Introducing LooksRare (LOOKS), the new NFTs platform that is gaining traction in the world of non-fungible tokens. As the demand for NFTs continues to grow, new platforms are emerging to meet the needs of buyers and sellers alike. LooksRare (LOOKS) is one such platform that promises to dethrone OpenSea, the current leader in the NFT marketplace.
At LooksRare (LOOKS), we understand that the world of NFTs can be overwhelming for newcomers. That’s why we have created a platform that is easy to use, intuitive, and designed with the user in mind. Our platform offers a range of features that make it easy to buy, sell, and trade NFTs, even for those who are new to the world of cryptocurrency.
LooksRare: a new NFT platform
The year is starting strong in the non-fungible tokens (NFTs) with the announcement of a new platform for selling NFTs on the Ethereum blockchain : LooksRare.
January 10, 2022, LooksRare has indeed announced in a tweet the opening of its platform :
#LooksRare NFT Marketplace Now Live!
🪂 $LOOKS airdrop claim open
⏰ Staking starts at block 13977012
💰 Trading reward calculations start tomorrowLFG! 💎👀https://t.co/Y1jt9Kmqt6
– LooksRare 👀💎 – NFT Marketplace (@LooksRareNFT) January 10, 2022
What’s new compared to other platforms?
LooksRare presents itself as the “community-first” NFT sales platform, i.e. centered around its users. It thus intends to position itself as the alternative to OpenSeathe current market leader in NFTs.
Its slogan is “ By NFT People, For NFT people “, literally ” By and For NFTs Users “.
LooksRare proposes to reward the platform’s users, designers and collectors, by paying the most active among them.
It also proposes to to donate the entirety of the sales fees collected to stakers of LOOKSits own token. The stakers are the token holders of the platform who agree to lock them to support the network.
A frontal attack against OpenSea
This launch of LooksRare was accompanied by a airdrop of its token, the LOOKS. 120 million LOOKS tokens were distributed in a few days.
It is in fact a ” vampire attack ” against the leading platform OpenSea.
A “vampire attack,” in blockchain industry jargon, involves organizing a competitor’s sales collapse and migrating its users by offering more attractive benefits.
Thus LooksRare offered OpenSea users who had traded more than 3 Ethers (ETH) in the last 6 months, to get free LOOKS tokens. Note that at the time of writing, this token is already worth $4.60 and that the APR (annual rate of return in French) is currently over 750%.
This attack has been solicited and anticipated for months by OpenSea’s detractors who wish to see the emergence of a new, more decentralized leader of NFTs. Indeed, for several months now, many OpenSea users have been demanding the issuance of a token and the decentralization of part of the platform’s operations.
LooksRare starts very strong
After only one day of opening, sales of NFTs on LookRare already exceed those of OpenSea. To date, the new NFTs selling platform LooksRare has sold more than $580 million worth of NFTs, according to the statistics site Dapp Radar.
On the other hand, more than 75,000 addresses of Ethereum wallets have been counted for obtaining airdrops in LOOKS tokens.
Behind these staggering numbers, is it a real craze on the part of the NFTs community or a price manipulation (” wash trading “) ?
Indeed, trading volumes could be artificially inflated by the activity of traders seeking to recover a maximum of tokens thanks to this reward system (“farming”).
1/ I see a lot of people talking about the wash trading on @LooksRareNFT.
So is it actually happening? Yes
Is it by design? Probably
Is it a bad thing? I don’t think so. In fact, I think it’s genius.
Let’s dive in 🧵
– dingaling (@dingalingts) January 12, 2022
Who is behind LooksRare?
Who is behind LooksRare? Difficult to know for the moment…
LooksRare was created by two anonymous co-founders, known as Zodd and Guts.
In fact, the whole team is anonymous (see the Team page of the site). The site is available in English and Chinese, but it is not known where the creators are based.
No other information seems to be available on the site… No whitepaper, no LinkedIn account…
How is the LooksRare platform positioned in the market?
The market for NFT platforms is very competitive.
There are dozens of platforms selling NFTs today, such as OpenSea, Rarible, Mintable, Nifty Gateway, or SuperRare on the Ethereum blockchain, or Magic Eden and Solanart on the Solana blockchain.
OpenSea is the market leader, with 92% of NFTs sales recorded in 2021. Faced with this monopoly, LooksRare positions itself as a direct challenger to OpenSea.
