LooksRare Monthly NFT Trading Volume Flash Crashes 97% In October: What's Next?

The monthly trading volume of LooksRare, a decentralized non-fungible token (NFT) and digital collectible marketplace, is down 97%, crashing from $71.9 million registered in September 2023 to just $2.1 million in October, Token Terminal data shared by Web3 Academy on October 26, via X shows. LooksRare's Monthly Volume Tanking, Falls To $2.1 Million In October The unprecedented drop in activity couldn't be pinned on any particular LooksRare-related event when writing on October 26.

Timeline of Looksrare

LooksRare is starting an NFT raffle where users can buy entries for 0.01 ether (ETH) or less. All they need to participate is a crypto wallet and enough ether to cover the entry cost and gas fees, according to the NFT marketplace.

LooksRare, one of the most promising NFT marketplaces, has recently announced the release of Version 2 update. This update has received a warm welcome from the NFT community, as it introduces several new features that enhance the user experience and improve trading efficiency.

Non-fungible token (NFT) marketplace LooksRare has launched its highly anticipated V2 iteration, which drastically lowers fees and aims to ship a myriad of new features. According to LooksRare developers, protocol fees have been slashed from 2% down to a fixed 0.5%. Previously, NFT sellers on LooksRare received Wrapped Ethereum (WETH) from buyers.

LooksRare has upgraded to version 2, reducing fees by 75% and implementing new features. Sellers now receive Ether instead of Wrapped Ether, and the platform allows for bulk buying and selling orders.

Looksrare, the non-fungible token (NFT) marketplace, has launched version two, also known as v2, which reduces protocol fees by 75%. According to statistics from Dune Analytics, Looksrare was the tenth-largest NFT marketplace in terms of trader count during the past week.

LooksRare, a Non-Fungible Token (NFT) marketplace, has reduced trading fees by 75% with the launch of version 2. The upgrade includes gas-efficient contracts, support for token prices, and custom recipient aggregators.

On Thursday, the fiat-to-crypto onramp business Moonpay announced a multi-year partnership with the non-fungible token (NFT) marketplace Looksrare. According to the deal, Looksrare will allow marketplace users to buy and sell crypto assets through Moonpay's services.

Key Points: The non-fungible token (NFT) marketplace LooksRare and Web3 payments company MoonPay are collaborating to make it simple for users to buy both cryptocurrencies and NFTs on the site. The integration of NFT Checkout, MoonPay's system that enables anybody to purchase NFTs with a credit card, is another future aim for the cooperation.

Arthur Hayes, a well-known cryptocurrency trader and the founder of BitMEX, has become the largest individual holder of the token LOOKS, owning 17 million LOOKS, equivalent to $5.14 million. Hayes purchased 10.68 million LOOKS at an average price of $0.258 with a total cost of 1,786 ETH ($2.76 million) from Aug. 24, 2022, to Nov. 3, 2022.

Quick Take Rapid Insights provide a deeper analysis of the current crypto landscape in a timely fashion. As part of its latest protocol update, LooksRare has jumped on the bandwagon of royalty circumvention. Unable to ignore the mounting competitive pressure any longer, it has attempted to create a silver bullet that would equally satisfy traders and creators. However, the strategic shift has failed to materialize as a breakthrough success thus far.