Overview

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LooksRare’s highly awaited launch took place on Monday with a token airdrop $LOOKS. The platform claims to be by “NFT people for NFT people”. LooksRare NFT analytics firm CryptoSlam reported today that it has identified more than $8.3 billion worth of wash trading from LooksRare, making up the vast majority of trading This is definitely not a playground for casual NFT buyers. With 2% platform fees, royalties and gas fees varying from the Ethereum network, wash traders still seem able to find a reasonable LooksRare is approaching an exit for its Phase A at 195,000 blocks. As the platform enters Phase B there will be visible changes in LOOKS distribution, which has been a Analytics firms like Dune Analytics and CryptoSlam have observed that despite a small number of daily transactions and users, LooksRare is generating billions of Si bien el wash trading ha sido altamente regulado y monitoreado de cerca por los exchanges y los reguladores, parece haber encontrado su nuevo camino en el espacio Reports have emerged that the trading activity on the popular NFT marketplace LooksRare largely comes from wash trading. The platform has seen a total of What’s happening here is that LooksRare is doing a pretty good job of drawing traders away from the leading NFT marketplace Opensea. Arguably, that was the

LooksRare Halving Imminent: Brace for Changes, But Wash Traders Are Here to Stay

The LooksRare NFT marketplace is about to undergo a significant change as its halving approaches, marking the end of Phase A at 195,000 blocks and the beginning of Phase B. As LooksRare enters this new phase, expect visible changes in $LOOKS token distribution. This shift comes at a pivotal time for the platform, which launched with a token airdrop and the promise of being "by NFT people for NFT people."

Wash Trading on LooksRare: A Persistent Issue

Despite the impending halving and changes to $LOOKS tokenomics, one issue continues to plague the LooksRare marketplace: wash trading. Reports have emerged that the trading activity on LooksRare largely stems from this practice. LooksRare NFT analytics firm CryptoSlam reported today that it has identified more than $8.3 billion worth of wash trading from LooksRare, making up the vast majority of trading volume. Analytics firms like Dune Analytics and CryptoSlam have observed that despite a small number of daily transactions and users, LooksRare is generating billions in trading volume, a clear indication of artificial activity.

Si bien el wash trading ha sido altamente regulado y monitoreado de cerca por los exchanges y los reguladores, parece haber encontrado su nuevo camino en el espacio. While wash trading has been heavily regulated and closely monitored by exchanges and regulators, it seems to have found a new path in the NFT space.

Understanding the Impact

This is definitely not a playground for casual NFT buyers. With 2% platform fees, royalties, and gas fees varying from the Ethereum network, wash traders still seem able to find a reasonable profit. The ongoing presence of wash trading casts a shadow over the authenticity of the marketplace and distorts the true value of NFTs listed on LooksRare.

LooksRare vs. OpenSea: A Battle for NFT Supremacy

What’s happening here is that LooksRare is doing a pretty good job of drawing traders away from the leading NFT marketplace Opensea. Arguably, that was the platform\'s initial goal. LooksRare’s highly awaited launch took place on Monday with a token airdrop $LOOKS. However, the long-term effects of wash trading on the platform\'s reputation and sustainability remain to be seen.

Key Takeaways

  • The LooksRare halving is approaching, bringing changes to $LOOKS distribution.
  • Wash trading continues to be a significant problem on the platform.
  • Be cautious when buying or selling NFTs on LooksRare due to the prevalence of wash trading.

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