A brand new entrant into the non-fungible token (NFT) market sector has seen its price and market cap explode this week.
The OpenSea rival LooksRare launched on January tenth, and the undertaking’s native asset LOOKS has already surged in price by almost 55%.
The token, which was listed by the alternate OKEx on Wednesday, is at the moment buying and selling at $4.10.
LooksRare’s market cap additionally briefly exceeded $500 million on Thursday, although it has since settled to about $478 million, already rating it 179th amongst all crypto initiatives.
The undertaking, which payments itself as “by NFT People, for NFT People,” says its market indexes all NFT collections on the Ethereum blockchain, that means merchants can entry all of the NFTs out there on OpeanSea and different marketplaces.
Data from blockchain analysis instrument Dune Analytics signifies LooksRare has been dominating the NFT area in phrases of buying and selling quantity since its launch. The fledgling market hosted greater than $551 million in buying and selling quantity on Thursday, a greater than 6x benefit in comparison with OpenSea’s roughly $88 million on the identical day.
In whole, since LooksRare launched on Monday, it has hosted greater than $1.37 billion in whole quantity, in comparison with OpenSea, which hosted about $281.7 million over the identical interval.
OpeanSea reached a valuation of $13.3 billion final week after buyers injected extra capital throughout its newest spherical of funding.
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