A new online marketplace for these digital assets called “LooksRare” has been developed in response to the increasing amount of NFTs entering the market every day. According to a CoinTelegraph storey, the NFT marketplace has seen sales of $394 million (approximately Rs. 2,912 crore) in just three days. On January 10th, the platform was formally launched. OpenSea is currently the market leader in the NFT selling space. According to reports, OpenSea sales last year were over $10 billion (roughly Rs. 739,225 crore).
LooksRare announced its launch with a two percent fee on basic sales and no fee on private sales of NFT items. According to the CoinTelegraph storey, OpenSea imposes a 2.5 percent fee on every transaction.
“LooksRare is the community-first NFT marketplace that actively rewards traders, collectors and creators for participating. Why do we need another marketplace? Because the NFT community deserves better,” the platform wrote on its website.
The Meebits collection from LarvaLabs — the same developers behind Cryptopunks and Autoglyphs — is the #1 NFT that has piqued purchasers’ interest on LooksRare.
Some have speculated that Meebits could be wash-traded on LooksRare.
On the Ethereum blockchain, the LooksRare marketplace has indexed all NFT collections. “That means you can trade all Ethereum NFTs available on OpenSea… and some that aren’t,” according to the company’s website.
With its native token, LOOKS, the platform rewards NFT purchasers and sellers from approved collections.
NFTs are digital collectibles that include animated avatars, digitised paintings, sports and game video, and other items. The ownership of these virtual assets is secured on the blockchain network.
According to current data from market tracker DappRadar, NFT sales volume increased to $25 billion (approximately Rs. 1,84,690 crore) in the third quarter of 2021.
NFTs’ soaring sales and high pricing have perplexed many, although their multi-fold expansion shows little or no depreciation.