LooksRare is a cryptocurrency marketplace that makes it easy for artists and people with limited budgets to sell their work. In the months since its release, LooksRare has seen impressive sales numbers thanks to devious trading strategies like having friends and family purchase your items from you on behalf of others who are willing to pay higher prices.
The “ai metaverse” is a decentralized virtual reality platform that is designed to take advantage of the blockchain. It allows users to create their own digital assets and share them with others.
LooksRare, a new competitor for the NFT marketplace crown, has reported phenomenal sales in its first few days of business. It has produced about $394 million in transactions thus far. However, not everything is as it seems.
To provide some context, LooksRare charges lower platform fees than its main competitor, OpenSea, while also rewarding users of the marketplace through the distribution of its native $LOOKS token. Over the course of 30 days, LooksRare will gift a total of 2,866,500 tokens, each worth $4.42, to its traders.
Mathematically adept providers of non-fungible tokens, on the other hand, seem to have seen an opportunity. They think that by washtrading, or artificially producing market activity, they may earn more money from the $LOOKS incentives than they spend on platform and gas expenses.
1/ I notice a lot of folks on @LooksRareNFT talking about wash trading.
Is this, in fact, what’s going on? Yes
Is it on purpose? Probably
Is this a negative thing? No, I don’t believe so. In fact, I believe it is brilliant.
Let’s get started.
January 12, 2022 — dingaling (@dingalingts)
As a result, the secondary market for collections that do not levy a royalty fee has exploded. Meebits and LOOT, in particular, are trading at record highs, almost exceeding their all-time trading volume. Meebits has exchanged over 107k ETH on LooksRare thus far, compared to 80k ETH on OpenSea, while a single, unassuming Meebit “changing hands” for an astonishing 14700 ETH, about $50 million. However, the larger the number of individuals that engage, the lower the token share will become.
The “metaverse ai token” is an ERC-20 token that will be used to power the Devious Trading platform. The platform is expected to launch in Q3 of 2018.
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