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Thursday, January 27, 2022

LooksRare Has Allowed Traders To Bring Forth Rewards

LooksRare, a recently launched marketplace for NFT, has stated that it wants an index for all NFT collections present on the blockchain of Ethereum. The site did go live on Monday with a token airdrop. The marketplace has been created by a couple of anonymous co-founders, who have been commonly referred to as Zodd and Guts, with the motto for the marketplace being by NFT people, for NFT people.

According to an announcement made on a blog post, the team is quite exhausted of the de-platforming of creators, while the decision-makers who look towards valuing their business over the community usually seek IPO rather than helping out the communities that put them there. 

LooksRare Marketplace Could be An Improvement For NFTs

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The alleged solution is that the LooksRare marketplace offers rewards for the participants and creators of the platform. Users who have been purchasing and selling NFTs from most of the eligible collection would now be able to earn their native utility LOOKS tokens.

Users of OpenSea, who have traded around 3 ETH or more between the 16 of June to the 16th of December would be held eligible for an airdrop of the LOOKS Tokens. 

Along with it, the platform of LooksRare also has a 2% standard fee for every NFT trade, which is much lower than the one held by OpenSea at 2.5%, which would go to the token stakers of LOOKS.

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And most users will be able to trade the NFTs with Ether or even wrapped Ether. At the time of publication, LOOKS could trade at 0.0008748WETH. 

Nonetheless, the site of LooksRate was pretty down for a few hours last Monday, which did lead to several users experiencing difficulties while they tried connecting their wallets and completing the listings.

According to the project’s Discord, the site was going through a distributed denial-of-service attack. 

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