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OpenSea And LooksRare Make Moves To Be Top ETH NFT Platform

With the rapid rise of Non-Fungible Tokens (NFTs), many consumers have looked into getting a digital art piece of their own. Despite the massive controversy surrounding the environmental impact and artistic intellectual property rights, the market continues to hit new heights and produce cinderella stories like never before. With the most common form of NFT trades performed with Ethereum over the established OpenSea gateway, new players like LooksRare need to bring something extra to the table to even get another look. Here are some additions these platforms have made to stand out a little bit more.

Sotheby’s Bored Apes

We’ll start off with OpenSea, where the most valuable collections such as CryptoPunks and the Bored Apes are held. They started off small but saw a 646x boom during the 2021 pandemic, giving them their current $13 billion company valuation. This is a huge jump from just $21.7 million in 2020.

To keep their lead over the market, they’ve bought out DeFi wallet startup Dharma Labs in order to make one of its co-founders their Chief Technology Officer (CTO). The man in question is Nadav Hollander, who OpenSea willingly spent within the range of $110-130 million to get, since the purchase agreement states that the Dharma Labs application must be shut down in the process.

Despite these moves, early users of OpenSea have been lukewarm regarding the platform. Many have gone to forums and other sites to express dissatisfaction with the rewards they’ve been getting in exchange for supporting early. If you consider the previously-mentioned 646x growth of the company, it can be inferred that they were expecting something from the company for contributing to its rise as a tech unicorn.

This is where LooksRare comes in – a competitor to OpenSea in the ETH NFT trading space. The up-and-coming player provides rewards to users for trading using the platform. These rewards come through the unique token LOOKS, which will be dropped into the wallets of active traders. As of the moment, each LOOKS token is hovering around the $5.3 USD mark, although this could change depending on the amount of traffic the website receives in trades – especially if it sees exponential gains on the scale that OpenSea was able to achieve.

It’s only a matter of time before we see if this brilliant idea by LooksRare could change the balance in the NFT space and if titans like OpenSea have anything to counter it. We’ll keep you posted for any updates on the Unchain site.

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