Earlier today, an upcoming NFT platform known as LooksRare went live to overtake the well-known NFT market leader, OpenSea. This platform claims to be user-friendly and considers users’ wants, consists of novel features, and, more importantly, a community-focused marketplace.
In its blog post, this marketplace revealed that it records all the NFTs that are available on the Ethereum Blockchain to allow for easy trade and offers to be made. Also, according to The Block, this platform provides users with the option of buying and selling NFTs with ether or wrapped ether (WETH), or both, as well as allowing them to make offers with WETH.
Interestingly, this platform was launched by two unnamed co-founders, known as Zodd and Guts. Its team is made up of nine persons, who are mostly engineers.
A vampire attack on OpenSea
LooksRare is modeled after a newly launched platform, LOOKS token, which rewards users of this platform and lure existing users from OpenSea. The token was launched at 8:15 UTC and is being traded on a decentralized exchange platform – Uniswap. Its starting price was $4.71 before dwindling to its current price of $2.69, having had a total supply of 1 billion tokens, giving it a diluted value of $2.69 billion, which is dependent on the token’s availability in the market.
This marketplace intends to poach NFT big spenders from OpenSea by letting them claim LOOKS tokens for free, so long as they have traded more than three ethers (ETH) ($9,400) OpenSea between June 16 and December 16. This is known as a ‘vampire attack’ in the crypto world, since this platform uses tokens to lure pre-existing users to a different platform. LooksRare is the second major attempt to overcome OpenSea, coming closely after Infinity.
In addition to its mouthwatering offers, anyone who sells or buys NFTs from authentic collections would receive LOOKS tokens, but this is only available from Tuesday. After that, the marketplace charges a 2% fee on all trades and gives those staking LOOKS tokens. In addition, the platform is currently providing 30,400% APR to those who place a stake on the token. Consequently, this means that the current supply would increase at a progressive clip.