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

The NFT market was heating up at the turn of the year, with NFT talk and volumes ballooning. While regulatory and monetary policy rhetoric has linked 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 leader in the NFT market. News hit the wires earlier this week from the NFT market which saw NFT sales worth $2.1 billion within the first 10 days of the year. In 2020, NFT’s trading volume was reported to be only $21.7 million. OpenSea’s transaction volumes are expected to reach $6 billion in January, compared to $14 billion in 2021.

The release of the impressive numbers coincided with the news of LooksRare’s launch this year. LooksRare (LOOKS) has seen high NFT volumes 10 years agoy January launch. The attractive rewards program for NFT buyers, sellers and creators likely contributed to the level of interest. NFT buyers and sellers are rewarded with LOOKS tokens, as creators receive LOOKS royalty payments. For LOOKS token holders, speculators can win up to 860.76% APR.

With Quinten Tarantino and Secret (SCRT) spotlighting the NFT market this week, interest isn’t likely to wane anytime soon. News of the sale of the Pulp Fiction NFT collection, titled “Secret NFTs,” has attracted a lot of attention.

In the LooksRare NFT market, Immortal Phoenix (30,400%) is at the top of the table based on 24 trading volumes. Art Blocks is ranked second (14322%), while Rebel Rabbits (9,900%) is third.

However, in terms of total trading volume, Meebits is still at the top of the rankings, despite the fact that the 24-hour trading volume is in the red (1.03%).

With the hype of the NFT market, with movie and sports news hitting the wires, there’s also been some talk of the wash trade. Washing trading is a form of market manipulation. An investor may place an order to buy or sell and then an order to buy or sell or to inflate the trading volumes. In the case of LooksRare, wash trading would also reward market manipulators with LOOKS tokens. However, as a new platform, it will be up to LooksRare to prove itself. The cryptocurrency market has grabbed an early success story, which is reflected in the recent LOOKS price action.

LOOKS PRICE ACTION

On Saturday, LOOKS was up 13.08% against USDT, after falling 21.6% on Friday. Since the launch, however, LOOKS is up 279% to close on Saturday at 3.7915 USDT. On Thursday, LOOKS at ATH hit 5.1000 USDT.

Looking ahead, a return across this morning’s high of 4.0784 USDT would bring 5 USDT levels back into play.

However, we can expect a lot of resistance at the $4.5 levels. A pullback to levels below $3.50 would trigger yesterday’s low of $3.2620. Barring negative news hitting the markets, looks should be well off the sub-$3.00 levels.

At the time of writing, LOOKS is up 0.03% to 3.7926 USDT.

This article was originally published on FX Empire

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