OpenSea competitor LooksRare exceeds $394M in sales

Following the platform’s official launch on January 10, daily volume on LooksRare has already surpassed $394 million.

In comparison to competitor OpenSea, which charges 2.5 percent on every transaction, the platform was able to attract this customer base by charging only 2% on basic sales and nothing on private sales. Traders who purchase and sell NFTs can also earn rewards in the form of the project’s native LOOKS coin.

The Meebits collection, from LarvaLabs — the same people who brought you Cryptopunks and Autoglyphs — is the most popular NFT on LooksRare.

According to data from DappRadar, Meebits are presently the most popular collection on the market. It’s worth noting that DappRadar has included a notice to emphasise the possibility of Meebits on LooksRare being used for wash trading.

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Other dealers are suspicious about wash trading as well. Journalist Colin Wu has documented a number of recurring fake transactions. “Meebits transaction volume has hit 52,771 ETH,” according to Wu’s report. Whales keep repeated transactions in order to collect Tokens.”

On Wednesday, a Meebit NFT sold for $49.5 million in Ethereum, adding to the mistrust. The combination of LooksRare’s 0 percent royalties and the deployment of LOOKS incentives, according to traders, incentivizes wash trading.