LooksRare $400 million debut

NFT Marketplace report: LooksRare sees close to $400 million in sales

As reported previously by NFThly.com the latest splash in the world of NFT Marketplaces is LooksRare. With a bang of an entry, the new kid on the block has now reported sales of $394 million within just three days of launch. This was reported by CoinTelegraph earlier.

With its recent launch, LooksRare has entered into the very competitive NFT Marketplace space with a lower fee than the largest competitor OpenSea, at two percent which is also channeled back into its backers (any holders of the $LOOKS cryptocurrency). The $LOOKS coin has, similarly to its connected marketplace, seen a lot of attention in recent days. The coin is up around 25% just in the last 12 hours.

Indexing all Ethereum NFT collections

LooksRare has taken a slightly different approach in indexing all NFT collections on the Ethereum blockchain. “That means you can trade all the Ethereum NFTs that are available on OpenSea… and some that aren’t,” the developers communicated upon launch.

Twitter handle of LooksRare explaining assets can be listed on both OpenSea and LooksRare

Riding on a surge in NFT sales

NFT sales have surged to $25 billion according to recent data reports which have created an increased interest from investment firms, seen most recently in the $300 million financing round by OpenSea. Experts are projecting a positive future for NFTs even though the heavy growth experienced during 2021 could potentially be waning for 2022.

How do NFTs work?

A Non-fungible token, or NFT for short, is a unique asset that can be easily identified due to its ownership route on the blockchain. NFTs can take the form of music, drawings, and art. This means you can purchase any form of NFT, and it will be deemed as yours. Furthermore, you can either decide to keep or trade/sell it for a profit after some time. The speculation side has garnered a lot of interest from traders that are looking to make a quick buck, but could also be a potentially risky endeavor, with volatility in the market very similar to cryptocurrencies.

NFT Marketplace OpenSea
NFTs are traded mostly on marketplaces such as OpenSea

Speeding up hiring

Having gathered a lot of traction in the first few days since the launch, LooksRare is speeding up the recruitment of more engineers as evident by their job postings. They are currently looking to boost their staff within Quality Assurance, DevOps, Backend, and SecOps.

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