For most of NFTs existence, the go-to place to buy and sell them has been the mega platform OpenSea.
There have been interest from other companies, big and small, over the last few years. Giant crypto exchange Binance even have their own NFT marketplace.
However, OpenSea has managed to hold its ground, in the process attracting a $13 billion valuation.
LooksRare, a new NFT marketplace has just launched, and it wants to challenge OpenSea’s supremacy.
Their plan is to index all NFT collections on the Ethereum blockchain, and they were off to a great start.
On its first full day, the marketplace hit $105 million in NFT trade volumes. That generated nearly $2 million in platform fees, based on their 2% standard fee on all trades.
It was a great first day, considering OpenSea made trades worth $169 million on the same day.
The biggest draw to this new marketplace is the reward system.
Buyers and sellers are receiving $LOOKS token every day, based on the volume traded. That amounts to 2,866,500 LOOKS ($10 million) per day, and this will continue for the next 30 days.
LooksRare is also pulling one on its rival, by airdropping $LOOKS to any OpenSea user who made trades in excess of 3ETH between June 16 and December 16 2021.
Over 75,000 Ethereum addresses have gotten the LOOKS airdrop, in the process making the token break into the top 200 cryptocurrencies by market cap.
This is incredibly impressive for a marketplace that has been built by anonymous co-founders simply known as Zodd and Guts.
We’ll sure be watching how this develops.