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The supremacy of OpenSea is being challenged by a new NFT marketplace

LooksRare, a new non-fungible token (NFT) marketplace, has outsold market leader OpenSea just one day after launching. That’s, with sales totaling US$275.5 million in the last 24 hours.

According to DappRadar, this compared to about US$120 million in sales volume for OpenSea over the same time period.

LooksRare, like its major competitor, is based on the Ethereum blockchain. Then, and includes certain well-known collections that are also available on OpenSea. That’s, such as Mutant Ape Yacht Club, Bored Ape Yacht Club, and Doodles.

Meebits, Loot, and Terraforms, three lesser-known collections, are the best-selling on the marketplace. Of course, with Meebits alone selling over 40,000 ETH (US$130 million).

The NFT market is dominated by OpenSea, which began in late 2017. Then, and has approximately US$15 billion in sales, more than three times its nearest competitor, Axie Infinity.

According to Dune Analytics, the global NFT market has had an explosive start to 2022,. Of course, with sales volumes on OpenSea for January already exceeding 70% of the platform’s monthly sales record of US$3.4 billion set last August.

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