NFT marketplace LooksRare competes with Opensea | Tokenview

What is LooksRare? LooksRare is another marketplace for buying and selling NFTs besides Opensea. On January 10, 2022, LooksRare announced the official launch of the token LOOKS, with a total supply of 1 billion tokens, 75% of which is for the community (12% for airdrops, 18.9% for staking and 44.1% for trading). Meanwhile, LooksRare distributed 120 million tokens to users.

UsingTokenview ETH explorerto view the information of the token LOOKS, the current circulation of LOOK is 213,520,000, and on the day of its launch on January 10, the number of transactions reached 143,699, and the number of active addresses was 56,764.

https://eth.tokenview.io/en/token/0xf4d2888d29d722226fafa5d9b24f9164c092421e

LooksRare's biggest competitor, Opensea, is undoubtedly the absolute monopoly in the NFT trading market in terms of user volume, transaction volume, and financing scale. However, OpenSea is experiencing unprecedented turbulence in late 2021. Now people's complaints about OpenSea have prompted people to constantly look for a new NFT platform, expecting the new one to defeat the old king and break OpenSea's monopoly on the market.

On Christmas Day, December 25, 2021, OpenDAO 'sends tokens for OpenSea,' and they airdrop SOS tokens based on users' trading volume on OpenSea. Projects such as OpenDAO are questioned and tend to be more hype. And LooksRare looks like it's been planned for a long time.

As an NFT trading platform, LooksRare has complete basic trading functions, and in addition, LooksRare also has different functions from OpenSea, and it is these functions that give LooksRare the opportunity to become a better NFT that belongs to the community trading platform. LooksRare allows users to earn daily transaction rewards while earning platform transaction fees. Users can earn LOOKS and WETH by staking tokens LOOKS on LooksRare, trading NFTs, or providing liquidity.

LooksRare outperforms Opensea Experience

ETH, WETH Mixed Payment

In order to actively reward participating traders, collectors, and creators, LooksRare allows users to buy or sell NFTs using ETH and WETH alone or in a mix, or use WETH to make quotes for individual NFTs, or use the 'series quotes' ” function for one-click quotation of NFTs in a series. In OpenSea, ETH is used to pay one price, and WETH is used to bid, and sometimes users need to convert the two, which not only consumes gas fees, but also is extremely cumbersome to operate.

Instant Royalties

On the LooksRare platform, each transaction will instantly distribute the royalty income to the creator, which will allow the creator to get more sufficient liquidity. penSea distributes royalties to creators every two weeks.

Transaction Reward

LooksRare allows users to earn daily transaction rewards while earning platform transaction fees. Users can earn LOOKS and WETH by staking tokens LOOKS on LooksRare, trading NFTs, or providing liquidity. OpenSea's 2.5% service fee is attributed to its own platform, and LooksRare only charges 2% service fee (the user service fee for private sales is 0), and these fees will also be distributed 100% to LOOKS pledgers. The rewards obtained at different stages Also different. That is to say, the staker can not only get the income from the fee, but also earn the pledge income.

We will wait and see whether LooksRare's innovation in functions, rationality of governance token distribution and incentive mechanism, and the presence of multiple NFT VIPs are enough for LooksRare to pull Opensea from its monopoly position.