📢 LOOKS Token Airdrop PSA
If you have traded on OpenSea, you may be able to redeem some LooksRare tokens! 12% of the total supply of LOOKS, or 120M LOOKS, are allocated for an ongoing airdrop.
- Any OpenSea user who has bought or sold at least 3 ETH worth of NFTs between 16th Jun 2021 to 16th Dec 2021 are qualified for the airdrop.
- To claim the airdrop, users simply have to list an ERC 721 or ERC-1155 NFT on the LooksRare marketplace.
As of the time of writing this article, over 92M LOOKS tokens have been claimed by 114K addresses, according to Dune Analytics.
We talked about OpenDAO’s SOS token in a previous article and how it was the first real attempt at rewarding OpenSea’s NFT community. Well, a direct competitor of OpenSea, Ethereum-based NFT Marketplace LooksRare, has emerged. Since its launch on January 10, LooksRare has been maintaining a lead in trading volume over the past week.
With LooksRare also providing a native utility token (LOOKS) and plans to decentralize in future - something that OpenSea users have been calling OpenSea to do for months - the new kid on the block may threaten to oust OpenSea from its OG spot.
Lower Fees And Profit Sharing
- LooksRare charges a basic sales fee of 2%, excluding private sales. All sales fees are consolidated then distributed to LOOKS stakers.
- In comparison, OpenSea charges 2.5% for every transaction on the platform. All profits are routed to the OpenSea team.
Native Utility Token
- Unlike market incumbent OpenSea, LooksRare has a native token. LOOKS can be staked, earned from trading via LooksRare or by liquidity mining.
- LOOKS will be the governance token in LooksRare’s future DAO.
Potential Wash Trading
- DappRadar, a dApp data-tracking platform, has raised concerns over wash trading on LooksRare, especially with LooksRare’s top NFT collection Meebits.
- Wash trading happens when NFT owners sell their NFTs to themselves using different owned wallets, with the aim of hiking up the price.
The views expressed in this article are the author's alone and do not necessarily represent the views of ApolloX.
Risk Reminder: Crypto trading carries a risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from ApolloX. ApolloX will not be liable for any loss that might arise from your use of any financial product.
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