OpenSea NFT Competitor LooksRare (LOOKS) Jumps 13% as NFT Trading Volumes Surge

OpenSea NFT Competitor LooksRare (LOOKS) Jumps 13% as NFT Trading Volumes Surge

The NFT market has been heating up at the turn of the year, with NFT chatter and trading volumes ballooning. While regulatory and monetary policy chatter have pegged back Bitcoin (BTC) and the broader crypto market, the NFT market has had an exceptional start to the year.

NFT Market Place Landscape

At present, OpenSea remains the front runner in the NFT market place. News had hit the wires earlier this week of the NFT market place seeing $2.1bn in NFT sales within the first 10-days of the year. In 2020, NFT trading volume had reportedly been just $21.7m. Forecasts are for OpenSea’s transaction volumes to reach $6bn for January versus $14bn for 2021.

The release of the impressive numbers coincided with news of LooksRare launching this year. LooksRare (LOOKS) has seen NFT trading volumes rocket since its 10th January launch. An attractive rewards program for NFT buyers and sellers and creators have likely contributed to the level of interest. NFT buyers and sellers are rewarded LOOKS tokens, with creators receiving LOOKS royalty payments. For LOOKS token holders, stakers can even earn up to 860.76% APR.

With Quinten Tarantino and Secret (SCRT) putting the spotlight on the NFT market this week, interest is unlikely to