Watch Before Buying NFTs!! LooksRare VS OpenSea

The nft market reached two and a half Billion dollars in total sales in the First half of 2021. in the next six Months it surpassed 25 billion dollars And in january 2022 twitter reddit and Youtube have already announced their Interest in nfts So this is an industry that's growing at An extreme pace be overwhelming So before you buy your first nft we're About to buy your next Make sure you watch this video and and To make sure you know where you should Be buying your entities hi i'm aiden From altcoin boss i've been in the nft Space for almost a year now i've given Our readers gems like nft worlds doodles Smiles galaxy fight club and more i'm Addicted to the space and i'm excited to Share this addiction [Music] Open c took the lead last year Establishing itself as a go-to nft Marketplace But openc is not the perfect platform Issues surrounding an announced ipo over Ido insider trading and no rewards for Users that made the largest platform Also the most disliked by the community Recently looks rare stepped in to Provide the nft community with an Alternative Offering rewards and a better user Experience luxury is looking to become

The go-to nft marketplace for investors First let's introduce both platforms Openc is the number one nft marketplace On the web in total openc has seen over 15 billion dollars in total volume prior To the launch of looks rare the next Closest true competitor solano's magic Eden has seen a total of 600 million Dollars in total volume it really wasn't Even close we're talking hundreds of Millions and billions here first Launching in december of 2017 the Centralized peer-to-peer marketplace has Grown to become the largest general Marketplace for digital goods on january 5th of this year the firm announced a 300 million dollar series c round this Raised values openc at 13.3 billion Dollars one could see how this valuation May even be a little low With 70 000 daily active traders and 120 Million dollars in total volume or every Day You could see how that valuation may Even be a little low early investors in The site include mark cuban kevin durant Ashley kutcher and more So what actually is this platform that People seem to be dumping millions of Dollars into by the day is the place to Go to buy sell create and browse any Type of ether polygon nft Additionally metamask browser wallet Does not support nft viewing

Openc gives users a way to view and Manage to purchase nfts Finally openc has provided this with no Kyc and was completely open users simply Connect their metamask and can start Collecting or creating Current creators can connect their Metamask and sell their nfts they Created or deploy on the site Competitors didn't offer this openc took Over Taking almost all of the market share And volume if you wanted liquidity openc Has been the number one market to sell Nfts on With openc's incredible rise to Dominance in such a short period of time They have faced a slew of issues that Are making the community turn on them Issues surrounding the former head of Product using insider information for Personal trading as well as high fees And literal rewards for users has made a Lot of users look for an alternate most Egregious in the opinion of nft twitter As a whole for the most part this is Choice to do an ipo over an ideo openc Cfo stated it would be foolish not to Think about going public A lot of users on twitter were Disappointed in this ideos reward the Long time users that bring these Platforms to prominence In the context of openc they quite

Literally don't exist or exist in the Capacity that they do without the Peer-to-peer trades that have launched Them to prominence the platform takes Two and a half percent from each Transaction do they need to raise more Money from an ipo how will an ipo Benefit the community or the users that Have generated this company hundreds of Millions of dollars and to add a recent Api bug in openc has cost some to lose Not only their nft but massive amounts Of ether See what happened was holders who tried To get around the d-listing fee on Openca found an interesting loophole Instead of paying the 40 to cancel the Transaction they would pay a fraction of The cost to send to an alternate wallet This would seemingly take the nft off Sale on open seat when the token was Sent back to the original wallet the Listing would repost with no Notification or visual warning these Listings would be sometimes months old And had outdated listing prices some bad Actors discovered this bug and scraped The api for all nfts that were de-listed By sending to another wallet one morning Last week they quickly bought up the Most valuable of these nfts for a Fraction of their value for example a Cool cat was purchased for three and a Half ether with the true value being

Well over 11 this led to mass hysteria In the nft community for the last week People had their rarest nft sniper for Fractions of their value and resold for That true value right in their face There's nothing they could do about it Well aside from actually paying the true Fee to d-list not trying to find a Loophole Or by using revoke wearable or looks Rare's mass delisting tools the Community as a whole has began to grow Tired of the constant issues facing Openc and they began to look for an Alternative that's where luxury comes in Looks rare's deployment reminded many Crypto ogs of a similar launch but we'll Get into that in a minute looks rare is A community-run marketplace aiming to Reward its users and supporters the site Has a few features that set it apart From the others in the nft marketplace Users can buy and sell nfts and ether or Wrapped either or mix of both Users can make an offer on all nfts in a Selected collection otherwise known as Collection offers And users can earn daily trading rewards As well as earn a share of the Platform's trading fees by staking your Looks tokens The last point is the biggest First users who have spent more than Three ethereum nfts in their wallet's

Lifetime are eligible for a looks Airdrop prior to the snapshot this is How you reward users who have brought This digital economy to mainstream Attention From there holders can stake on a luxury Site to generate looks tokens and Wrapped into rewards These rewards auto compound to generate Even more yields where these rewards Come from looks rare only takes two Percent per transaction as opposed to Two and a half percent on open seat and 100 of those funds go to state users Currently apr for staking sits at over 600 percent And even further users generate looks For just participating in the Marketplace buying and selling generate Looks rewards Paid out every 22 hours on the site does This look familiar to the sushi swap Launch back in 2020 employing a similar Tactic what's called a vampire attack Looks rare offered massive incentives to Steal liquidity from its competition Sushi swap used the same tactic in 2020 To take liquidity providers from market Leader unisua by offering massive Incentives to use their platform and Further rewards for staking those Incentives Platforms can suck the liquidity away From competitors

Of course the community needs to see Value in the incentives the platform is Providing for it to actually work out in The case of sushi swapping looks rare The community definitely found some Value but looks rare isn't perfect the System for rewarding its users is Fantastic but was quickly gained by Smart users Collections with zero percent creator Royalties like me bits and loop have Scaled the charts and looks rare Users can trade these collections back And forth between wallets and generate Rewards The only cost for this is a two percent Looks direct fee And gas fees if you can generate enough Looks tokens by doing massive trades you Can generate a nice profit doing this Strategy This has caused some deceptive volume Statistics over the last little while if We look at the operator's marketplace Statistics looks red has been at the top Of the leaderboard for the last little While taking a look at the dashboard From borgly on doing xyz you can see That if you actually remove the zero Percent royalty collections volume isn't Even close to what it appears to be While the site is still fantastic for Users in terms of rewards liquidity and Volume is still questionable

If you're posting an nft unlocks rare Odds are it won't sell as quickly as if You did on openc as a conclusion Luxury is certainly a marketplace to Keep your eye on as the year progresses While volume certainly isn't as Impressive as everyone is making it out To be if you take out the zero percent Royalty collections it's still the Second most popular marketplace staking Apr has steadily been above 700 or much Higher since release Additionally looks price has been Steadily rising since release as well If you aren't worried about quick Liquidity looks rare is a no-brainer you Get rewards for selling your nfts or Buying nfts and you can stake for even More rewards The apr is going to drop over time as More people stay but until then those Who have realized the benefits are Reaping the rewards At this point and unless anything Changes looks rare should be the go-to Marketplace for your nft buying as more People use it liquidity rates will Increase You