NFT Marketplace looks rare, approaching $ 400 million in sales in just three days of launch: Report

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Amid an increasing number of NFTs entering the market on a daily basis, a new online marketplace for these digital assets called “LooksRare” has been launched. In just three days, the NFT marketplace had a sales volume of $ 394 million (about Rs.2,912 billion), according to a report by CoinTelegraph. The platform was officially launched on January 10th. OpenSea currently rules the NFT sales floor. OpenSea sales are reported to be around $ 10 billion (about Rs.739.225 billion) last year.

At the beginning of its business, LooksRare offered to charge a two percent fee on property sales and no fee on private sales of NFT pieces. OpenSea, on the other hand, charges a 2.5 percent fee for every transaction, the CoinTelegraph report added.

“LooksRare is the community’s first NFT marketplace that actively rewards merchants, collectors and creators for participating. Why do we need another marketplace? Because the NFT community deserves better, ”wrote the platform on its website.

The top NFTs that have caught buyers’ interest on LooksRare are the Meebits collections, which are made by LarvaLabs – the same creators behind Cryptopunks and Autoglyphs.

Some people have raised suspicions that Meebits could potentially be traded on LooksRare.

The LooksRare marketplace has indexed all of the NFT collections on the Ethereum blockchain. “That means you can trade all Ethereum NFTs that are available on OpenSea … and some that are not,” the website says.

The platform rewards NFT buyers and sellers from eligible collections with their native token called LOOKS.

NFTs are digital collectibles, including animated avatars, digitized paintings, and clips from sports and games. The ownership of these virtual assets is locked in the blockchain network.

In the third quarter of 2021, NFT sales in 202 rose to $ 25 billion (roughly Rs.184.690 billion), according to recent data from market follower DappRadar.

Rising sales and high prices for NFTs have amazed many, but their multiple growth shows little or no depreciation.

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