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New NFT Marketplace LooksRare Launches as OpenSea Competitor

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New NFT Marketplace LooksRare Launches as OpenSea Competitor

Upstart NFT platform LooksRare released today in the hope of offering an option to OpenSea. The task is constructed around the LOOKS token, which is being approved to huge NFT spenders.

The LooksRare platform went live on January 10 as increasingly more markets come together to attempt to handle the present market leader of NFT platforms. OpenSea saw enormous development in 2021, upping its worth by 880 percent from 2020 following its newest fundraising round.

Launched by 2 pseudonymous co-founders, Zodd and Guts, LooksRare declares to be a community-focused market that intends to establish brand-new functions based upon what its users desire. According to a post by the market, it indexes all NFTs that exist on the Ethereum blockchain so they can be traded immediately. Deals can currently be made on the NFTs. LooksRare likewise permits its users to purchase and offer NFTs with ether or covered ether, or a mix of both.

Vampire Attack on OpenSea

Source: stockhead.com.au

LooksRare is constructed around its freshly released LOOKS token, which it is now utilizing to reward users of the platform and draw in existing users from OpenSea, in a practice understood in the crypto world as a “vampire attack”. LOOKS is presently being exchanged on Uniswap and struck an all-time high of US$ 4.71 prior to dropping to its existing cost of US$ 3.49, according to information from CoinGecko.

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In the past 24 hours, the cost of LOOKS is up 56.5 percent.

The Marketplace That Rewards Big Spenders

With the aid of its LOOKS token, the brand-new market is wishing to bring in NFT huge spenders who have actually currently utilized OpenSea by enabling them to declare LOOKS tokens free of charge. According to LooksRare, anybody who traded more than 3 ETH (US$ 9,400) on OpenSea in between June 16 and December 16, 2021, can declare a part of the tokens.

The vampire attack takes a comparable method to recently’s SOS airdrop from OpenDAO. The airdrop permitted users who have actually invested cash on OpenSea to declare the Ethereum token SOS, as figured out by the quantity invested in the market.

When users purchase and offer NFTs from qualified collections, they will likewise get LOOKS tokens. LooksRare in addition charges a 2 percent cost on all trades, which is then handed on to those staking LOOKS tokens.

As it stands, the platform is using a jaw-dropping 649 percent APR to those who stake LOOKS.

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