2022 has started off well for the NFT market. LooksRare is a new marketplace that rewards buyers and sellers with a native token, called LOOKS. Despite having two weeks left in the month, OpenSea, the largest NFT marketplace, has recorded 3.7 billion in monthly trading volume, an all-time high. NFTs are changing lives every day, according to @mattmedved, the CEO and co-founder of NFT Now, on Jan.1, 2022. But that’s just the beginning. Philosophers have long predicted that the Imagination Age had arrived, the successor to the Information Age, where creativity is the main driver of economic value. As we watch its dawn in real time, it’s clear we are witnessing its dawn.”
The highest daily trading volume of $261M occurred on Jan. 9, 2022. The most recent month with comparable trading volume was Aug. 2021, with $3.4B. There are 377 000 active traders (traders who have made at least one transaction) for the month of Jan. 2022.
OpenSea now valued at $13.3B
OpenSea raised $300M in a Series C funding round recently, seeing its valuation soar to $13.3B. OpenSea had over $2.4B in transaction volume from Dec. 5, 2021, to Jan. 5, 2021. The company was given a valuation of $1.5B by venture capitalist firm Andreessen Horowitz. This indicates a trend since Dapper Labs was valued at $7.6B last year.
According to a blog post published by OpenSea CEO Devin Finzer on Jan. 4, 2022, the Series C fundraising had four main goals: to accelerate product development, improve customer support and safety, invest in a meaningful way in the larger NFT community, and grow the team. Shiva Rajaman jumped ship from Meta, the company formerly known as Facebook, as the new Vice President of Product. This new hire is part of the effort to bring NFTs to “a broad consumer audience.” Part of the goal is to make user interaction easier by abstracting away the nitty-gritty of blockchain technology.
LooksRare pips OpenSea since its Launch
LooksRare is already vying for the position of OpenSea competitor, even though NFTs can be listed on both platforms. LooksRare has seen $3.5B in total trading volume since its launch, while OpenSea has seen just over $1.5B in the total trading volume. It has also beaten OpenSea on daily trading volume every day since its launch.
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