NFT Marketplace LooksRare Set to Compete With OpenSea by Offering Trading Rewards - Aliens: AI Crypto News & Markets Updates
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NFT Marketplace LooksRare Set to Compete With OpenSea by Offering Trading Rewards

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BeInCrypto

Sun, Jan 16, 2022

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Aliens TLDR

LooksRare looks to cash in on the NFT craze that shows no signs of abating, even at this early juncture in 2022.

There’s a new NFT marketplace that’s attracting significant trading volumes, called LooksRare.

LooksRare has its own token called LOOKS, which it distributes to buyers and sellers.

NFT creators also receive royalties in LOOKS.

The initial phase of LOOKS rewards will see 2,866,500 LOOKS tokens distributed per day to traders.

In that case, trading rewards will be allocated a portion of 2,866,500 LOOKS based on their share of the day’s trading volume.

There are three other phases of 90 days, 240 days, and 361 days, each phase having an allocation of daily LOOKS rewards.

LOOKS reached an all-time high of 5.1 Tether (USDT) on Thursday, Jan. 13, 2022, and at the time of writing, LOOKS was selling at 3.9 USDT.

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