New NFT LooksRare Marketplace Lets Traders Earn Rewards

New NFT LooksRare Marketplace Lets Traders Earn Rewards

LooksRare, A recently launched non-fungible token market, or NFT, says it wants to index all NFT collections on the Ethereum blockchain. The site began operating on Monday with a token airdrop.

Created by two anonymous co-founders, known as Zodd and Guts, LooksRare claimed to be made “By the people of NFT, for the people of NFT.” According to the announcement on their blog, the LooksRare team is “tired of the regret of the creators, and of those responsible who value the business above the community, seeking the IPO instead of benefiting the communities that have them. brought there. “

The solution they propose is to offer a market that rewards the participants and creators of the platform. Users who buy or sell NFTs from eligible collections can earn their native utility tokens, LOOKS. OpenSea users who traded 3 ETH or more between June 16 and December 16, 2021 are eligible for a LOOKS token airdrop.

In addition, the platform has a standard commission of 2% in all operations with NFT, which is lower than that of OpenSea, of 2.5%, which goes to users who do staking of LOOKS tokens. And users can trade NFT with Ether or wrapped Ether (WETH). At the time of writing, LOOKS was trading at 0.0008748 WETH (USD 2.69).

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The LooksRare website was down for a few hours on Monday, causing some users to have a difficult time connecting their wallets and completing listings. According to the project’s Discord, the site was under a distributed denial of service, or DDoS attack, meaning its network was saturated with malicious traffic.

On Monday, the Associated Press news organization made another market launch announcement for NFT, which plans to debut its photojournalism platform on NFT on January 31.