Tuesday, February 27

What is LooksRare and what distinguishes it from Opensea in NFT trading?

LooksRare (LOOKS) is an NFT trading platform that in just one month has become the main competitor of the well-known marketplace OpenSea. According to data from Dune Analytics, LooksRare’s daily sales volume in the last 20 days far exceeds OpenSea’s. Since the launch of LooksRare, this platform has moved almost 9,000 million dollars in sales, well above the $3,000 billion of OpenSea. Also, LooksRare has its own token, the LOOKs, whose price has risen 170% since its launch on January 10 this year. At the close of this edition, it is listed at $4.33.

What is LooksRare NFT?

LooksRare is the first community NFT marketplace that actively rewards traders, collectors, and creators for participating. As indicated in their blog, LooksRare was born with the idea of ​​rewarding and giving back to users and creators their power. In this way, its intention is to create a more decentralized platform than OpenSea, where the opinions, ideas and suggestions of users are taken into account.

Interchangeable with OpenSea

LooksRare indexes all NFT collections on the Ethereum blockchain. Therefore, it allows trading all Ethereum NFTs that are available on OpenSea. Also, a standard 2% fee is included in all LooksRare NFT transactions, but the proceeds from these fees go directly to the LOOKS token holders.

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Fast growth

One of the main reasons that LooksRare has overtaken OpenSea in just one month is its aggressive launch campaign. Currently, all users get rewards in the form of LOOKS tokens for trading on the platform. In other words, all users are making profits with each purchase and sale operation they carry out. After the launch campaign is over, these rewards will still be valid, but only for certain collections.

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Differences with OpenSea

The main difference with OpenSea is that LooksRare has its own token, which allows the platform to create a community-based economic system. LooksRare is using its token to attract users with various rewards, which is causing the price of the token to increase. On the other hand, said token allows users to participate in decisions or suggest improvements to the platform, allowing greater decentralization.

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Another big difference is the rates. At OpenSea the fees for trading with NFTs are 2.5% and the profits go entirely to the owners. At LooksRare, the fees are 2% and the profits go to users who stake LOOKS tokens. In terms of web design and processes, both platforms are very similar.

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