What Is It & Could It Be The Next Big Thing?

LooksRare, a newly launched NFT market, has made an enormous splash with its arrival within the NFT house. LooksRare went reside yesterday, together with a token airdrop for NFT customers. Notably, it gave its tokens to customers of OpenSea – the platform it can attempt to substitute because the go-to secondary market for NFTs.

The LooksRare Motto is, “By NFT Folks, For NFT Folks”

After months of improvement, and a brief week of hype and advertising, LooksRare has launched its NFT market to the general public. It says the next in its launch blog post:

“LooksRare is the community-first NFT market that actively rewards merchants, collectors, and creators for taking part.”

In different phrases, LooksRare is presenting itself as an NFT market that can reply many issues that the group has lengthy requested for.

LooksRare units its NFT market other than OpenSea in a number of key methods. To listing a number of of them, LooksRare has a decrease transaction charge of two%, compared to the two.5% charge on OpenSea. What’s extra, it guarantees to offer 100% of all platform charges to those that stake the $LOOKS token.

One other key level concerning the LooksRare market is how it’s dealing with spinoff NFT initiatives. That’s to say, NFTs which are clearly based mostly on current NFT collections. LooksRare is taking the stance that it’s going to not take down or withhold verified standing from spinoff initiatives, “so long as their actions aren’t malicious”.

OpenSea has infamously taken down derivatives of high-profile NFT initiatives prior to now. To make certain, the NFT group is cut up on how they really feel about derivatives. Some individuals agree that they shouldn’t exist, whereas others consider that attempting to forestall spinoff NFTs goes towards the tenants of web3.

$LOOKS Token Airdrop Lights Up NFT Twitter

General there was numerous pleasure across the launch of the LooksRare NFT market. Certainly, a lot of this was because of the airdrop of the $LOOKS token on launch day.

To clarify, anybody who traded 3 or extra ETH on OpenSea between June sixteenth and December sixteenth, 2021 is eligible to assert $LOOKS. As well as, customers might want to listing an NFT on LooksRare to assert their tokens.

Apparently, that is just like the strategy that OpenDAO took when it launched its $SOS token airdrop on the finish of 2021. Nevertheless, the 2 teams behind the airdrops have wholly totally different objectives. For one factor, OpenDAO was prepared to help OpenSea in some methods. In distinction, the LooksRare NFT market is a direct competitor.

$LOOKS is extra than simply some extra airdrop hype although. The truth is, it’s the native token of the LooksRare NFT market. Customers can earn it by buying and selling NFTs from sure collections. Not solely that, however customers may also earn $LOOKS from shopping for or promoting an NFT from a set with over 1,000 ETH in buying and selling quantity.

Lastly, $LOOKS holders can stake their token to earn staking rewards. On the time of writing, the annual share charge (APR) for staking $LOOKS is 719%. Whereas that can doubtless go down within the subsequent few days, that could be a main return for a staking reward.

Might LooksRare Be The OpenSea-Killer?

All issues thought of, NFT house owners are prepared for different secondary market choices to commerce NFTs.

OpenSea has been a goal of the NFT house’s frustration for a lot of causes. For instance, there’s the accusation that OpenSea represents centralization. There’s additionally confusion across the course of by which it verifies NFT collections.

Will probably be fascinating to see how each LooksRare’s NFT market and $LOOKS token carry out within the coming months. If they’ll ship on their guarantees and provides customers an excellent buying and selling expertise although, OpenSea’s days because the primary market might be numbered.