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Community Driven NFT Marketplace LooksRare Goes Live With an Airdrop

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Jahanzaib
@xabi
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Evening

So LooksRare, a new community driven NFT platform, went live today adding to the long list of NFT marketplaces on Ethereum. LooksRare aims to a compete with market leader Opensea, owing to its new business model which incentivize the users for participation and using the platform. LooksRare has already indexed all Ethereum NFT collection.

LooksRare marketplace costs 2% fees in comparison to Opensea's 2.5%. Moreover, a part of the trading fees earned is shared among the platforms native LOCK token stackers. Moreover users are also rewarded for their trading activities.

To attract Opensea users, LooksRare is enticing them by airdropping their native $Lock tokens. Users who have traded for 3 eth or more on Opensea between June 16 and December 16 2021 can claim their share of $Lock airdrop.

LooksRare lucrative reduced market fees of 0.5% can prove significant when big tickets NFT trades are involved. Moreover the fees sharing among the stackers is an additional plus. Whether LooksRare will be able to sway big NFT traders from Opensea or not that remains to be seen.

LooksRare's community focused business model does looks cool. However, the platform suffered a set back on Monday just after launch as it went offline for a few hours due to distributed denial-of-service attack(DDoS). At the time of writing $Lock is trading at $2.02 plummeting down from all time high of $4.67, may be due to airdroper dumping their tokens.

Posted Using LeoFinance Beta