OpenSea vs LooksRare: a disappointing report card for March 2022

As March 2022 marches out, it’s time to take a take a look at a report card for two NFT market energy gamers: OpenSea and LooksRare. The month has seen its ups and downs throughout the crypto trade, however cash and property react otherwise to the identical elements. Now, it’s time to evaluate which market is the winner.

OpenSea to summer time college?

At press time, OpenSea’s month-to-month quantity for March was $2,424,901,598.58906 [Ethereum]. A prolonged quantity, for positive, but it surely doesn’t change the truth that March’s month-to-month quantity was a poor displaying when in comparison with the record-breaking excessive of near $5 billion in January 2022.

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Supply: Dune Analytics

Shifting to OpenSea [Polygon], the variety of NFTs offered in March was a dismally low 511,648. In line with Dune Analytics, solely July and August 2021 noticed decrease numbers.

Supply: Dune Analytics

One other issue to notice is that the drop in NFT traction got here whilst Ethereum recorded a vital fall in common fuel costs throughout the first quarter of 2022. Doable causes for this might vary from the rise of NFT capabilities on blockchains to the Russia-Ukraine warfare.

Will subsequent month see a continuation of this decline, or a optimistic reversal as ApeCoin grows extra fashionable?

Seems to be like a stalemate

Whereas LooksRare’s whole quantity at press time was $21,524,853,068, OpenSea’s whole quantity because the launch of the rival NFT market was $12,234,570,421.

Whereas this would possibly appear to be sufficient proof to crown LooksRare the brand new trending winner, it’s vital to notice that the variety of whole customers on OpenSea since LooksRare’s launch was greater than 10x that of LooksRare. What’s extra, LooksRare’s tendency to allow massive volumes of wash buying and selling doesn’t assist it on this regard both.

That being stated, each day volumes for each NFT marketplaces have slipped significantly. At press time, the 2 had been roughly on par with one another.

Supply: Dune Analytics

How do you do, fellow children?

As April waits within the wings, what developments would possibly it carry onstage? For starters, a take a look at the NFT stats on CryptoSlam revealed that the top-ranked assortment by 24-hour gross sales quantity was Kiwami at $11,500,154, which rallied by 512.20% within the final day. With this, Kiwami overtook fashionable collections like Azuki and even giants like BAYC.

For now, it seems that NFT merchants’ consideration is shifting rapidly between new initiatives, because the ‘authentic greats’ attempt to keep related.


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