LooksRare, a new and direct competitor to OpenSea has sold $394 million in NFTs in just three days post its launch. The NFT platform was launched on January 10, 2022, and sold $100 million in NFTs on the very first day. The platform’s wide range of digital collectibles flew off the shelves since its launch and made historical sales.
Users are drawn towards LooksRare as it offers less or no fees based on the type of transactions. LooksRare levies only a mere 2% fees on basic sales and takes no fees on private sales on NFT pieces. On the other hand, OpenSea charges a fee of 2.5% on every form of transaction made on the platform. The fees being cheap compared to other platforms is what makes LooksRare stand apart from the crowded NFT space.
Fees play an important factor while making purchases and the platform that provides lesser fees mostly gets all the attention. The NFT marketplace also rewards users for their participation in the NFT sphere. “LooksRare is the community-first NFT marketplace that actively rewards traders, collectors, and creators for participating. Why do we need another marketplace? Because the NFT community deserves better,” the platform wrote on its website.
Meebits NFT Collection Stirred the Most Interest on LooksRare
The Meebits collection from LarvaLabs stirred the most interest on LooksRare. Meebits boasts of 3D avatars that can be viewed in real-time even in mobile-based Metaverse. Meebits is the brainchild of the same creators behind Cryptopunks and Autoglyphs.
Apart from Meebits, the Bored Ape Yacht Club also received lots of interest with offers going up to 75.0 ETH each. The LooksRare marketplace has indexed all their NFT collections in the Ethereum blockchain network. “That means you can trade all the Ethereum NFTs that are available on OpenSea… and some that aren’t,” its website stated.
NFT sales have surged in 2021 as in Q3 alone NFT sales volume touched $25 billion. The NFT sales show no sign of slowing down and the numbers are only increasing as the days pass.
Also, LooksRare (LOOKS) has crossed the $4 mark in the indices but is down -1.32% in the 24-hours day trade. The token also allows users to stake their LOOKS and earn a 1,000% annual percentage rate (APR).