Can OpenSea continue to dominate the NFT business in 2022, given the next-generation platforms are obviously more sophisticated, accessible, and geared to exploit OpenSea’s flaws?
LooksRare: A New Rival LooksRare, a new NFT platform, launched today. The platform’s features are designed to create a user-friendly community.
Throughout its operation, a user-centric mentality will be the key value. LooksRare aims to make things easier, faster, and more enjoyable.
According to LooksRare’s blog article, all Ethereum-based NFTs are now ready for trading. Users may buy and sell NFTs using Ether or wrapped Ether (WETH).
LooksRare is created by a nine-person engineering team. The founding team comprises of Zodd and Guts.
LooksRare also launched the platform token, LOOKS.
LOOKS will be used to reward trading, staking, and liquidity. The token is a driving force behind user adoption. Users earn LOOKS tokens when they buy and trade NFTs from eligible collections.
LOOKS was posted on Uniswap this morning and people may now exchange it. According to Bloomberg, the token peaked at $4.71 but has since fallen to $2.69.
In direct rivalry with OpenSea, the initiative seems bold and motivated.
The launch is exciting, but the policy is superior. Users of OpenSea may get free LOOKS tokens. Anyone who traded three or more ether on OpenSea between June 16 and December 16 will get a token.
This is known as a “vampire attack” in the cryptosphere because it aims to steal an existing project’s user base using tokens.
LooksRare is the second big vampire assault on OpenSea, after Infinity.
According to Dune Analytics, the market volume reached $3.25 billion in December 2021, up over 90% from December 2020.
Due to OpenSea’s success, Devin Finzer and Alex Atallah became the world’s first NFT billionaires.
While OpenSea now has the greatest NFT trading volume, there will likely be competition by 2022. OpenSea has faced stiff competition from companies like Coinbase.
Critics warn of fraud and hacks on NFT systems. OpenSea’s Head of Product was asked to quit in September 2021.
A $2.2 million NFT piece was stolen and sold on OpenSea, according to a New York gallery. OpenSea was also accused of aiding art theft.
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