Since the official launch of the platform on January 10, the daily trading volume of NFT marketplace LooksRare has exceeded $394 million.
The platform appeals to this customer base by offering only a 2% base selling fee and zero-fee private selling fees, compared to rival OpenSea’s 2.5% fee per transaction.The project also allows Traders earn rewards In the form of native LOOKS tokens used to buy and sell NFTs.
The main NFT taking LooksRare by storm is the Meebits collection from LarvaLabs, creators of Cryptopunks and Autoglyphs.
At the time of writing, Meebits is currently the top favorite on the market, according to DappRadar.Notably, DappRadar includes a Disclaimer Highlight potential wash trades using Meebits on LooksRare.
Other traders have similar suspicions of wash. Journalist Colin Wu documented multiple repeated fake transactions. According to Wu’s report: “Meebits’ transaction volume has reached 52,771 ETH. Whales keep repeating transactions to earn tokens.”
On Wednesday, when Meebit NFT $49.5 million in Ethereum. The trader claimed that the transaction was fraudulent, citing the combination of LooksRare’s 0% royalties and the implementation of the LOOKS reward incentivizing wash trading.