NFT

New NFT Marketplace LooksRare Launches as OpenSea Competitor

New NFT Marketplace LooksRare Launches as OpenSea Competitor

Upstart NFT platform LooksRare launched this week within the hope of offering a substitute for OpenSea. The mission is constructed across the LOOKS token, which is being granted to huge NFT spenders.

The LooksRare platform went stay on January 10 as increasingly more marketplaces come collectively to attempt to tackle the present market chief of NFT platforms. OpenSea noticed huge progress in 2021, upping its worth by 880 % from 2020 following its newest fundraising spherical.  

Launched by two pseudonymous co-founders, Zodd and Guts, LooksRare claims to be a community-focused market that goals to develop new options based mostly on what its customers need. According to a weblog publish by {the marketplace}, it indexes all NFTs that exist on the Ethereum blockchain to allow them to be traded immediately. Offers can already be made on the NFTs. LooksRare additionally permits its customers to purchase and promote NFTs with ether or wrapped ether, or a mixture of each.

Vampire Attack on OpenSea

Source: stockhead.com.au

LooksRare is constructed round its newly launched LOOKS token, which it’s now utilizing to reward customers of the platform and appeal to present customers from OpenSea, in a observe identified within the crypto world as a “vampire attack”. LOOKS is at present being exchanged on Uniswap and hit an all-time excessive of US$4.71 earlier than dropping to its present worth of US$3.49, in response to information from CoinGecko.

In the previous 24 hours, the worth of LOOKS is up 56.5 %.

The Marketplace That Rewards Big Spenders

With the assistance of its LOOKS token, the brand new market is hoping to draw NFT huge spenders who’ve already used OpenSea by permitting them to say LOOKS tokens without spending a dime. According to LooksRare, anybody who traded greater than three ETH (US$9,400) on OpenSea between June 16 and December 16, 2021, can declare a portion of the tokens.

The vampire assault takes an analogous method to final week’s SOS airdrop from OpenDAO. The airdrop allowed customers who’ve spent cash on OpenSea to say the Ethereum token SOS, as decided by the quantity spent on {the marketplace}.

When customers purchase and promote NFTs from eligible collections, they can even obtain LOOKS tokens. LooksRare moreover fees a 2 % charge on all trades, which is then handed on to these staking LOOKS tokens.

As it stands, the platform is providing a jaw-dropping 649 % APR to those that stake LOOKS.

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