A brief analysis of LooksRare's recent operations: two months after its launch, the real trading volume has grown to 8% of that of OpenSea

Original author: duoduo

Original source: LooksRare

Original source: LooksRare

Since its launch on January 12, 2021, LooksRare has been in operation for 2 months. When this platform was launched, it coincided with the NFT bull market, and adopted the method of transaction rewards. The transaction volume exceeded OpenSea, which attracted great attention at the time. However, with the end of the first phase (30 days). So, after 2 months of operation, what is the current status of the project, what measures have been taken in terms of operation, and how is the performance in terms of data? Let's follow up and analyze today.

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Product experience: According to the suggestions of the community, make modifications and improvements to facilitate transactionsAccording to the summary of its several AMAs and webpage viewing, in the past two months, LooksRare has taken some measures in terms of products, mainly including:

1) One-click quotation function, users can quote all NFTs under a series with one click, and after one of them is sold, the quotation is considered to be over. This can help users quote quickly, save handling fees, and be able to bid to as many sellers as possible, thereby increasing the possibility of closing at a lower price.

2) Combination with rarity query website, users do not need to install plug-ins, they can directly see the ranking and rarity of NFT, and users can directly see the floor price of a certain attribute, which can help users better understand the market price, so as to better estimate and price.

3) Synthesis with GEM, if users buy in bulk on GEM, if they buy NFT on LooksRare, they can also get LOOKS rewards.

4) The official website provides a daytime mode.5) Mobile browsing becomes a double-column display.

The previous single-column mode made it very troublesome for users to find their own NFTs. LooksRare accepted the community's proposal to change the single-column into a double-column mode, which is more convenient for users to quickly find their own NFTs.

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Operational status: The cumulative transaction amount of the three series of BAYC, MAYC and BAKC exceeds 45,000 ETH

LooksRare is a new generation of NFT trading market built on Ethereum, which inevitably needs to be compared with OpenSea. Since its operation, the real daily transaction volume of LooksRare is about 2% to 5% of OpenSea; the daily active users are about 1,000 people, and the peak is 3,000, which is also about 2% of OpenSea. Therefore, in general, LooksRare still needs to make a lot of efforts to increase transaction volume and active users. A rough comparison can be seen from the figure below:For blue-chip NFT, due to its high price, LooksRare can save 0.5% of the handling fee and can obtain LOOKS tokens as transaction rewards, which is undoubtedly attractive. This attractiveness can be seen in the number of transactions of blue chips. As can be seen from the figure below, except for the terraforms, meebits, and cryptopunks v1 versions that are zero-royalty, and there are quantity transactions, the others are all transactions with royalties, and the real transaction volume. In addition to Bored Ape Yacht Club and its peripheral derivatives, the transaction volume of doodles, azuki, world of women, clonex and other blue-chip projects on LooksRare has also reached thousands of ethers. These blue chip holders post selling information in the community to find buyers, and if they reach an agreement, they will tend to place an order on LooksRare.

It is especially evident in Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kennel Club. At present, the total transaction volume of the three series on LooksRare has exceeded 45,000 ETH.

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Subsequent development plan: find more ways to attract project parties and NFT users

For the trading platform, the essence is to connect the project side and the user side. High-quality project end attracts a large number of users. A large number of users attract good projects. Judging from several AMAs, users are also very concerned about this issue: how to attract more good projects to LooksRare.

In the dialogue with the community this week, it can be learned that LooksRare is also actively connecting with various projects, setting up officially certified series, and conducting secondary market transactions. For some high-quality projects, artists, creative agencies, etc., we will also seek more diversified cooperation methods to jointly promote the construction of the NFT market. In terms of development, LOOKS is now working overtime to launch new functions to provide more services for creators. In addition, what is more friendly to creators is that LooksRare implements real-time royalties. The creator’s royalties in OpenSea may have to wait for 1-2 weeks, but LooksRare is real-time. After any transaction is completed, the royalties will be sent directly to Creator account.