The newly launched Non-Fungible Token (NFT) marketplace, LooksRare, is experiencing a soaring trading volume of over $500 million, barely after 72 hours of launching.

According to data on DappRadar, LooksRare has seen its trading volume stand at $599.22 million, with 2,776 traders at an average price of approximately $227,000.

The new NFT marketplace has also unseated the biggest NFT marketplace, OpenSea, which currently sits on the number two position on the DappRadar platform with a daily volume of $163.6 million.

In the last 24 hours, bitcoin has been up by 0.35%, with a current price of $43,921.30 as of the time of writing this. Within 24 hours, bitcoin dropped to $43,352 low and $44,324 high. The trading volume of bitcoin in the last 24 hours is $896.30M. The current market capitalization of bitcoin is $832.89B. Currently, $18.93M bitcoins are in circulation.

Stats and Image from Coin Desk

These new statistics can be linked to some of the perks introduced by LooksRare upon their launch on January 10th. For example, the platform is offering its customers only 2% fees on basic sales and zero fees on private sales, while OpenSea offers a 2.5% fee on every transaction.

LooksRare also gives its native LOOK token as a reward to users who buy and sell NFTs on its platform.

According to its official launch announcement, “The LooksRare marketplace indexes all NFT collections on the Ethereum blockchain.That means you can trade all the Ethereum NFTs that are available on OpenSea… and some that aren’t.”