OpenSea NFT competitor LooksRare (LOOKS) jumps 13% as NFT trading volumes increase
The NFT market warmed up at the start of the year, with NFT chatter and booming trading volumes. While regulatory and monetary policy discussions have pegged Bitcoin (BTC) and the broader crypto market, the NFT market has had a stellar start to the year.
Landscape of the NFT Marketplace
Currently, OpenSea remains the leader in the NFT market. News had hit the wires earlier this week that the NFT market had seen $2.1 billion in NFT sales in the first 10 days of the year. In 2020, the volume of NFT transactions would have been only $21.7 million. Forecasts predict that OpenSea’s transaction volumes will reach $6 billion for January from $14 billion for 2021.
The release of the impressive numbers coincided with news that LooksRare was launching this year. LooksRare (LOOKS) has seen NFT trading volumes soar since its 10and January launch. An attractive rewards program for NFT buyers, sellers, and creators likely contributed to the level of interest. NFT buyers and sellers are rewarded with LOOKS tokens, with creators receiving LOOKS royalties. For LOOKS token holders, bettors can even earn up to 860.76% APR.
With Quinten Tarantino and Secret (SCRT) focusing on the NFT market this week, interest isn’t expected to wane anytime soon. News of a Pulp Fiction NFT collectible sale, titled “Secret NFTs”, has generated a lot of interest.
On the LooksRare NFT marketplace, Immortal Phoenix (30,400%) tops the chart based on 24 trade volumes. At No. 2 is Art Blocks (14,322%), with Rebel Rabbits (9,900%) at No. 3.
In total transaction volume, however, Meebits continues to sit at the top of the charts, despite the 24-hour transaction volume in the red (1.03%).
With the NFT market booming, with movie and sports news hitting the wires, there has also been talk of the wash trade. Wash trading is a form of market manipulation. An investor would place a buy or sell order and then a sell or buy order in or to inflate trading volumes. In the case of LooksRare, wash trading would also reward the market manipulator with LOOKS tokens. As a new platform, however, it will be up to LooksRare to prove itself. The crypto market bought into the early success, reflected in recent LOOKS price action.
On Saturday, LOOKS jumped 13.08% against USDT, after falling 21.6% on Friday. Since its launch, however, LOOKS is up 279% to hit Saturday’s close at 3.7915 USDT. On Thursday, LOOKS hit a 5.1000 USDT ATH.
Looking ahead, a return to this morning’s high of 4.0784 USDT would bring the 5 USDT levels back into play.
Much resistance can be expected at the 4.5 USDT level though. A drop to levels below 3.50 USDT would put yesterday’s low of 3.2620 USDT into play. Unless negative news hits the wires, LOOKS should avoid levels below 3.00 USDT.
At the time of writing, LOOKS was up 0.03% at 3.7926 USDT.
This article originally appeared on FX Empire