The Block Data Dashboard announced that NFT trading volume reached $6.13 billion in the current month alone. Thus, the NFT volume in January 2022 increased by 129% compared to December 2021.
Many in the NFT world associate this growth to the reveal of LooksRare. LooksRare is a new NFT marketplace which released on January 10th. Apart from being a new platform, it is now differentiated from the public and has become a serious competitor in the NFT world.
LooksRare is a threat to OpenSea, the world’s biggest NFT marketplace. Lately, the second one has faced a series of unfortunate events that have had a negative impact on its user base. On the contrary, LooksRare, is becoming an ideal alternative for OpenSea because of its LOOKS tokens.
Creators, traders and collectors are allowed to get LOOKS tokens. This is because LooksRare users receive LOOKS tokens when purchasing and selling NFTs. Besides, they can win prizes by placing tokens on the LooksRare.
Apart from this positive growth, the Block Research noted that most of the new NFT marketplace’s trading volume is because of wash trading. A kind of market manipulation in which an investor at the same time sells and purchase items to increase volume and prices.
Other than, ETH marketplace, the total NFT sales on Solana went beyond $1 billion in all-time volume. However, Coinbase, enters the game by creating its own NFT marketplace. The upcoming NFT marketplace is expected by NFT enthusiasts; particularly after Coinbase revealed its collaboration with Mastercard, that allows anyone with a Mastercard to purchase NFTs.
