LooksRare NFT marketplace token is pumping

[bbc.reporter]

LooksRare is an NFT marketplace where anyone can buy and sell their NFTs. This is similar to Opensea which has become the most active NFT marketplace and which also has become the most active dapp in Ethereum according to dappradar.com with 42,000 daily users.

https://dappradar.com/rankings/protocol/ethereum

However, I saw this screenshot from social media that is beginning to show that LooksRare is having more daily volume and more hourly volume than Opensea. I am still waiting for confirmation from dappradar’s data.



In any case, this might be a quick pump and dump on LOOKS, however, if the data is real, we might witness another 10x hehe.

https://www.coingecko.com/en/coins/looksrare

[Anonylz]

Nft have been making headlines since last year with most of them hitting high price, the fact that it is pumping is not surprising, investors see an opensea rival and a good opportunity to make a quick profit in this current market state, it will definitely correct no doubt but once looksrare can have the same attention as opensea the token will regain value base on utility.

[hugeblack]

Pumping and dumping is not the only problem, but rather the continuity of liquidity, gas fees, market decentralization, service regulations and continuous development.

In the end, you need a market that provides enough liquidity and people's interest, manages NFTs and you get many options available for withdrawal.

I do not want to be disappointed, but Opensea does not excel in trading volumes, but for many reasons, and therefore competitors must provide reasonable liquidity in addition to integrating multiple blockchains, effective gas management, decentralization and others.

[timerland]

Seems like that the token price has dropped to just over $1 now.

I do agree that a lot of people are moving from Opensea to Looksrare, but at the end of the day I think that the broader NFT markets are simply on a downtrend and that is not helping the cause of the token price.

Besides, a lot of the wash trading to pump up the prices have ceased due to the lack of activity, so token holders are expecting less in commission shares which can be another reason why LOOKS has been down. Airdrops very rarely do well in the long run.

[S3300]

The token value will still go down just like what happened to Apecoin, my advice is this pump is just a opportunity and I hope you grab it faster as you can and get out of the game, do not be too attached because dump is assured.

[bbc.reporter]

Simplecryptoguide.com has created an introductory guide to LooksRare (LOOKS) here: https://simplecryptoguide.com/how-to-buy-looksrare/
The guide will take you through the process of buying, selling, moving, and storing your crypto. In addition to providing an overview of the project itself. 


Simplecryptoguide.com aims to provide an objective introductory guide for people who are new to the cryptocurrency space, providing a step-by step introduction through the basics.

Looksrare has been a disappointment for me. I still hold some Looks tokens that I have bought when it was $2.70 on January, however, the volume during the beginning of the marketplace was 90% wash trading. It appears that the whales who invested during the presale can stake their tokens while it was locked before the vesting period. Those whales dumped what they staked and made millions while the community is left bagholding. The price is presently pumping, however hehehe.

[bbc.reporter]

@Wapfika. Opensea has declared that those users who had stolen NFTs from the platform were victims of a phishing attack. However, there are other people who speculate that the flaws are inside the platform itself. I am waiting for more information on this because it appears to only be speculations for now.

It also appears that Looksrare might not be the only competitor for Opensea. Cryptofund Paradigm has invested in a seed round for another Opensea competitor Blur. Other seed investors include eGirl Capital, 0xMaki and LedgerStatus who are popular members of the cryptospace community.



Blur, a non-fungible token (NFT) marketplace geared toward professional traders, said Monday that it has raised $11 million in new seed funding.

"Current NFT marketplaces prioritize the retail experience, but they neglect the growing needs of pro traders," the startup wrote in its blog post announcing the funding round's completion.

Source https://www.theblockcrypto.com/linked/139617/nft-marketplace-blur-raises-11-million-in-seed-round-led-by-paradigm?utm_source=twitter&utm_medium=social