Deciphering the Metaverse: The emergence of trading card game innovation

After having weathered the mounting selling pressure of the characteristic end of year tax-loss harvesting season, the NFT market started 2022 strong right out of the gate. Starting on January 1st, NFT traders and investors were ringing in the New Year with a bang, spurring daily NFT trading volume on Ethereum. 

On January 2nd, daily NFT trading volume reached its highest level since the NFT summer, totaling $230.3M (+105.1% WoW). Notably, the total amount of daily NFT transactions even soared to a new all-time high (ATH), which could hint at the potentiality of an influx of novice NFT market participants, merely dipping their toe into the space and preferring experimental purchases over big-ticket items. In the meantime, the aspiring NFT marketplace, LooksRare, which is positioning itself as a community-centric competitor to OpenSea, announced its impending launch and enabled a batch of beta testers to use the website, already siphoning off mindshare from OpenSea users.