Altcoins

Looks like LOOKS is flying out of exchanges; Here’s why

Mozart and Salieri, iOS and Android, OpenSea and LooksRare – rivalries exist wherever you look. Nonetheless, most crypto-watchers and NFT lovers have concluded that the excessive quantity of wash buying and selling on the LooksRare NFT market means it might’t match as much as OpenSea.

However, LooksRare’s LOOKS token has been seeing some intriguing exercise over the previous few days. For that purpose, it’s value a small investigation.

Eyeing a brand new alternative?

The very first thing to notice is that from round mid-April, the provision of LOOKS on exchanges rocketed till it hit all-time-highs of roughly 20.94 million on 20 April. After this, nevertheless, the provision of LOOKS started to fall sharply, although it was recovering barely at press time.

LooksRare LOOKS 18.53.31 26 Apr 2022

Supply: Santiment

Blog New Ap Pricing e1637002475474

Moreover, lively addresses and volumes for the asset have each been spiking from 20 April onwards. Collectively, these two metrics paint an image of an asset which is seeing a rise in adoption. Moreover, we will see that the spike in volumes was adopted by a equally giant spike in addresses.

It stays to be seen if this sample will maintain sooner or later.

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LooksRare LOOKS 19.06.49 26 Apr 2022

Supply: Santiment

So, is LooksRare profitable the NFT market race? In line with Dune Analytics, that is removed from the case as each LooksRare and OpenSea look like working neck-to-neck when analyzing their each day quantity in USD.

Nonetheless, whereas OpenSea each day volumes are rising extra constant, LooksRare volumes have plunged by a whole bunch of tens of millions of {dollars} since its launch in January 2022.

Screen Shot 2022 04 26 at 19.09.46

Supply: Dune Analytics

However that’s not all, of us!

The OpenSea and LooksRare rivalry may not be a two-way rivalry for for much longer as a brand new participant prepares to enter the NFT market scene. That is none aside from Coinbase NFT, which not too long ago launched its beta model for choose customers to check out.

With a concentrate on interoperability and user-friendliness, there’s an excellent probability {that a} new aggressive dynamic may type as quickly as Coinbase NFT opens its doorways to everybody else.



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