It’s safe to say 2021 will go down in history as the year of the non-fungible token (NFTs). Millionaires were made and billions of dollars were exchanged. In the absence of a market for trading NFTs, their utility is severely constrained.
The blockchain has given rise to several groundbreaking projects since its inception with Bitcoin. NFTs, or Non Fungible Tokens, are the most talked about. As a result, NFTs have become valuable digital assets that are both rare and unique, and that users can own without risking their security or their rights to them.
It was necessary to have a trading platform because NFTs are digital assets. Because of this, OpenSea was born as the premier NFT marketplace, allowing anyone to buy & sell digital art. The root of the issue is a lack of decentralisation. We have a marketplace operating against the principles of decentralisation, which is what blockchain is all about.
A decentralised NFT marketplace powered by LOOKS coin was born as a result of this. Every blockchain and NFT enthusiast has been eagerly awaiting this project.
Credit: The Coin Times
What Is LooksRare (LOOKS)?
LooksRare is an NFT trading platform that allows users to browse NFT collections, purchase their favourites, and build their own collections. LooksRare wants to give its users more than just the basics of this concept, even though it isn’t new.
Users get the most out of using LooksRare given its rewards system. LOOKS tokens can be staked to earn nearly 1,000% APY for users. As a bonus, these rewards are derived from the trading fees collected on the site, which means that stakers receive 100% of the trading fees they pay. Trading NFTs for LOOKS tokens allows users to gain LOOKS currency.
Instant royalty payments, collection-wide bidding, and payment in a variety of currencies are just a few of the additional perks that LooksRare provides to its customers. Stakeholders, on the other hand, get the most out of the site because of the rewards.
The site runs on a token called LOOKS. ETH’s Ethereum blockchain is used to build the ERC-20 token. As a reward system, the token is used to give tokens to users who stake and trade.
The Price History of LooksRare
LOOKS has a market capitalization of less than $1 billion as of January 2022. Because it’s so new, the token’s value is likely to fluctuate a lot over the next few weeks.
Its current market capitalization places it among the top one hundred most valuable public companies in the world. It has hit a high of almost $5 and a low of under $2 in the first week of its launch.
Who Can Benefit from LooksRare?
LooksRare is a great place to start if you’re new to NFTs. It’s easy to use, the prices are lower, and there are a lot of collections to pick from.
LooksRare is a good option if you’re looking to sell your NFTs. There are a lot of people using the site, and they can get paid instantly.
LooksRare Coin Price Prediction:
After just a few days on the market, the LOOKS coin was trading at a value of over $4. Since OpenSea didn’t do this, LOOKS was able to step in to fill the void. Vampire attacks like this increase the token’s power because they lure users away from OpenSea with airdrops.
Although the project is still in its infancy and has a long way to go before it can stand up to the competition. LOOKS looks very bullish at the moment, and it has the potential to surpass $10 in the next six months if there aren’t any suspicious stories about the project or its founders like Sushiswap when it airdropped SUSHI tokens and one of the founders (0xMaki) ran away with the liquidity. LOOKS look very bullish. Let’s see what happens.
Where Can You Get LOOKS Coins?
LOOKS coin is traded on the most popular exchanges, including FTX, HUOBI, and Gate.io. Uniswap, a decentralised exchange, can also be used to buy it (V2).
Conclusion: Is LooksRare Coin Worth Investing?
If you’re a fan of NFT, you should definitely keep an eye on LooksRare. It was the first NFT marketplace to be launched by the community, and it has a rewarding system that benefits everyone on its platform, from traders to stakeholders.
If you’re looking for a decentralised NFT marketplace, this is it. Over $100 million in Ethereum NFT trading volume was reached in just two days after the project was launched.
If OpenSea can match LooksRare in the platform development and services offered, it will be an amazing achievement for the startup. LOOKS appear to be on the upswing until the NFT craze takes hold in the market.