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Highlights
- LooksRare (LOOKS) is primarily a community focused NFT marketplace that rewards traders and creators for participating on the platform.
- Powered by the Ethereum blockchain network, LooksRare’s smart contracts allows users to access new features, which includes a set of NFT collection.
- LOOKS token is ranked 2830 and was trading at US $2.12 USD with a 24-hour trading volume of $176,104,281, according to CoinMarketCap.
LooksRare (LOOKS) is primarily a community-focused NFT marketplace that rewards traders and creators for participating on the platform. Powered by the Ethereum blockchain network, the LooksRare’s smart contracts allow users to access new features, which includes a set of NFT collection. Built in with higher security, LOOKS token look to standardise signatures that transparently define the plan of execution.
Experienced NFT traders can maximise the potential from LooksRare by providing the innovative features like collection-wide offers, instant royalty payouts for creators etc. Though not considered as a major competitor to largest NFT Marketplace OpenSea, still it has managed to carve a niche for itself following its recent activities.
On 15 February, the LOOKS token briefly saw a rally of 0.37% and volume rally by 60%.
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Why was LOOKS token rallying?
The reason behind LOOKS token’s rally is still unknown. But from the looks of it, this could be due to the reward which the LOOKS protocol is offering to its users. It is believed that users will be rewarded 959 WETH, which would come to US$2.8 million and 1,361,587.5 LOOKS tokens.
Users can own NFTs and earn LOOKS tokens by simply trading in NFTs. Trading incentives form a critical component of LooksRare's protocol in its quest to be one of the go-to marketplaces for NFTs in near future. Users can benefit from trading incentives, which they can collect after trading in a set of qualified NFTs that are there on LOOKS platform.
Price and circulation
LOOKS token is ranked 2830 and was trading at US $2.15 USD with a 24-hour trading volume of $176,104,281, according to CoinMarketCap. At the time of writing, LOOKS coin was up by 0.37% in the last 24 hours. LOOKS crypto has a fully diluted market cap of US $2,140,342,239 and 200,000,000 LOOKS coins of total supply in circulation.
As compared to OpenSea, LooksRare still has a long way to go. But from the competition point of view, it is quite aggressive in its functioning and looks to target OpenSea’s customers by offering them free tokens.
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In this regard, LooksRare recently had offered free airdrops to OpenSea users. The free airdrop was only eligible for those users who have transacted in at least 3 Ethereum worth of NFTs on OpenSea. While such a ploy can help LooksRare to grab attention, but it will still have to fight it out in the NFT marketplace to gain prominence.
