Lux Rare Commercial Mebit NFT Total Cost Over $3 Billion

A new NFT trading platform, LookRare, launched in the middle of this month, launched a vampire attack on OpenSea via token airdrops. Combined with a revenue sharing platform and a gift marketing platform, many consumers want to take advantage of the company, and its modern products are now far beyond its predecessor, Opensea.

However, rumors are spreading after the huge activity of LookRare that most of the culprits are some users getting the platform user tokens through trade sale. - Sales, profitability.

If you look at CryptoSlam packaging industry ranking data, you can see that popular NFT companies Meebit and Loot have risen at an alarming price, up 340x and 210x since last month. The project is in business. , used for high volume packaging because it is not extracted with the original design value.

Nearly 150x the Opensea transaction rate at LookRare

Looking at the Meebit Project packaging market directly from LookRare, it now stands at 1.21 million ETH, almost 150 times the volume when it was on the Opensea platform (8,200 ETH).

A closer examination of the real estate sector revealed that these two companies have several characteristics of the same NFT sector in two places, and the trading platform belongs to both LookRare. It can be considered that these users want to do a lot of laundry to get useful platform tokens.

LookRare users cut in half

The commercialization of the gifts has made some participants very lucrative, but the urge to sell the LOOKS platform token is still coming soon. On January 21 and 22 alone, the price of the token fell from a high of $7.1 to a low of $4, down over 40%, currently at $3.86.

And due to reduced support for the freebie market, LookRare's user count also dropped 50% in a single day, to below 1,000.

LookRare has made some improvements in terms of marketing and reward distribution mechanics over OpenSea, but becoming the NFT market leader doesn't seem to be straightforward.