like you i check The NFT market volume a few times a day to keep up with the growing market for buying and selling digital signatures on various blockchains that point to images and the like. We’re really cool.
Mostly, the data is stable. OpenSea volumes tend to lead the space, with other smaller NFT exchanges and a few crypto games filling the list. You can take a look at DappRadar’s NFT market dataset here, a related list of NonFungible numbers here, and some great graphical data from The Block here, if you want to dive on your own.
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But recently the data has changed, and an NFT market called Rare Appearance soared on the charts, quickly outperforming OpenSea’s results and ranking first among its competitors in terms of volume.
Is OpenSea in trouble? Has LooksRare suddenly climbed to the top of the charts thanks to a better model, price list, or other commercial effort? Kind of, but it seems like there’s a lot of bullshit going on to make the numbers look better than they are. So let’s talk about governance incentives and tokens to look at what’s happening with LooksRare and the greater future of the financialization of everything.
The data is very funny. In the last 24 hours, LooksRare has seen just under $290 million in NFT trades, according to data from DappRadar. OpenSea’s 24-hour count is a more modest $131.6 million. Given how far ahead of OpenSea this single data point puts LooksRare, have we seen a new king of the market crowned? Do not.