NFT Marketplace LooksRare Nears $400 Million in Sales in Just Three Days After Launch: Report

Amid the increasing numbers of NFTs entering the market every day, a new online marketplace for these digital assets has been launched, with the name “LooksRare”. In just three days, the NFT market recorded a turnover of $394 million (about Rs 2,912 crore), according to a report by CoinTelegraph. The platform was officially launched on January 10th. At present, OpenSea dominates the NFT selling space. Reports expected OpenSea sales from last year to be around $10 billion (about Rs 739,225 crore).

LooksRare, which has begun operations, offered a 2% fee on core sales and no fee for private sales of NFT parts. The CoinTelegraph report added, on the other hand, that OpenSea charges a fee of 2.5 percent per transaction.

“LooksRare is the first community NFT marketplace that actively rewards merchants, collectors, and creators for participating. Why do we need another marketplace? Because the NFT community deserves better,” the platform wrote on its website.

The main NFT item that sparked interest among buyers on LooksRare is the Meebits collection, which comes from LarvaLabs – the same creators behind Cryptopunks and Autoglyphs.

Some people have raised doubts about the possibility of trading Meebits on LooksRare.

LooksRare has indexed all of the NFT pools on the Ethereum blockchain. “This means that you can trade all of the Ethereum NFTs available on OpenSea… and some not,” its website noted.

The platform rewards NFT buyers and sellers from eligible groups, with its native token called LOOKS.

NFTs are digital collectibles such as animated avatars, digital paintings, and clips from sports and games, among other things. These virtual assets have their ownership locked on the blockchain network.

In the third quarter of 2021, NFT’s turnover rose to $25 billion (~Rs.1,84,690 crore) in 202, recent data from market tracker DappRadar showed.

Increased sales and exorbitant prices on NFTs have baffled many, but their multi-fold growth shows little or no depreciation at all.

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