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NFT News: LooksRare Challenges OpenSea

Jeff Pratt breaks down the LooksRare NFT Marketplace launch from earlier today as the company attempts to challenge OpenSea.

The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.

In case you are new to the Metaverse, check out my quick breakdown on what NFTs are and how they work. For those looking to get in the game, read my article on how to set up a MetaMask wallet.

LooksRare Challenges OpenSea

NFT enthusiasts who are calling for a competitor to OpenSea finally get their wish. After a brief beta period, LooksRare has launched its NFT marketplace. The company’s community-based marketplace will reportedly develop new features according to its users’ wishes.

As explained in an official LooksRare blog post, the new platform will index all Ethereum blockchain NFTs so they can be traded immediately, allowing users to buy/sell NFTs using ETH or WETH.

The company was launched by an anonymous duo known as Zodd and Guts, with a small single-digit team as of now.

LooksRare is attempting a “vampire attack” on OpenSea, utilizing its new $LOOKS tokens to poach its competitor’s users. Anyone who has traded more than 3 ETH between June 16 and December 16 on OpenSea is able to claim a free $LOOKS token, which is currently valued at $2.46 USD. In order to claim this token, users can navigate to LooksRare, connect their wallet, and list an NFT for sale. Additionally, those who buy or sell NFTs from collections on the new platform will also receive $LOOKS tokens.

This is just the second attempted vampire attack on OpenSea, following Infinity’s.

As an additional interesting note, NFT enthusiasts like @pranksy, @dingalingts and @Cryptopathic have been quietly adding to a secret seed round for LooksRare over the past few days. This is a sign that a $LOOKS token push could be on the horizon.

Learn more about LooksRare and its new marketplace below:

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