, or other business endeavor? A little, but it seems like a lot of nonsense is being used to make the numbers look better than they are. So let’s talk about incentives and governance tokens to find out what’s going on with LooksRare and the greater future of the financialization of everything.


The data is pretty funny. In the past 24 hours, LooksRare has seen just under $290 million in NFT transactions, according to DappRadar data. OpenSea’s 24-hour tally is a more modest $131.6 million. Have we seen how far ahead OpenSea puts that single data point LooksRare crowned a new market king? New.

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