A brand-new up-and-coming non-fungible token (NFT) marketplace called LooksRare announced that it plans on indexing all NFT collections within Ethereum’s blockchain. The platform launched last Monday along with an exciting token airdrop.
Two anonymous co-founders who go by the names Zodd and Guts developed LooksRare. The platform claims to be created “By NFT People, for NFT People.” According to the official announcement posted on its blog, the team working behind LooksRare no longer wants “the deplatforming of creators” to take place. Not only that, but they’ve also grown tired of decision-makers in the industry who prioritize business over the community as they tirelessly search for IPO rather than allowing the community to benefit.
Zodd and Guts took things into their own hands and developed LooksRare. The co-founders’ solution to the present issues in the community is to offer a new marketplace that gives users and creators a chance to earn rewards.
In other words, anyone who buys or sells NFTs from qualified collections can earn some LOOKS tokens, the platform’s native utility. Not only that, OpenSea users who traded a minimum of 3 ETH sometime on June 16 through December 16, 2021, are qualified to receive an airdrop of LOOKS tokens.
https://twitter.com/LooksRareNFT/status/1480462184295858180?s=20
For every NFT trade done on LooksRare, the platform will request a 2% standard fee. This number is considerably lower than OpenSea’s 2.5% standard fee. It’s worth mentioning that the fee goes back to LOOKS token stakers. Users can also trade NFTs with either Ether or Wrapped Ether, with LOOKS currently trading at 0.0008748 WETH or $2.69.
Last Monday, LooksRare’s website was down for several hours, causing users to have trouble connecting their wallets and completing their listings. The team posted an explanation on Discord, saying that the site was under a distributed denial-of-service attack (DDoS). In other words, there was a lot of malicious traffic going into the network at the time.
