OpenSea is having a pretty good year so far.  They have already topped $3.5B in revenue in the first two weeks of January alone, beating their best month ever which was August 2021 with $3.4B in revs.  Mind you that 3.4B was for the entire month of August.

The vampire.  What’s even more interesting is that there’s a new kid on the block that has done more revenue than OpenSea in the past 7 days—although there are some indications of ‘interesting’ reporting of trade volumes using wash trading.

LooksRare is a brand new NFT marketplace that has booked around $3.62B in revenue in the past 7 days compared to OpenSea’s $1B in that timeframe.  You can check out the rankings and 7-day volumes on Dapp Radar here and read more on the wash trading stuff here.

LooksRare is basically airdropping tokens to OpenSea users and offering an attractive rewards program to lure OpenSea users to its platform.

The sushi.  Big NFT spenders on OpenSea can claim LooksRare’s LOOKS tokens for free if they traded more than 3 ETH on OpenSea between June 16 and December 16 in 2021. This is known as a ‘vampire attack’: a new platform uses tokens to lure pre-existing users of its competitor to their own platform.

This kind of vampire attack was made famous in the cryptoverse by SushiSwap when they sucked out around $1B in liquidity overnight from Uniswap – you can read more on that here.

Whether this is a marketing ploy or a real threat to OpenSea remains to be seen, but the revenue numbers being booked are certainly eye-popping.

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