{"id":557749,"date":"2023-10-26T21:00:23","date_gmt":"2023-10-26T21:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=557749"},"modified":"2023-10-26T19:39:34","modified_gmt":"2023-10-26T19:39:34","slug":"looksrare-trading-volume-crashes-97-in-october","status":"publish","type":"post","link":"https:\/\/wncen.com\/nft\/looksrare-trading-volume-crashes-97-in-october\/","title":{"rendered":"LooksRare Monthly NFT Trading Volume Flash Crashes 97% In October: What’s Next?"},"content":{"rendered":"

The monthly trading volume of LooksRare, a decentralized non-fungible token (NFT) and digital collectible marketplace, is down 97%, crashing from $71.9 million registered in September 2023 to just $2.1 million in October,\u00a0<\/span>Token Terminal data<\/span> shared<\/a> by Web3 Academy on October 26, via X shows.\u00a0<\/span><\/p>\n

LooksRare’s Monthly Volume Tanking, Falls To $2.1 Million In October<\/span><\/h2>\n

The unprecedented drop in activity couldn’t be pinned on any particular LooksRare-related event when writing on October 26. This contraction is despite the broader cryptocurrency market recovering, rising as seen by the welcomed expansion of leading assets, including Bitcoin (BTC) and Ethereum (ETH).<\/span><\/p>\n

Related Reading: Bitcoin Price Surge: Matrixport Forecasts $125,000 Price Target By December 2024<\/a><\/div>\n

According to trackers, monthly volume has been falling steadily since April 2023. Then, the average volume exceeded $150 million, pointing to rising interest, especially from traders. At that time, it should be noted that most crypto assets were also growing. <\/span><\/p>\n

\"LooksRare
LooksRare monthly trading volume dropping| Source: Web3 Academy on X<\/figcaption><\/figure>\n

Specifically, Bitcoin broke higher, touching $30,000, triggering demand and reviving hopes that the market was looking up again following the collapse in 2022. By June through September, the average monthly volume in LooksRare had more than halved before plunging to less than $3 million in October 2023.<\/span><\/p>\n

The spike in monthly trading activity in April coincided<\/a> with the release of LooksRare v2, which saw the platform’s developers reduce trading fees by 75% from 2% to 0.5%. The updated version is also more gas efficient, allowing traders to save up to 30% on gas compared to the previous edition. Moreover, with LooksRare allowing traders to place bulk orders when buying or selling, monthly volume rapidly rose in April.<\/span><\/p>\n

NFT Bull Run Postponed, Will LOOKS Break Resistance Line?<\/span><\/h2>\n

With activity rapidly contracting, LOOKS, the native token of LooksRare, has also been flat-lining, looking at price action. The token trades around the $0.070 level at spot rates, retesting August highs. However, an inverted hammer suggests that the uptrend momentum could wane, and bears might reverse gains. <\/span><\/p>\n

Related Reading: Bitcoin\u2019s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November<\/a><\/div>\n

Despite concerns, LOOKS is up 60% from H2 2023 lows and may still rally in the months ahead. Looking at the candlestick arrangement in the daily chart, a close above $0.070 with expanding volumes could set the ball rolling for buyers who expect the token to retest 2022 lows at around $0.12.<\/span><\/p>\n

\"LOOKS<\/a>
LOOKS price on October 26| Source: LOOKSUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Overall, NFT and digital collectible trading activity remains relatively lower, even with bullish traders expecting prices to turn around and rally in 2024. Recently, there was a brief increase in the floor prices of leading NFT collections like Bored Ape Yacht Club (BAYC)<\/a>, Azuki, and CryptoPunk. However, with trading volume and the number of new owners still at record lows, researchers put off the chance of an NFT bull run starting in Q4 2023.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

