In Brief:
- NFT platform LooksRare debuts as OpenSea’s new challenger.
- LooksRare generated more than $110M worth of Ethereum NFT trading volume on its first day.
- Over 185,200 Ethereum wallets are eligible for the LOOKS token airdrop and 85,000 addresses have already claimed it.
OpenSea’s finally has a worthy opponent as NFT platform LooksRare is breaking records just a day after its launch.
According to the data by Dune Analytics, LooksRare generated more than $110 million worth of Ethereum NFT trading volume giving strong competition to OpenSea just upon its arrival.
By offering free LOOKS tokens to NFT enthusiasts who have already used OpenSea, LooksRare aims to lure them.
OpenSea users that transacted at least 3 ETH on the platform between June 16 and December 16, 2021, are eligible to receive a free airdrop of LOOKS tokens from LooksRare.
LooksRare launched with a vampire attack on OpenSea which is an attempt to attract users away from a platform by offering them rewards in the form of tokens.
The fees generated by LooksRare will be handed out to LOOKS holders who stake their tokens in the marketplace. LookRare’s transaction charge of 2% is also less than OpenSea’s 2.5% transaction fee.
According to Dune Analytics, over 185,200 Ethereum wallets are eligible for the LOOKS airdrop, with over 79M LOOKS already claimed at the time of writing. Over 85,200 addresses have claimed the tokens.
The platform is currently offering about 2.86 million LOOKS tokens every day, or about $10.6 million in value, though this will decrease significantly over the next year.
OpenSea has been constantly under scrutiny and the community keeps on pestering them about releasing its own token. The platform also shared plans for an IPO listing in December inviting more backlash from users.
On Monday, OpenSea recorded just under $170 million in Ethereum trading volume, its lowest day of the year so far, and a decline from over $261 million on Sunday.
Amidst this, OpenSea is on course to have its highest month in terms of Ethereum trading volume to date. Only one-third of the way through January, that amount had already reached $2.27 billion.
