LooksRare Surpasses OpenSea By Gaining Over $572 Million In 24-Hour Volume

Looksrare, an Opensea’s rival, reached $572 million in sales on January 13.

According to Dappradar NFT marketplace statistics, Looksrare’s daily and hourly volumes have surpassed Opensea’s sales. At 8:45 (UTC), January 13, Looksrare has seen $572,36 million in sales with 2,864 traders. In contrast, Opensea has 62,706 traders, but its 24-hour volume was only $153.96 million.

Since its launch, this new NFT marketplace has gotten a lot of attention in the community. Someone sold a Meebit NFT for 14,700 Ethereum on this marketplace, but there are signs that it was a wash trade. Meebit NFT was produced by LarvaLabs, the Cryptopunks, and Autoglyphs creator.

“Transaction volume of Meebits has reached 52,771 ETH. Whales are constantly repeating transactions to obtain Tokens,” Collin Wu, a journalist, said about his suspicion.

On January 12, a Meebit NFT sold for $49.5 million in Ethereum, adding to the doubt. The combination of LooksRare’s 0% royalties and the deployment of LOOKS rewards, according to traders, incentivizes wash trading.

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