New NFT marketplace challenges OpenSea’s dominance

New non-fungible token (NFT) marketplace LooksRare has outsold market leader OpenSea just a day after launch, reaching US$275.5 million in sales volume in the past 24 hours.

Fast facts

  • This compares with almost US$120 million in sales volume for OpenSea over the same period, according to DappRadar.
  • Like its main competitor, LooksRare, which launched on Jan. 10, is based on the Ethereum blockchain and features some high-profile collections that are also found on OpenSea, such as Mutant Ape Yacht Club, Bored Ape Yacht Club and Doodles.
  • Lesser-known collections Meebits, Loot and Terraforms are the best sellers on the marketplace, with sales volume for Meebits alone reaching over 40,000 ETH (US$130 million).
  • OpenSea, which launched in late 2017, dominates the NFT market with cumulative sales volumes reaching nearly US$15 billion — more than three times its nearest competitor, Axie Infinity.
  • The global NFT market has had an explosive start to 2022, with sales volumes on OpenSea for January already reaching 70% of the platform’s monthly sales record of US$3.4 billion set last August, according to Dune Analytics.