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LooksRare, Opensea’s Newest Competitor, Surpasses $394M in Sales

NFT marketplace LooksRare was released on January 10th and it has already managed to record a daily volume of over $394 million.

These numbers were possible thanks to the fact that the company offered just 2% fees for basic sales and 0 fees for private sales. Meanwhile, OpenSea is charging a fee worth 2.5% on every transaction. LooksRare also lets traders earn rewards from buying and selling NFTs in the form of LOOKS, its native token.

The NFTs that enjoy the most popularity were the ones from the Meebits collection, created by Larva Labs, the same company responsible for Cryptopunks and Autoglyphs.

Meebits represent the top collection on the market currently.

Then again, the company added a note warning users of possible wash trading taking place. Some traders have also speculated that this may be the case as Colin Wu noticed several repeated false transactions.

Wu stated:

“Transaction volume of Meebits has reached 52,771 ETH. Whales are constantly repeating transactions to obtain Tokens.”

Wash trading was also blamed for a sale of $49.5 million in Ethereum for a Meebit NFT on Wednesday. People claim that the zero percent royalties of LooksRare and the token rewards in LOOKS are encouraging wash trading.

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