A vampire attack, this is how you can define the strategy of the non-fungible tokens (NFTs) marketplace LooksRare (LOOKS), launched in January this year, with tools to attract a user base that has managed to annoy the leader OpenSea. On the afternoon of Monday (20), LOOKS, the token that powers LooksRare, changed hands at around $0.39 with a maximum of 111% in the last seven days and 32% in the last 24 hours, according to CoinMarketCap chart.
LOOKS/USD 7-day chart. Source: CoinMarketCap
Although the bearish trend prevails in the NFT market, dragged down by the cooling of the cryptocurrency market due to the liquidation of positions that coincides with the announcements of interest rate hikes by the Federal Reserve (Fed), the US central bank Following the example of stock markets around the world, LOOKS’s bullish trend continued over the past weekend, when Bitcoin (BTC) traded around $17,600.
Behind the rise, or the slightest loss, of LOOKS may be the strategy of the platform, which has managed to attract its clientele by offering a 2% commission on basic sales and zero on private ones. Additionally, “100% of LooksRare platform trading fees are earned by LOOKS token stakers: a reward model created in direct response to the previous generation of NFT markets whose fees primarily reward a single entity.”
To get an idea of the growth of the community, whose project also allows merchants to earn rewards in the form of its native LOOKS token for buying and selling NFTs, three days after launch, LooksRare has already surpassed $394 million in sales. daily.
According to DappRadar’s mapping, LooksRare moved $8.22 million in trades in the last 24 hours, which represented an increase of just over 67% in volume, around 1,600 transactions in the period. On the other hand, OpenSea’s maximum was 87%, with a volume of just over 17 million dollars and just over 8 thousand transactions.
Also betting on NFTs was Serbian artist Marina Abramovic, who premiered the performance “The Hero,” originally released as a film in 2001, conceived as a tribute to her grandfather, who died fighting for the former Yugoslavia during World War II, Cointelegraph reports. .
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