OpenDAO (SOS), LooksRare (LOOKS) and WTF token: 3 airdrops, with 1 scam

NFTs proceed to surge with what seems to be no finish in sight. Since January 14, 2022 OpenSea notched buying and selling volumes over $1.03 billion, and its newest rival, LooksRare, has eclipsed the platform based on knowledge from DappRadar. 

What’s clear is that NFT collectors and merchants seem like shifting their sentiment on the place they’re seeing worth. Because the begin of 2022 there’s been an emphasis on “group” with a buzz and advocacy of rewarding customers for his or her participation. 

OpenSea has already generated greater than $3.2 billion in whole quantity regardless of many NFT merchants feeling that {the marketplace} betrayed the notions of Web3. These traders are voting with their toes and planning to boycott the marketplace by turning their consideration to others who’re extra “Web3 friendly.”

Neighborhood-driven NFT market, LooksRare and different platforms have efficiently accomplished a vampire assault, leaving disgruntled OpenSea customers migrating away from it for not valuing and rewarding person participation.

Individuals appear to be adamant on advocating for the worth they create inside the ecosystem and really feel rivals are assembly their calls for. 

Nonetheless, might extra rivals to OpenSea sway customers by claiming to worth and reward their participation? And will others probably exploit customers who blindly comply with these notions and protocols?

SOS: OpenDao receives combined opinions

Since launching, SOS has locked in 13.7 trillion SOS in staking ($45.6 million) and 50% of its whole 100 trillion whole whole provide is distributed to the group. Up till January 12, 2022 customers had been eligible to assert a 145% APY for its veSOS governance token and this got here outfitted with voting rights for future initiatives and protocols. 

SOS appeared to have lit the match for group activism however it confronted backlash after taking again its unique plans to finish claiming till June 30, 2022.  Many voiced their frustration and confusion, studying that in DAOs, selections can change with the decision of a vote, and participation is very beneficial.

Presently there are over 200,000 holders and greater than $2.5 billion traded and future challenge launches plus the present NFT market might see extra liquidity rotating into SOS.

SOS has decreased almost 70.5% and is buying and selling at $0.00000327despite a looming market that’s speculated to supply distinctive trading opportunities for NFTs.

Given its present token value, SOS holders are usually not assured, displaying basic indicators of FUD. Asking whether or not the token remains to be relative implies it’s extra on the mercy of hype and never the core mission of OpenDAO itself.

Is there extra to LooksRare than simply wash buying and selling?

Launched on January 10, 2022, LooksRare aimed for OpenSea’s jugular— or reasonably its lack of Web3 incentives and initiatives— and gained the eye of many who had been already discussing the “Death of OpenSea.”

The token was a “free” drop, however it got here with the value of a number of transaction charges, together with putting an NFT up on the market, claiming the airdrop and staking (optionally available).

Even with the prices, over 110,000 wallets claimed LOOKs, from roughly 60% of the entire eligible wallets, based on knowledge from Dune Analytics. 

LooksRare has amassed almost $2.4 billion in whole quantity, however the metric solely exhibits a chunk of your entire pie. A number of crimson flags had been raised when a better take a look at the quantity of transactions was seen. 

Evaluating the variety of transactions on LooksRare to OpenSea reveals that OpenSea processed over 50 instances the quantity of transactions of LooksRare.

LooksRare has an estimate of 17 instances the quantity of customers, but OpenSea’s quantity is half that of its rival.

Shortly after launch, traders grew suspicious that merchants had been wash buying and selling with Larva Labs Meebits assortment to reap the benefits of buying and selling rewards.

Whereas there’s a camp of people who’re championing LooksRare and discover its mannequin promising, others are elevating questions and issues in regards to the platform’s sustainability.

Charges.wtf lived as much as its title

Many had been lucky to profit from the SOS and LOOKs airdrop however the Charges.wft airdrop was a special story. Initially, the challenge was a price service on the Ethereum blockchain that calculates the entire gasoline charges a person has spent. 

A person needed to spend not less than 0.05 Ether to be eligible to assert and as soon as introduced, merchants rushed to money in solely to search out the preliminary liquidity pool was too small leading to 58 Ether, ($188,036) being drained by a bot. 

1/ $WTF: A service, a token, and what everybody mentioned 5 minutes into the launch when one bot drained 58 ETH from the pool.

Let’s check out what occurred.

— meows.eth (@cat5749) January 14, 2022

Aptly named, it appears customers didn’t need to mint the Charges.WTF NFT to really feel rekt. Customers who weren’t aware of slippage tolerances discovered that their orders had been executed for considerably lower than anticipated, leaving one person buying and selling over $135,000. 

Regardless of falling almost 84% since a spike after its preliminary launch, WTF appears to proceed to seize the eye of recent holders with its claims window nonetheless open and the variety of holders growing.

Programming the contract in order that the group makes 4% after each switch, the group has allegedly remodeled $3 million and counting. Though the platform “meant” to reward customers for the charges they’ve spent, Price.WTF stunted on customers who paid extra in charges than they really claimed.

According to Rokitapp founder Lefteris Karapetsas, the sensible contract was coded to siphon Ether from anybody who interacted with the contract. Upon additional inspection, Karapetsas noticed the contract encoded a set whitelist of those that didn’t have to pay switch charges. 

Oh hey look the @feeswtf group posted a autopsy: https://t.co/8v1Ng3DupH

If that doesn’t inform it is advisable to know in regards to the “challenge” I do not know what’s going to.

— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) January 15, 2022

Regardless of suspected wash buying and selling and the contentious points surrounding the affiliation to Cole, Pudgy Penguin co-creator and investor within the challenge, LooksRare supplies a aggressive edge to OpenSea as a result of it falls in keeping with the present demand of Web3 customers. OpenDAO and LooksRare are good examples of what OpenSea rivals possess and are ready to unleash. 

With the growing variety of people getting into the crypto ecosystem, and lots of advocating for Web3 incentives, merchants have to take heed and consider the place they’re putting their consideration and worth since there are platforms which can be laser-focused on exploiting their wants.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your individual analysis when making a call.