We are excited to announce the release of our support for the LooksRare marketplace! You can now see all the sales on LooksRare across our supported collections for a more complete view of the NFT market.
Why is this important?
Two primary factors make this a major release for us.
- Allows us to provide a more comprehensive view of the market.
Up until now, you could only see sales on OpenSea. With other marketplaces growing rapidly and taking chunks of the market share, we had to shift priorities to support them.
- Improves the accuracy of our valuations. Our machine learning-powered valuation (NFTi) uses the data we have available to model collections and produce valuations. With more sales taking place on marketplaces other than OS, the models did not have a full picture of a collection/NFT.
Since newer marketplaces like LooksRare tend to offer a lower % fee to attract users, typically, the floor of a collection is lower on LooksRare compared to OpenSea. So providing these data to our ML models will allow them to provide a more accurate valuation.
Where can I see this?
We put in a lot of effort to ensure that this will not cause any disruptions to our users. This means that nothing is being changed from the user's perspective. Activity from LooksRare will be shown alongside OpenSea and other marketplaces we integrate in the future, and they'll be aggregated together for our currently existing stats and charts.
For better clarity, on the Activity tables, we show which marketplace an event took place on, and we also have a link to the marketplace website with the logo of the marketplace, making it very easy to distinguish between each.
What About Wash Trades?
One of the challenges with supporting LooksRare is the large number of wash trades that took place on the platform early on. These were "fake" sales made by people farming the $LOOKS rewards. So these individuals would sell an NFT to themselves for a highly inflated price to get a large portion of the rewards offered by LooksRare to people using their platform.
So we had cases where an average Meebit was sold for 15,000 ETH. Of course, if we were to treat these as normal sales, it would hugely affect our stats (e.g. volume) and the accuracy of our valuations. So we have implemented a solution to automatically flag these trades and exclude them from any statistics.
You will still be able to see these sales as they still happened, but we make it clear that they are flagged as a wash trade on the UI.
In the near future, once we solidify our algorithm on how we flag wash trades, we will publish a blog post with more details.
On this topic, there are two other features that we are currently working on.
- Listings: We are working on recording all NFTs listed on LooksRare so that we can show them on our website alongside the other activity types.
- Other marketplaces: We will announce other marketplaces we support very soon to further improve the accuracy and quality of the data we output.
As this is a new release, we expect some issues to arise as more people use it and give us feedback. We are going to be watching our Twitter and Discord so that we can address any problems immediately. If you have not already, follow us on Twitter and join our Discord! We'd love to hear your feedback about this release and NFT Valuations. 💜