Which marketplace, OpenSea or LooksRare, flagged more in trading volume?

With the closing up of the month of March, here comes the time to look up at the performances of the crypto space, including the NFT marketplace

As far as NFT marketplaces are concerned, there are two top contenders in the sphere, out of which one is among the earliest, and another is popular despite being recent. Those are OpenSea and LooksRare, the power players in the NFT marketplace sector of the crypto space. The previous month of March has been full of ups and downs for the whole crypto industry for different reasons. 

NFT space has also been through the situations, but even on the same factors, coins and assets seem to react differently, still, despite the situations, which NFT marketplace has turned out to be the winner in this unannounced race. 

Talking one of the earliest and most popular NFT marketplaces, OpenSea, it has seen a monthly volume of more than $2.4 billion for March. The amount, which was in Ethereum, however, seems huge but still could be considered poor against the performance of the marketplace in January 2022, where it had a record-breaking high of a staggering $5 billion in monthly volume. 

In terms of collection from Polygon, the number of the total sold NFTs in a month remains as low as 511,648. Similar low as that was seen last in August and July 2021. 

The reason that is claimed to be behind the rise in NFT trading despite the market situation could be a significant drop in Ethereum gas fees since starting this year. Another reason can be the rise in NFT’s popularity and capabilities on blockchain networks due to the Russia-Ukraine war. Many people used non-fungible tokens, and its sale amount to crowdfund for helping Ukraine. 

Now another popular and recent NFT marketplace, LooksRare, has shown significant performance since the start of this year. Since the new NFT marketplace, LooksRare, launched, it has a total volume of more than $21 billion. While for the same period, OpeneSeas managed to secure only about $12 billion. Considering such facts is enough; LooksRare is an undoubted winner in the NFT marketplace region.

However, other factors such as the total number of users on the platform, OpenSea has almost ten times more than users on LooksRare. Both the NFT marketplaces have their own USPs and core competencies and evaluate both based on those compatibilities; both seem at somewhat the same level. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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