3 airdrops, 1 scam

NFTs continue to proliferate with seemingly no end in sight. OpenSea has surpassed $1.03 billion in transaction volume since January 14, 2022, according to DappRadar, and its latest competitor, LooksRare, has eclipsed the platform.

It is clear that NFT collectors and traders seem to be changing their perception of where value lies. Since the beginning of 2022, there has been an emphasis on “community” and the promotion of rewarding users for their participation.

Although many NFT traders believe the market has betrayed the concept of Web3, OpenSea’s total transaction volume has exceeded $3.2 billion.These investors are voting with their feet and planning boycott the market By turning attention to others who are more “W”eb3 friendly. “

Community-driven NFT marketplaces, LooksRare, and other platforms have successfully completed vampire attacks that drove disgruntled OpenSea users away from it for not valuing and rewarding user engagement.

Participants seem to insist on advocating for the value they create in the ecosystem and believe that their needs are being met by competitors.

But are more OpenSea competitors trying to influence users by claiming to value and reward their participation? Could others possibly take advantage of users who blindly follow these concepts and protocols?

SOS: OpenDao receives mixed reviews

Since its launch, SOS has locked 13.7 trillion SOS ($45.6 million), with 50% of its 100 trillion total supply allocated to the community. Until January 12, 2022, users will be eligible to claim 145% APY for their veSOS governance token, which is equipped with voting rights for future projects and protocols.

SOS appears to have lit the fire of community activism, but it faces backlash after withdrawing its original plan to close the claim by June 30, 2022.many expressed their dissatisfaction And confused, knowing that in a DAO, decisions can change with the invocation of votes, participation is highly recommended.

With over 200,000 current holders and over $2.5 billion in transactions, future project launches coupled with the current NFT market may see more liquidity flowing into SOS.

SOS is down nearly 70.5% and is trading at $0.00000327 despite the market approaching, supposedly offering a unique Trading Opportunities For NFTs.

NFTs continue to proliferate with seemingly no end in sight. According to DappRadar, OpenSea has traded more than $1.03 billion since January 14, 2022, while its latest competitor, LooksRare, tops the giants with more than $1.79 billion.

Isn’t LooksRare More Than Shuffle Deals?

Launched on January 10, 2022, LooksRare aims to address OpenSea’s bottleneck – or rather, its lack of Web3 incentives and initiatives – and has sparked a lot of discussion already”Death in the Open Sea.“

The token is “free”, but it comes with a price of some transaction fees, including selling NFTs, claiming airdrops, and staking (optional).

According to from Dune Analysis.

LooksRare’s total transaction volume is already close to $2.4 billion, but the metric only shows a small slice of the overall pie. When looking closely at trading volumes, some red flags emerged.

Comparing the number of transactions on LooksRare with OpenSea shows that OpenSea handles more than 50 times the transaction volume of LooksRare.

LooksRare estimates 17 times as many users, but OpenSea has half as many as its competitors.

Shortly after launch, investors began to suspect that traders were using Larva Labs Meebits collectibles to trade to take advantage of trading rewards.

While one group supports LooksRare and finds its model promising, others have questions and concerns about the platform’s sustainability.

Fees.wtf lives up to its name

Many people were fortunate enough to benefit from the SOS and LOOKs airdrops, but the Fees.wft airdrop was another story. Originally, the project was a fee service on the Ethereum blockchain that calculated the total gas fees spent by users.

Users must spend at least 0.05 Ether to be eligible to claim. Once announced, traders are eager to cash out, only to find that the initial liquidity pool is too small. 58 ether, ($188,036) drained by robots.

1/ $WTF: A service, a token, and what everyone said five minutes after posting, when a bot drained 58 ETH from the pool.

Let’s see what happened.

— meows.eth (@cat5749) January 14, 2022

Aptly named, it seems users don’t have to mint Fees.WTF NFTs to feel rekt. Users unfamiliar with slippage tolerance found that their orders were executed at significantly lower prices than expected, with one user trading in excess of $135,000.

Despite surging nearly 84% since its initial launch, WTF appears to continue to attract the attention of new holders, with its claims window still open and an increase in the number of holders.

Program the contract so that the team earns 4% after each transfer, which the team is said to have made over $3 million and counting. Although the platform “intends” to reward users for the fees they spend, Fee.WTF discourages users who pay more than they actually claim.

According to the founder of Rokitapp Lefteris Karapetsas, smart contracts are coded to draw ether from anyone who interacts with the contract.Upon further inspection, Calapesas saw contract A fixed whitelist of people who do not need to pay transfer fees is encoded.

oh hey look @feeswtf The team released the autopsy report: https://t.co/8v1Ng3DupH

If that doesn’t tell you what you need to know about the “project”, I don’t know what will.

— Lefteris Karapetsas | Hiring @rotkiapp (@LefterisJP) January 15, 2022

Despite alleged wash trading and contentious issues surrounding the association rape, co-creator and investor in the Pudgy Penguin project, LooksRare gives OpenSea a competitive advantage as it meets the current needs of Web3 users. OpenDAO and LooksRare are great examples of OpenSea competitors owned and awaiting release.

With more and more people entering the crypto ecosystem, and many advocating for Web3 incentives, traders need to pay attention and assess where they are putting their attention and value as some platforms focus on exploiting their needs.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.