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mohamed_hassan (CC0), Pixabay

LooksRare, a brand-new NFT marketplace, already has a daily volume surpassing $394 million a few days after its official launch on January 10.

It drew in the attention and interest of customers by offering only 2% fees on basic sales, not to mention zero fees on private sales. These figures are a notable difference from its competitor OpenSea, which has a 2.5% fee no matter the transaction. Other than that, the project also allows traders to earn LOOKS tokens for buying and selling NFTs.

The most popular premier NFT collection on LooksRare right now is the Meebits collection. This specific collection is from LarvaLabs, the same team that created the popular Cryptopunks and Autoglyphs.

According to DappRadar’s data, Meebits are currently the highest-ranking collection on the market at this time. Notably, DappRadar also mentions a disclaimer to emphasize the ongoing potential wash trading with this collection on LooksRare.

DappRader isn’t the only one to think there’s wash trading going on either. Journalist Colin Wu has noted several repeated false transactions already. According to the report, Meebits’ transaction volume is already at  52,771 ETH. Wu also notes that “whales are constantly repeating transactions to obtain Tokens.”

Skepticism surrounding Meebits grew when someone bought a Meebit NFT for $49.5 million in Ethereum on Wednesday. Traders argue that this was a deceitful trade, citing that LooksRare’s rewards features along with its zero percent royalty incentivize wash trading.

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