OpenSea competitor LooksRare: Daily volume already over $394 million

Daily volume on NFT marketplace LooksRare has already exceeded $394 million since the platform officially launched on January 10th.

The platform has attracted customers by only charging 2 percent on classic sales and 0 percent on private sales. In comparison, the competitor OpenSea charges 2.5 percent fees for each transaction. The project also offers traders rewards for buying and selling NFTs in the form of the proprietary LOOKS token.

The first NFTs to be a smash hit on LooksRare were those from the Meebits collection. This was created by LarvaLabs, as Cryptopunks and Autoglyphs have already developed.

According to DappRadar, Meebits are the most popular collection on the market at press time. However, DappRadar warns that Meebits on LooksRare could be so-called wash trading. Wash trading means that the volume is artificially pumped up.

Other traders also have such suspicions. Journalist Colin Wu has observed a number of bogus transactions. According to Wu's report, "The transaction volume of Meebits is now 52,771 ETH. The whales keep repeating transactions to get tokens."

Skepticism also arose when a Meebit NFT sold for $49.5 million worth of Ether on Wednesday . Traders say this trade is a scam because the combination of the fee-free trading on LooksRare and the LOOKS rewards make it tempting to wash trade.

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