LooksRare surpasses OpenSea in terms of daily trade volume in just one day after launch

LooksRare surpasses OpenSea in terms of daily trade volume in just one day after launch
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LooksRare ($LOOKS), the new NFT marketplace, has a daily trading volume of more than USD 105 million with a fee of around USD 2 million. OpenSea has a wild market share of over 90% of the total NFT trading volume to date before the launch of LooksRare. OpenSea is one of the giant monopolies in the NFT marketplace business.

OpenSea intends to develop a more usual business model where the platform users just use their service for free without any rewards or benefits. OpenSea charges a horrendous fee of 2.5% per trade on top of the hundreds of dollars paid in gas fees. The policies of the company are opaque and unclear that inviting the need for the launch of a "People's NFT marketplace."

But in the web 3.0 revolution, the users will look for the platform to incentivise them to use it. And LooksRare understood the market and implemented such a revolutionary and sustainable business model to compete with a market leader. But still, the code repositories of LooksRare are not yet made public, which most actors on the web 3.0 world would appreciate.

Airdrop of Tokens

If you're a trader on OpenSea, you'll earn free $LOOKS tokens valued at $3.62 each while writing this article. The $LOOKS tokens are claimable if you have a trading volume of more than 3 ETH between 16th Jun 2021 to 16th Dec 2021.

OpenSea users awaited an airdrop for their trading volume, but the company chose to do a VC round of funding rather than declaring themselves a DAO.

For more information on the airdrop, head to their official website (or) click here

Don't Sell Your Free Tokens.

If you're eligible for an airdrop and get free tokens, you can earn more from them. The $LOOKS token holders will get a chance to earn a stunning APR of 900%, which means your value almost doubles every month. You'll also make a piece of revenue from the trading fees distributed to the $LOOKS token stakers.

To stake your tokens, click here.

Wash Trading

All stakers on the LooksRare platform earn a share of the trading revenue. With LooksRare, if you're trading, you'll earn a free $LOOKS token. So there is a chance of you making money by trading NFTs on the platform. It is said that a large volume on the platform is generated by artificial actors who just trade the NFTs between themselves. But on the overall front, they're paying gas fees and the $LOOKS stakers.  So we've to exercise caution and see whether this volume persists over a more extended period.

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This article is not an endorsement to buy any digital assets/coins from the LooksRare marketplace (or) other cryptocurrency exchanges. The views are personal, and you should consult your financial advisor before dealing with these financial instruments.