LooksRare, a new NFT marketplace, has opened with an airdrop to OpenSea customers who traded NFTs for at least 3 ETH.
The LOOKS airdrop awards OpenSea users based on their previous NFT trading volume, calculated by adding all trades that used ETH, WETH, USDC, DAI, SAND, GALA, or MANA as a settlement currency.
The lowest tier offers 125 LOOKS for users with a trading volume between 3 and 6 ETH, while the highest tier rewards 10,000 LOOKS for those with a trading volume of more than 1,000 ETH. LOOKS is now trading at $2.09 USD at the time of writing.
It is rumored that OpenSea may issue a token and execute an airdrop to its many users, but no official plans for an OpenSea airdrop have been published. Last year, the Open DAO also launched on Christmas Day with a remote retroactive airdrop to OpenSea users.
NFT traders on the LooksRare marketplace can earn tokens in addition to claiming LOOKS tokens in the airdrop or acquiring them on the secondary market. There is also a staking scheme that pays LOOKS and WETH and a liquidity mining program that awards LOOKS for storing LOOKS-ETH LP tokens on Uniswap.
LooksRare’s website predicts an APR of 964 percent for staking and 1,003 percent for liquidity provision at the time of writing. LOOKS now has a market capitalization of little about 70 million USD.