LooksRare Exchange Trade Data

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LooksRare API

Exchange Information

What is LooksRare?

LooksRare is a blockchain-based marketplace for buying, selling, and trading digital collectibles known as NFTs (Non-Fungible Tokens). It was founded by a team of entrepreneurs in 2021. The platform allows users to showcase and monetize their digital artwork, music, videos, and more. LooksRare aims to revolutionize the way creators and collectors interact by leveraging the transparency and security of blockchain technology.

What are the benefits of using LooksRare?

LooksRare offers several benefits compared to its direct competitors in the blockchain and NFT marketplace.

One of the key advantages of using LooksRare is its user-friendly interface and intuitive design. This makes it easy for both experienced and new users to navigate the platform and engage with NFTs. Some of its direct competitors may have complex interfaces that can be overwhelming for beginners.

LooksRare also provides a wide variety of NFTs from different artists and creators, offering a diverse range of digital assets to choose from. This sets it apart from some of its competitors that may have a limited selection or focus on specific types of NFTs.

Another benefit of LooksRare is its commitment to transparency and security. The platform ensures that all NFTs listed on its marketplace are authentic and verified, reducing the risk of purchasing counterfeit or fraudulent assets. This level of trust is important for users who want to invest in NFTs with confidence.

LooksRare also offers competitive fees and a fair revenue sharing model for artists and creators. This can be particularly appealing to individuals looking to showcase and sell their own NFT artworks while maximizing their earnings.

Overall, LooksRare stands out from its direct competitors by offering a user-friendly interface, a wide selection of NFTs, transparency, and fair compensation for artists and creators. These benefits make it an attractive option for anyone interested in exploring and participating in the exciting world of NFTs.

How does LooksRare work?

LooksRare is a platform that leverages blockchain technology to facilitate the buying, selling, and trading of digital assets, specifically Non-Fungible Tokens (NFTs). NFTs are unique digital assets that represent ownership or proof of authenticity of a particular item, such as artwork, music, or virtual real estate.

LooksRare operates on the Ethereum blockchain, which is a decentralized network that allows for the execution of smart contracts. Smart contracts are self-executing agreements with the terms of the agreement directly written into code. This technology ensures transparency, immutability, and security.

The functioning of LooksRare can be broken down into a few key steps. First, artists or creators mint their digital assets as NFTs on the Ethereum blockchain. This process involves creating a unique token with metadata that represents the specific item being sold. The metadata includes details such as the description, image or video, and other relevant information.

Once the NFT is minted, it can be listed for sale on the LooksRare marketplace. Buyers can browse through the available NFTs, view details and images, and make purchase offers. Transactions are executed through smart contracts, ensuring that the ownership transfer is secure and transparent.

LooksRare also provides a means for creators to earn royalties on secondary sales of their NFTs. This feature enables artists to benefit from the increasing value of their works even after the initial sale.

Overall, LooksRare utilizes blockchain technology to provide a decentralized marketplace for NFTs, enabling artists and collectors to engage in secure and transparent transactions while also benefiting from the unique characteristics of these digital assets.

How does DIA fetch LooksRare trade data?

DIA utilizes a comprehensive approach to fetch trade data from various exchanges, depending on whether they are centralized or decentralized, as well as NFT marketplaces.

For centralized exchanges like Coinbase, Kraken, and Binance, DIA employs scrapers that directly collect trades from the exchange's databases using REST APIs or WebSocket APIs. The frequency of data collection varies from 1 to 7 seconds, depending on the exchange. This method ensures that DIA retrieves trading data as close to the source as possible, enhancing data accuracy.

In contrast, for decentralized exchanges, DIA collects data from various blockchains by subscribing to swap events in liquidity pools. This allows DIA to retrieve trading data directly from the blockchain itself, ensuring precise and reliable information. Examples of decentralized exchange sources include Uniswap, curve.finance, and PancakeSwap.

When it comes to NFT marketplaces, DIA captures live trading data by integrating with the marketplaces' smart contracts. The retrieval period for NFT transactions ranges from 20 seconds to 1 minute, covering all real-time transactions on DIA's integrated marketplaces. By not relying on unreliable bids and offer data, DIA ensures data precision from the broader NFT market. Notable NFT integrated exchange sources include Blur, X2Y2, OpenSea, and TofuNFT.

DIA's data management strategy, incorporating a network of WebSockets, decentralized node providers, and direct blockchain access, allows for the retrieval of highly accurate and customizable price feeds. The vast data availability achieved, with approximately 15 billion trades per day, enables DIA to provide reliable and up-to-date information for cryptocurrencies, decentralized exchanges, and NFT markets.

How build oracles with LooksRare data?

The process of computing trade data from LooksRare to build price feed oracles differs depending on the type of exchange we are referring to.

For DeFi exchanges, DIA follows a two-step process. Firstly, they clean and detect outliers in the trade data. This involves removing trades with prices that deviate significantly from the current market price, which can be caused by market manipulation or errors. DIA applies an Interquartile Range (IR) filter to identify and exclude outliers. After filtering out the outliers, only trades within the "middle" quartiles are considered for further processing.

The second step involves applying price determination methodologies to calculate the final price. DIA offers various filters, such as the Volume Weighted Average Price (VWAP), which takes into account the different volumes of trades, and the Moving Average with Interquartile Range Filter (MAIR), which calculates a weighted average price based on the timestamp of the trades.

For NFT exchanges, the process is different. DIA determines the floor price of an NFT collection by processing the on-chain trade data in two steps. Firstly, the data goes through cleansing filters to exclude market outliers and manipulation techniques. Then, a pricing methodology is applied to determine the final price point.

DIA offers different pricing methodologies for NFT collections, including the Floor Price, which provides the lowest sale price of a collection recorded on the blockchain. They also offer more advanced methodologies, such as the Moving Average of Floor Price, which calculates the moving average of the floor price. In order to filter out malicious behavior like wash trading, DIA applies an interquartile range outlier detection filter.

Overall, DIA's process involves cleaning and filtering trade data and applying suitable price determination methodologies to build accurate price feed oracles for both DeFi and NFT exchanges.

How does DIA source price oracle data?

Instead of distributing pre-calculated data feeds, DIA covers the whole data journey from individual trade collection, and computation to the last mile of the feed delivery.

Granular trade data collection
DIA retrieves token and NFT tradign data from 100+ exchanges. This enables DIA to build the most precise and customizable price feed oracles.
Instant, direct sourcing
DIA utilizes RPCs and WebSockets to subscribe to swap events and gather trading data from both DEX liquidity pools and CEX databases, allowing for real-time data collection.
Learn more about data sourcing