Deciphering the Metaverse: The Shifting Sands of Market Dominance

Over the last week, the NFT market witnessed a seismic shift taking place, which once again illuminated the disruptive and fast-paced nature of the space. Despite the revitalization of the Ethereum-based NFT market’s trading volume, since the turn of the year, this growth was suddenly thwarted two days ago. Abruptly dropping by -35.8%, the recent astronomical rise was temporarily paused.

This discontinuation materialized as a result of the NFT community’s growing discontentment with OpenSea’s recurring operational disturbances and perceived lack of community centricity. In response, the NFT marketplace, LooksRare, which positioned itself to capitalize on the NFT market’s constant state of flux by placing trading fee revenue back into the hands of the community, launched on January 10th.