Besides the increasing excitement for the highly anticipated Coinbase Global Inc. NFT marketplace, the past week also saw the launch of LooksRare. A new NFT marketplace that rewards community members for buying and selling NFTs. They also have their token, called LooksRare.
The past week witnessed several big stories in the NFT space. The launch of LooksRare pushed several projects on the list of top NFTs by sales volume. Meebits, for example, a project launched by Larva Labs in 2021 that has no sales royalties attached to it, saw a massive surge in sales volume. Of late, Meebits and Loot have been in several reports of “wash sale trading”. That is because they are being bought and sold frequently to accumulate more LOOKS tokens as a reward.
CryptoSkulls, one of the oldest Ethereum based NFTs, was a part of another big story of the week. The NFT collection began with an average sales price of 0.05 ETH in early January and then climbed to 0.50. On Sunday, the floor price on CryptoSkulls was 2.58 ETH.
The rise in sales was driven by news of a talent agency representation deal. Overall, the World of Women project has grown steadily in 2021 and is witnessing tremendous support from celebrities like Eva Longoria and Reese Witherspoon.
On the other hand, some prominent NFT projects like CryptoPunks and Axie Infinity fell out of the top 10 list. CryptoPunks dropped to 23rd position with a sales volume of $11.1 million, and Axie Infinity stood at 11th position with a sales volume of $28.1 million. It was down 21.8% from the previous week. While other collections witnessed massive volume increases, some of these old and highly valued collections observed a significant drop in sales.