LooksRare Hype; ASM, FLUFs & Party Bears' Burgeoning Ecosystem

JAN 19, 2022 • 12 Min Read

Teng Yan

Disclosure: Members of our team may own NFTs or tokens related to the projects mentioned here and may participate in the upcoming mints. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token or participate in any mint. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice. Please exercise extreme caution if you intend to participate in these opportunities.

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State of the Market

January has been an absolutely killer month for NFTs so far. Volumes in the first 2 weeks ($4.5B) have already exceeded the previous monthly high of $4.2B back in August 2021. The slightly lower average transaction value may be related to a large number of new projects (with lower prices) minting in past 2 weeks, but the number of unique buyers has already surpassed the levels we saw in December.

Most interestingly, the LooksRare decentralised marketplace launched last week and at first glance is doing 3x the transaction volume of OpenSea (OS). For the uninitiated, LooksRare airdropped $LOOKS tokens to NFT traders based on their OS trading volume in an attempt to mount a ‘vampiric attack’ on OS and siphon volume away using token rewards. The team is anon and backed b

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