The monthly trading volume of LooksRare, a decentralized non-fungible token (NFT) and digital collectible marketplace, is down 97%, crashing from $71.9 million registered in September 2023 to just $2.1 million in October,\u00a0Token Terminal data shared by Web3 Academy on October 26, via X shows.\u00a0 LooksRare’s Monthly Volume Tanking, Falls To $2.1 Million In October The unprecedented drop in activity couldn’t be pinned on any particular LooksRare-related event when writing on October 26. This contraction is despite the broader cryptocurrency market recovering, rising as seen by the welcomed expansion of leading assets, including Bitcoin (BTC) and Ethereum (ETH). Related Reading: Bitcoin Price Surge: Matrixport Forecasts $125,000 Price Target By December 2024 According to trackers, monthly volume has been falling steadily since April 2023. Then, the average volume exceeded $150 million, pointing to rising interest, especially from traders. At that time, it should be noted that most crypto assets were also growing. Specifically, Bitcoin broke higher, touching $30,000, triggering demand and reviving hopes that the market was looking up again following the collapse in 2022. By June through September, the average monthly volume in LooksRare had more than halved before plunging to less than $3 million in October 2023. The spike in monthly trading activity in April coincided with the release of LooksRare v2, which saw the platform’s developers reduce trading fees by 75% from 2% to 0.5%. The updated version is also more gas efficient, allowing traders to save up to 30% on gas compared to the previous edition. Moreover, with LooksRare allowing traders to place bulk orders when buying or selling, monthly volume rapidly rose in April. NFT Bull Run Postponed, Will LOOKS Break Resistance Line? With activity rapidly contracting, LOOKS, the native token of LooksRare, has also been flat-lining, looking at price action. The token trades around the $0.070 level at spot rates, retesting August highs. However, an inverted hammer suggests that the uptrend momentum could wane, and bears might reverse gains. Related Reading: Bitcoin\u2019s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November Despite concerns, LOOKS is up 60% from H2 2023 lows and may still rally in the months ahead. Looking at the candlestick arrangement in the daily chart, a close above $0.070 with expanding volumes could set the ball rolling for buyers who expect the token to retest 2022 lows at around $0.12. Overall, NFT and digital collectible trading activity remains relatively lower, even with bullish traders expecting prices to turn around and rally in 2024. Recently, there was a brief increase in the floor prices of leading NFT collections like Bored Ape Yacht Club (BAYC), Azuki, and CryptoPunk. However, with trading volume and the number of new owners still at record lows, researchers put off the chance of an NFT bull run starting in Q4 2023. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":557751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83565],"tags":[89732,84911,89728,85353,89730,89729,15369,89731],"class_list":["post-557749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft","tag-azuri","tag-bayc","tag-looks","tag-looksrare","tag-looksrare-price","tag-looksusdt","tag-nft","tag-nft-trading"],"acf":[],"yoast_head":"\nLooksRare Monthly NFT Trading Volume Flash Crashes 97% In October: What's Next?<\/title>\n<meta name=\"description\" content=\"The monthly trading volume of LooksRare is down 97%, crashing from $71.9 million in September 2023 to just $2.1 million in October\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"LooksRare Monthly NFT Trading Volume Flash Crashes 97% In October: What’s Next?","url":"http:\/\/wncen.com\/nft\/looksrare-trading-volume-crashes-97-in-october\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/nft\/looksrare-trading-volume-crashes-97-in-october\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Crypto-news-Template87.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Crypto-news-Template87.jpg?fit=1380%2C780"},"articleSection":"NFT","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["azuri","bayc","looks","looksrare","looksrare price","looksusdt","nft","nft trading"],"dateCreated":"2023-10-26T21:00:23Z","datePublished":"2023-10-26T21:00:23Z","dateModified":"2023-10-26T21:00:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"LooksRare Monthly NFT Trading Volume Flash Crashes 97% In October: What’s Next?\",\"url\":\"http:\\\/\\\/wncen.com\\\/nft\\\/looksrare-trading-volume-crashes-97-in-october\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/nft\\\/looksrare-trading-volume-crashes-97-in-october\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Crypto-news-Template87.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Crypto-news-Template87.jpg?fit=1380%2C780\"},\"articleSection\":\"NFT\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"azuri\",\"bayc\",\"looks\",\"looksrare\",\"looksrare price\",\"looksusdt\",\"nft\",\"nft trading\"],\"dateCreated\":\"2023-10-26T21:00:23Z\",\"datePublished\":\"2023-10-26T21:00:23Z\",\"dateModified\":\"2023-10-26T21:00:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Crypto-news-Template87.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/557749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=557749"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/557749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/557751"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=557749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=557749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=557749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}