LooksRare (LOOKS): A Community-First NFT Marketplace

Back in January 2022, LooksRare stole headlines for being the next worthy competitor to OpenSea, an NFT marketplace that’s been dominating the NFT space since early 2021. LooksRare was promoted as a community-first NFT marketplace that places emphasis on rewarding traders and creators, attracting an influx of users to its platform. This resulted in the daily volume of LooksRare exceeding $394 million. 

However, LooksRare’s platform was soon marred by rumors that it was being used as a platform for wash trading. In fact, CryptoSlam claimed that 95% of the trading activity on LooksRare comes from wash trading. This put a dent in LooksRare’s popularity and contributed to a decline in price of the LOOKS token from a high of $7.10 to a low of $1.

Although LooksRare may not have taken over OpenSea yet, its recently launched V2 may propel it back into the top five NFT marketplaces. In this article, we’ll explore LooksRare, and how V2 compares to its previous version and to OpenSea.

Key Takeaways:

• LooksRare is a decentralized, community-first NFT marketplace that actively rewards traders, token stakers, creators and collectors for participating on the platform. 
• LOOKS is the native token of LooksRare.
• LooksRare V2 was launched on Apr 6, 2023 boasting lower fees, the possibility of bulk buys, custom recipients and more.
• Bybit offers both the LOOKS/USDT Spot trading pair and LOOKSUSDT Perpetual contract for trading.