Opensea has dominated the NFT selling market since its emergence without many challenging competitors. Since the advent of exponential growth in NFTs, Opensea sales have also touched the sky with an estimated $10 billion total sales last year. But the primary purpose of blockchain is decentralization, so why should a single entity be in charge? To topple the growth of the marketplace giant Opensea, LooksRare launched its platform on January 10. The community very well received LooksRare’s new NFT marketplace, and it recorded total sales of a whopping $394 million in the first three days.
LooksRare, created by two anonymous co-founders Zodd and Guts, claims to be the first NFT marketplace “By NFT People, For NFT People”. LooksRare said in one of its blog announcements that they are tired of seeing creators and decision-makers being de-platformed by Opensea. As a solution to this problem, they came up with a platform that rewards you for creating and trading NFTs. These rewards are in the form of its native utility token LOOKS. LOOKS also got airdropped to Opensea users with a trading volume of 3 ETH.
LooksRare’s marketplace has standard trading fees of 2% compared to Opensea’s 2.5%, with no costs on private trades. The trading fees go to the LOOKS token stakers, and users can trade a mix of Ether (ETH) and Wrapped Ether (WETH). LooksRare’s model is mainly focused on providing a rewarding user experience with its innovative and modular smart contract designs. It is entirely built from scratch to bring forth a scalable, secure, and fast NFT marketplace that has indexed all NFT collections on the Ethereum blockchain. That means you can find all of Opensea’s NFTs on LooksRare, in addition to many more that are not on Opensea. We can predict that LooksRare will likely replace Opensea as the go-to NFT marketplace with further developments.