LooksRare, a New NFT Marketplace, Challenges OpenSea By A Distributing 120,000,000 $LOOKS!

LooksRare is a new NFT marketplace that aims to be an alternative to OpenSea.

LooksRare is the community-first NFT marketplace that actively rewards traders, collectors, and creators for participating. This platform will index all Ethereum blockchain NFTs to be traded immediately, allowing users to buy/sell NFTs using ETH or WETH.

LooksRare is conducting a “vampire attack” on OpenSea, utilizing its new $LOOKS tokens to catch its rival’s users. Anyone who traded more than 3 ETH on OpenSea between June 16 and December 16 is eligible to get a free $LOOKS token worth $2.46.

Following Infinity’s effort, this is the second attempted vampire attack on OpenSea. “Vampire Attack” in the crypto industry means one project uses tokens to try to poach a pre-existing project’s user base.

Furthermore, LooksRare also charges a 2% fee on all trades, which are all distributed to individuals who have staked LOOKS tokens. The marketplace is now offering a 30,400% annual percentage rate (APR) to individuals who stake the token.

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