OpenSea competitor LooksRare exceeds $394M in sales

Every day quantity on NFT market LooksRare has already exceeded $394 million following the platform’s official launch on Jan. 10.

The platform was in a position to usher in this buyer base by providing solely 2% charges on primary gross sales and 0 charges on non-public gross sales, in comparison with competitor OpenSea’s 2.5% charge on each transaction. The undertaking additionally permits merchants to earn rewards within the type of its native LOOKS token for purchasing and promoting NFTs.

The premier NFTs which have taken LooksRare by storm are the Meebits assortment, which come from LarvaLabs — the identical creators behind Cryptopunks and Autoglyphs. 

Meebits are at the moment the highest assortment available on the market on the time of writing, in line with knowledge from DappRadar. It is price noting that DappRadar has included a disclaimer to focus on the potential wash buying and selling occurring with Meebits on LooksRare. 

Different merchants have comparable suspicions of wash buying and selling. Various repeated false transactions have been recorded by journalist Colin Wu. In response to Wu’s report: “Transaction quantity of Meebits has reached 52,771 ETH. Whales are always repeating transactions to acquire Tokens.”

One other level of skepticism arose on Wednesday when a Meebit NFT offered for $49.5 million in Ethereum. Merchants are claimed that this commerce was fraudulent, citing that the mixture of LooksRare’s zero p.c royalties and the implementation of LOOKS rewards incentivizes wash buying and selling.

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