A new NFT marketplace has launched on Ethereum, and its revenues are open to anyone who is willing to put some skin in the game.
LOOKSRARE is a new venue to buy and sell non-fungible tokens, aiming to take on the behemoth that is OpenSea. The leading marketplace for digital collectibles has already done $2B in volume in January, which puts it well on track to break its August record of $3.4B in volume, according to Dune Analytics.
That’s a steep hill to climb. LOOKSRARE is driving attention right now with an airdrop of its LOOKS token. The airdrop has even crossed the milestone of facing an attempted DDoS attack.
The team has set aside 75% of its token supply for different community initiatives, with 120M LOOKS tokens allocated to the airdrop.
In order to be able to claim LOOKS, a user needs to meet two criteria.
First, they needed to have bought or sold at least 3 ETH worth of NFTs on OpenSea between 16 June and 16 December 2021.
Second, they will need to list an NFT for sale on LOOKSRARE.
The minimum airdrop per eligible wallet is 125 LOOKS tokens, with the most active traders receiving 10K tokens. LOOKS is trading at $2.60 on Monday afternoon in New York, making the airdrop worth between $325 and $26K.
The team has not said how long the airdrop will run, but it won’t be long, with users having 10 days to claim their airdrops.
Users can also earn LOOKS by staking or trading on the site.
LOOKSRARE charges a 2% fee on trades (0.5% lower than on OpenSea) and all of those fees go to LOOKS stakers, which means anyone can get in and earn a share of the marketplace’s revenue.
LOOKSRARE is introducing new features that are useful for people in the NFT space. For example, a buyer can make an offer specific to a collection of NFTs ( one user recently offered to buy any Bored Ape Yacht Club NFT for 78 ETH). Making the same offer on OpenSea would require the user to place a separate bid on every item in the collection.
Other features should come soon. The team’s about page touts a modular design that should make it fast and safe to add new features.
LOOKSRARE is not the only contender bidding to challenge OpenSea and capture a slice of the booming NFT market. We previously reported on Infinity, which also offered an airdrop to past OpenSea users. Other markets include Zora and The Open DAO.