OpenSea Rival Surges 55% in Just Four Days, Shattering $500,000,000 Market Cap

The newcomer in the non-fungible tokens (NFT) segment has seen its price and market cap explode this week.

OpenSea rival LooksRare launched on January 10th, and project LOOKS’ original asset prices are already up about 55%.

The token that was included By OKEx on Wednesday, it is currently trading at $4.10.

LooksRare’s market capitalization also briefly surpassed $500 million on Thursday, although it has since stabilized to around $478 million, already ranking 179th among all crypto ventures.

The project, which calls itself “By NFT People, for NFT People,” says its marketplace indexes all NFTs on the Ethereum blockchain, meaning that traders can access all NFTs available on OpeanSea and other markets.

Data from blockchain research tool Dune Analytics indicates that LooksRare has been dominating the NFT space in terms of trading volume since its release. The nascent market hosted more than $551 million in trading volume on Thursday, which is more than 6 times an advantage over OpenSea’s nearly $88 million on the same day.

In all, since LooksRare launched on Monday, it has hosted more than $1.37 billion in total volume, compared to OpenSea, which has hosted about $281.7 million over the same period.

OpeanSea reached a valuation of $13.3 billion last week after investors poured in additional capital during its latest funding round.

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Featured image: Shutterstock / Hanna Gottschalk / Natalia Siiatovskaia