NFTs continue to surge with what looks to be no end in sight. Since January 14, 2022 OpenSea notched trading volumes over $1.03 billion, and its latest rival, LooksRare, has eclipsed the platform according to data from DappRadar. 

Top 8 NFT marketplaces by volume. Source: DappRadar 

What’s clear is that NFT collectors and traders appear to be shifting their sentiment on where they are seeing value. Since the start of 2022 there’s been an emphasis on “community” with a buzz and advocacy of rewarding users for their participation. 

OpenSea has already generated more than $3.2 billion in total volume despite many NFT traders feeling that the marketplace betrayed the notions of Web3. These investors are voting with their feet and planning to boycott the marketplace by turning their attention to others who are more “Web3 friendly.”

Community-driven NFT marketplace, LooksRare and other platforms have successfully completed a vampire attack, leaving disgruntled OpenSea users migrating away from it for not valuing and rewarding user participation.

Participants seem to be adamant on advocating for the value they create within the ecosystem and feel competitors are meeting their demands. 

However, could more rivals to OpenSea sway users by claiming to value and reward their participation? And could others potentially exploit users who blindly follow these notions and protocols?

SOS: OpenDao receives mixed reviews

Since launching, SOS has locked in 13.7 trillion SOS in staking ($45.6 million) and 50% of its total 100 trillion total total supply is distributed to the…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.