LooksRare NFT Marketplace Records Over $100 Million in Trades on its First Day

It was a great first full day for NFT marketplace LooksRare.

The new platform, touted as an ‘OpenSea killer’, launched on Monday to incredible numbers.

On its first full day of operations, LooksRare registered over $105 million in trading volume. This in the process generated 613 ETH, or roughly $2 million in platform fees.

Its biggest draw is probably the reward system. For instance, those fees will be distributed to LOOKS token stakers, and this was already causing excitement even before launch.

OpenSea usually commands about 90% of the NFT trading volume on any given day. That dominance was put to the test by LooksRare.

On the same day, OpenSea saw $169 million in trading volume. While the numbers are great for the company, they now have to look behind their back with caution.

LooksRare is not just incentivizing the use of its platform by issuing LOOKS token to buyers and sellers. They are also gifting tokens to OpenSea users who made trades worth more than 3 ETH between June 16 and December 16 2021.

So far, over 91,000 addresses have received the $LOOKS airdrop, with the total of eligible addresses being over 185,000. In total, over 120 million LOOKS tokens have already been airdropped.

This incredible launch of the NFT marketplace has propelled the LOOKS token to top 200 by market cap.

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