LooksRare wants to disrupt the market with its rewards system and low fees.
In addition to offering rewards in LOOKS to users and stakers, LooksRare offers a 2% fee, versus 2.5% for OpenSea.
LooksRare also offers immediate payment of royalties to creators, which was criticized by OpenSea.
If the advertised fees are very interesting, beware of hidden fees, which are not always very clear on NFTs selling platforms. Also beware of gas fees which depend on the efficiency of different blockchains and the possibility of using a layer 2.
At the moment, there is not much information and tutorials available on the new LooksRare platform to answer these questions.
A disappointing interface and features…
If LooksRare proves to be competitive on fees, however, the platform does not seem to offer many features to users.
As NFT platforms compete to offer more and more tools to creators and buyers – such as analytics tables, notifications, search filters, and integration with other NFT platforms – they have to be able to offer a wide range of services. LooksRare’s platform still seems quite basic.
Thus, it does not appear to be possible to conduct auctions or to modulate the desired royalties.
The site also offers a rather simplistic interface, with no categorization of the types of NFTs, no possibility to set up one’s profile, no tab for classifying sales…
Of course, the platform being brand new, the functionalities can evolve, but what it offers at the moment does not seem to be enough to dislodge the majority of OpenSea users.
Is LooksRare really a threat to OpenSea?
Yes, it is, the entry on the market of LooksRare was smashingand the sales were impressive.
But will this success last? To anticipate the potential of this platform, an interesting indicator can be the number of users and the size of communities on social networks.
We compared:
- 105,000 Twitter followers for LooksRare versus 1,000,000 for OpenSea;
- 45,000 members on Discord versus 170,000 members for OpenSea;
- 14,000 users on LooksRare, compared to 235,000 on OpenSea, as of the writing of this article.
For the moment, OpenSea remains far ahead of LooksRare in terms of notoriety and number of users. However, on social networks, LooksRare’s presence is noticeable while this platform has just been created.
It will also be necessary to watch for accusations of wash trading that weigh on LooksRare.
Conclusion: flash in the pan or new leader?
So, can LooksRare (LOOKS) really dethrone OpenSea? Only time will tell. But we believe that our platform offers a unique set of benefits that make us a strong contender in the NFT marketplace. Whether you’re an experienced NFT investor or a newcomer to the space, LooksRare (LOOKS) is the platform for you.
In conclusion, if you’re looking for a user-friendly, affordable, and secure platform for buying, selling, and trading NFTs, LooksRare (LOOKS) is the platform for you. We offer a range of benefits that set us apart from our competitors, including low fees, fast transaction times, and a commitment to supporting emerging artists and creators. Give us a try today and see for yourself why LooksRare (LOOKS) is the future of NFTs.
FAQ
LooksRare is built on the Ethereum blockchain, which is one of the most popular and widely used blockchains for creating and trading NFTs.
LooksRare takes security very seriously and has implemented multiple measures to ensure the safety of its users. These measures include using SSL encryption to protect user data, requiring two-factor authentication for all user accounts, and regularly auditing the platform’s security protocols. However, as with any online platform, users should always exercise caution and follow best practices for online security, such as using strong passwords and not sharing sensitive information.
Determining whether LooksRare is better than OpenSea depends on individual needs and preferences. While both platforms offer similar features, LooksRare is known for its user-friendly interface and lower transaction fees. On the other hand, OpenSea is more established and has a larger user base, which may provide more visibility and potential for sales. Ultimately, it’s recommended to research and compare the two platforms before deciding which one is best for your needs.
OpenSea is one of the most popular and well-known NFT platforms, but whether it’s the “best” platform depends on individual needs and preferences. There are several other NFT platforms available, each with their own strengths and weaknesses. Some popular alternatives to OpenSea include Rarible, SuperRare, and Nifty Gateway. It’s recommended to research and compare several platforms before deciding which one is best for your specific needs.
LooksRare has gained a reputation for its low transaction fees compared to other NFT marketplaces. Specifically, LooksRare charges a 2.5% transaction fee for sellers, which is significantly lower than the 5% fee charged by OpenSea. However, it’s important to note that other fees may apply, such as gas fees associated with transactions on the Ethereum blockchain. It’s recommended to carefully review the fee structure of any NFT platform before using it to buy or sell NFTs.
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