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LooksRare status and development plan

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After two months of operation, fully understand the current LooksRare from the product experience, operation status and future development plan.

LooksRare's real transactions grow to 8% of OpenSea's in 2 months

原文作者：duoduo

Since its launch on January 12, 2021, LooksRare has been in operation for two months now. The platform was launched during the NFT bull market, and the use of trade incentives exceeded OpenSea's volume, which attracted a lot of attention at the time. However, with the end of the first phase (30 days). Then, after two months of operation, what is the current status of the project, what measures have been taken in operation, and how is the performance in data? Follow up and analyze it today.

Product experience: Modify and improve according to the suggestions of the community to facilitate trading

According to several AMA summaries and website reviews, over the past two months, LooksRare has taken some measures in terms of products. The main ones include:

1) One-click quotation function, the user can quote all NFTS in a series with one click, and once one of them is sold, the quote ends. This allows users to quote quickly, save fees, and bid to as many sellers as possible, increasing the likelihood of a sale at a lower price.

2) With the rare query site synthesis, the user does not need to install plug-in, can directly see the NFT ranking, rare degree, etc., the user can directly see the floor price of some attribute, so that can help the user better understand the market price, so as to better valuation and pricing.

3) Synthesis with GEMUsers also get LOOKS rewards on gems if they buy in bulk and if they buy NFT on LooksRare.

4) Daytime mode is available on the official website. The previous official website only had a night mode, and users could not choose a day mode. For some users, the comfort of use is reduced. Day mode was added in early March.

5) Mobile browsing becomes a two-column display. The previous single-column mode made it very difficult for users to find their NFT, but LooksRare accepted the community's proposal to change the single-column mode to double-column mode to make it easier for users to find their NFT quickly.

Operation: The cumulative transaction amount of BAYC, MAYC and BAKC exceeded 45,000 Aether

LooksRare is the next generation of NFT exchanges built on Ethereum, which inevitably requires comparisons to OpenSea. Since its inception, LooksRare's daily real transaction volume is approximately 2% to 5% of OpenSea's; Daily active users are around a thousand, peaking at 3,000, or about 2% of OpenSea's. So, overall, LooksRare has a lot of work to do to increase transaction volume and active users. You can see the comparison below:

One of the operational initiatives the team took was to integrate the NFT market aggregator Gem on March 8, and by March 12 look's Rare trading volume had increased from 1.8% to 7.6% compared to OpenSea.

For blue chip NFT, LooksRare is attractive because of its high price, with a 0.5% savings in fees and LOOKS Tokens as a trading reward. The appeal can be seen in the number of blue-chip deals. As can be seen from the figure below, except for terraForms, Meebits, and Cryptopunks V1, which have zero royalties and volume transactions, all the other transactions are real transactions with royalties. In addition to Bored Ape Yacht Club and its spin-offs, blue chip projects like Doodles, Azuki, World of Women, Clonex and others have all traded thousands of ether on LooksRare. These blue-chip holders post sell messages to the community looking for buyers and, if they agree, tend to list on LooksRare. This is especially true for Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club, where the total number of transactions for the three series on LooksRare is now over 45,000 Ether.

Future development plan: find more ways to attract project partners and NFT users & NBSP;

For trading platform, the essence is to docking project end and client end. High-quality project end, attract a large number of users. A large number of users, and attract good projects. Judging from several AMas, users are also very concerned about how to attract more good projects to LooksRare.

In conversations with this week's community, LooksRare is also actively linking projects, setting up officially certified collections, and conducting secondary market transactions. For some high-quality projects, artists, creative institutions, etc., we will also seek more diversified ways of cooperation to jointly promote the construction of NFT market. On the development side, LOOKS is now working overtime to roll out new features that will provide more services for creators. On a more writer-friendly note, LooksRare is a live royalty system. Creators at OpenSea may have to wait 1-2 weeks for their royalties to be paid, but LooksRare is live and any transaction will be paid directly to the creator's account.

As for how to attract more users to LooksRare, the Head of Chinese marketing said that plans are being drawn up and will be launched in the future.

Competition in the NFT comprehensive trading market is undoubtedly fierce and brutal. OpenSea is the only NFT market that will emerge before 2020. No other NFT market will be able to compete with OpenSea. Rarible, which at one point accounted for nearly 50% of the NFT market in July 2020 thanks to trading rewards, is now running at a fraction of the average daily value, even less than LooksRare, an upstart. The rapid development of the NFT market itself, the change of hot spots, changes in external policies, etc., are constantly bringing new problems. How far can LooksRare go? Did the team deliver on or above expectations? Wait and see.