Amid an increasing number of NFTs hitting the market every day, a new online marketplace for these digital assets has been launched, called “LooksRare”. Within just three days, the NFT market has registered a sales volume of $394 million (approximately Rs. 2,912 crore), according to a report by CoinTelegraph. The platform was officially launched on January 10. Currently, OpenSea reigns supreme in the NFT sales space. Reports have predicted that last year’s OpenSea sales would be about $10 billion (approximately Rs. 739,225 crore).
At the beginning of its business, LooksRare offered to charge a two percent fee on basic sales and no fees on private sales of NFT securities. OpenSea, on the other hand, charges a 2.5 percent fee for each transaction, the CoinTelegraph report added.
“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.
The main NFTs that sparked the interest of buyers on LooksRare are the Meebits collection, which comes from LarvaLabs – the same creators behind Cryptopunks and Autoglyphs.
Some people have raised suspicions that Meebits could potentially be traded on LooksRare.
The LooksRare marketplace has indexed all NFT collections on the Ethereum blockchain. “That means you can trade all Ethereum NFTs that are available on OpenSea…and some that aren’t,” the website noted.
The platform rewards NFT buyers and sellers from eligible collections, with its native token called LOOKS.
NFTs are digital collectibles such as animated avatars, digitized paintings, and clips from sports and games, among other objects. These virtual assets have their ownership locked onto the blockchain network.
In the third quarter of 2021, NFT sales volume rose to $25 billion (about Rs. 1,84,690 crore) in 202, recent data from market tracker DappRadar showed.
Rising sales and hefty prices on NFTs have baffled many, but their multiple growth shows little or no depreciation.
Check out the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2022 hub.