Overview

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While LooksRare is doubling OpenSea’s volume on any given day, OpenSea has 20–40 times more active users than LooksRare. This suggests that LooksRare’s volume is The Twitter thread concluded that LooksRare needs to keep its pace intact to be able to deliver an 800% APR. “In summary: 800% APR unsustainable after 30 days. OpenSea is on pace for a record-setting month of Ethereum NFT trading volume, but the competition is growing. A hot new challenger has emerged in the form of LooksRare is putting up more volume than OpenSea, but much of it is marked by inflated trades designed to manipulate the rewards model. LooksRare is a new Upstart non-fungible token (NFT) marketplace LooksRare launched with a bang this week, transacting over US$1 billion in sales after only debuting on Jan. 10. Total OpenSea, meanwhile – the dominant force in NFTs, often commanding in excess of 90% of the sector’s total trading volume – saw $169 million in volume on Monday LooksRare (LOOKS) is primarily a community focused NFT marketplace that rewards traders and creators for participating on the platform. Powered by the Ethere The LooksRare price prediction for next week is between $ 0. on the lower end and $ 0. on the high end. Based on our LOOKS price prediction chart, the price of LooksRare

LooksRare Jumps by 90% in a Week: Will It Keep Up the Pace?

LooksRare, a new upstart non-fungible token (NFT) marketplace, has been making waves in the crypto world. After debuting on Jan. 10, LooksRare launched with a bang this week, transacting over US$1 billion in sales. The platform, powered by the Ethereum blockchain, offers a community-focused approach that rewards traders and creators for participating. But can this impressive growth continue?

LooksRare vs. OpenSea: A Volume Battle

The launch of LooksRare has ignited a fascinating battle for NFT market share. Total OpenSea, meanwhile – the dominant force in NFTs, often commanding in excess of 90% of the sector’s total trading volume – saw $169 million in volume on Monday. While LooksRare is doubling OpenSea’s volume on any given day, OpenSea has 20–40 times more active users than LooksRare. This discrepancy raises questions about the sustainability of LooksRare\'s high volume.

Wash Trading and Inflated Volumes: A Cause for Concern?

A hot new challenger has emerged in the form of LooksRare is putting up more volume than OpenSea, but much of it is marked by inflated trades designed to manipulate the rewards model. This practice, known as "wash trading," involves artificially inflating trading volume to earn LOOKS tokens, the platform\'s native cryptocurrency. This casts a shadow over the genuine demand and organic growth of the platform.

The Promise of 800% APR: Is it Sustainable?

One of the key drivers of LooksRare\'s initial surge was the promise of high annual percentage rates (APR) for staking LOOKS tokens. The Twitter thread concluded that LooksRare needs to keep its pace intact to be able to deliver an 800% APR. However, experts question whether such high returns are sustainable in the long term. “In summary: 800% APR unsustainable after 30 days."

LooksRare (LOOKS) Price Prediction and Future Outlook

The LooksRare price prediction for next week is between $ 0. on the lower end and $ 0. on the high end. Based on our LOOKS price prediction chart, the price of LooksRare. The future of LooksRare hinges on its ability to attract genuine users, curb wash trading, and develop a sustainable reward model. OpenSea is on pace for a record-setting month of Ethereum NFT trading volume, but the competition is growing. While LooksRare\'s initial performance has been impressive, maintaining its current pace will be a significant challenge. Whether LooksRare can truly disrupt the NFT marketplace remains to be seen.

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