Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Altcoin

LookRare Released in Hopes of Offering an Alternative to OpenSea

NFT marketplace LooksRare goes live with vampire attack on OpenSea

An upstart NFT platform called LooksRare has gone live today, as more marketplaces continue to crop up to try to take on market leader OpenSea. LooksRare claims to be a community-focused marketplace that will develop new features based on what its users want.

The marketplace explained in a blog post that it indexes all NFTs that exist on the Ethereum blockchain so that they can be traded straightaway — and offers can already be made on them. It also lets users buy and sell NFTs with ether or wrapped ether (WETH), or a mixture of both, and they can make offers using WETH.

LooksRare was launched by two anonymous co-founders, known as Zodd and Guts. It also has a small team of nine, mostly made up of engineers.

A vampire attack on OpenSea

LooksRare is built around the newly launched LOOKS token, which is being used to reward users of the platform — and attract existing users from OpenSea.

The token went live at 8:15 UTC this morning and is being traded on the decentralized exchange Uniswap. It saw a peak price of $4.71 before dropping to its current price of $2.69. With a total supply of 1 billion tokens, that gives it a fully diluted valuation (if all tokens were on the market) of $2.69 billion.

The marketplace is hoping to attract current NFT big spenders who have already used OpenSea by letting these individuals claim LOOKS tokens for free. Anyone who traded more than 3 ether (ETH) ($9,400) on OpenSea between June 16 and December 16 can claim a portion of tokens.

This is what’s commonly called a “vampire attack” in the crypto sector, since it uses tokens to try to poach a pre-existing project’s user base. LooksRare is the second major attempt at a vampire attack on OpenSea (the former being Infinity).

Furthermore, when someone buys and sells NFTs from eligible collections, they will receive LOOKS tokens (although this won’t kick in until Tuesday).

The maketplace also charges a 2% fee on all trades, which are all handed out to those staking LOOKS tokens. Currently the platform is offering an extremely high rate of 30,400% APR to those staking the token. However, this does mean the current supply is likely increasing at a rapid clip.

Featured

NFT

Stockholm, September 19: As one of the most innovative industries out there, beauty and skincare brands are constantly on the lookout for new and...

NFT

The first NFT lending and borrowing platform on Cardano, Aada finance, has launched a bug bounty competition. The competition comes in preparation for the...

Crypto News

The Australian Ministry of Treasury has called for the opinion of Australian citizens regarding a proposed bill on crypto taxation. The Assistant Treasurer, Stephen...

Crypto Exchange

The crypto exchange made this known via an announcement on its official Twitter page. With the new feature, the Coinbase wallet will automatically warn...