LooksRare vs. OpenSea: A review
Did you know that LooksRare is a much more rewarding platform for users than OpenSea, passing back 97% of rewards to token holders.? In addition, LooksRare has achieved a GMV 3.7 times that of OpenSea’s in just one month – despite OpenSea having been around for much longer.
This indicates clear demand for LooksRare’s innovative approach to NFTs. Keep reading to learn more about how LooksRare and OpenSea compare.
What is LooksRare?
LooksRare is a decentralized, community-first NFT marketplace that rewards users for participating on the platform. The project was launched in January 2022 by two founders who go by the pseudonyms “Zodd” and “Guts.”
So far, LooksRare has made significant progress towards their NFT goals having attracted over 15k active traders within just six months of going live.
The team is currently working on several new features to further enhance the user experience on their platform, including an advanced search engine and access to third-party services such as portfolio trackers and market aggregators.
Looking ahead, LookRare plans to continue expanding its presence across different cryptocurrency platforms in order to attract more users and increase liquidity on the marketplace. They also hope to partner with blockchain gaming projects in the near future, leveraging their extensive experience to help promote their adoption of NFTs on a wider scale.
What is OpenSea?
OpenSea has become the go-to marketplace for buying and selling NFTs. In August 2021 alone, OpenSea recorded well over $3.5 billion in NFT trading volume. Considering it posted just $21 million in volume during all of 2020, it’s safe to say the 12,000% trading activity rise firmly signals success.
OpenSea offers a wide variety of NFTs, from in-game assets and avatars to trading cards and art. With such a large array of NFTs available, it’s no surprise that OpenSea is a leader in the NFT scene.
LooksRare Vs OpenSea
Here’s a few significant comparison between LooksRare and OpenSea:
OpenSea offers a wide range of different NFTs, from collectibles to scarce digital assets. Moreover, users of this marketplace can use it to buy and sell game items within games such as Enjin. These features have helped make OpenSea the most popular NFT marketplace around today.
LooksRare, despite being a new company, has managed to gain a lot of support from users by offering incentives in the form of their own LOOKS token. This token can be used to make transactions, purchase items, or receive airdrops. The more tokens that a user has, the more they can earn in the future.
2. Supported Currencies
Unlike LooksRare that only accept one type of currency, OpenSea allows you to use a variety of currencies to buy and sell your assets. This includes ETH, DAI, and more than 150 others. So whether you’re looking to trade in ETH, MANA, UNI, or WKLAY, you can do so on OpenSea.
LooksRare, on the other hand only accepts ETH, and offers a staking program that allows you to earn additional LOOKS tokens for your investment.
Neither platform accepts assets paid with bitcoin (BTC), fiat currency (USD, GBP, AUD, and so on), or credit cards.
3. Supported Wallets
OpenSea offers its users the dapp browser extension MetaMask. Among the web3 wallets supported by the platform are Bitski, Arkane Network, Coinbase, Dapper, Authereum, Torus, and Fortmatic.
LooksRare also uses MetaMask and recommends it to their PC customers. With the platform, you can use Coinbase Wallet or Wallet Connect. Wallet Connect is a smartphone app that LooksRare promotes to their subscribers.
4. Platform fees
When it comes to fees, both LooksRare and OpenSea are relatively affordable compared to other platforms.
LooksRare charges a 2% transaction fee for every sale, whereas OpenSea charges 2.5%. For buyers and sellers of NFTs with high valuations (such as BAYC or BAT), this can make a big difference in their costs.
However, those who trade on LooksRare will be able to take advantage of the extra savings they get from the lower fees, while also earning LOOKS tokens in return.
5. Minting Availability
If you’re looking to mint new NFTs, LooksRare isn’t the platform for you.
In contrast, OpenSea does allow their users to mint on their platform through a process called “lazy minting.” This means that gas fees are only paid when the NFT sells. However, users should be aware that they’ll be charged gas fees every time they change prices for their assets.
6. Available NFTs
The non-fungible tokens (NFTs) available on each platform are different. LooksRare will only show NFTs minted on the Ethereum blockchain, whereas OpenSea will also show NFTs from Polygon and Klatyn. This means that if you’re looking for a specific NFT, you’ll need to check both platforms to see if it’s available.
If you’re new to the world of NFTs, you might want to consider using LooksRare. Not only are fees lower on this platform, but you can also receive tokens for your trades.
That being said, if you’re interested in minting your own NFTs, you’ll need to use OpenSea, Rarible, or another NFT marketplace, as minting capabilities are not currently available on LooksRare. However, if you’re just looking to buy or sell NFTs, LooksRare has everything you need.
Chat with the expert NFT promoters and marketers at Mooning
Sure, all the examples of NFT promotions we listed are from global brands with endless coin to throw at their campaigns. But you really don’t need a crazy-high budget to see some seriously incredible outcomes – as long as you know the delicate intricacies of building a killer NFT marketing strategy!
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