đŁLooksRare NFT marketplace outdoes OpenSeaâs volume with only 5% of the users
LooksRare NFT marketplace continues to turn heads as its trading volume leads the entire NFT market. As of the time of writing, LooksRare is dominating the daily charts by a wide margin even though there have been some pullbacks recently.
Whatâs even more fascinating, is that they are at the top of the weekly chart despite only being 5 days old. On top of that, they only have a fraction of users compared to OpenSea.
This alternative NFT marketplace is seeing success that no other competitors can imagine. At the same time, they have also had their fair share of backlash from the NFT community.
LooksRare is addressing many of OpenSeaâs current criticisms by portraying itself as a âcommunity-first NFT marketplaceâ.
Their $LOOKS token rewards NFT traders for completing eligible transactions. In addition, the fees collected through each transaction is given back to stakers, aka the community. Lastly, the token will be a governance token for the LooksRare DAO in the future.
An NFT acts like a deed of ownership to a unique digital item, including images, video files, video game items, and more. The industry expanded dramatically over the course of 2021, generating more than $22 billion worth of trading volume according to a mid-December estimate by analytics resource, DappRadar.
On the flip side, the platform is also being accused of wash trading, leading to its insanely high trading volume. However, the management team has refuted this claim. Furthermore, the community is surfacing several dodgy aspects of its operations, especially in terms of transparency. For instance, there is no public audit, and there are no public repositories to access their code.
From the consumersâ point of view, having an alternative platform with increasing collections and an attractive fee structure is definitely intriguing. Nevertheless, LooksRare still has a long way to prove itself worthy in this competitive space.
đDisclaimer: Some members of our team, including editors of this article, have personally invested in a number of cryptocurrencyâs, NFTs and DAOs. We also earn commissions on some of the products we recommend.