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Introduction
LooksRare, a recently launched nonfungible token (NFT) marketplace, has announced its plans to index all NFT collections on the Ethereum blockchain. The site, which went live on Monday, aims to reward users who buy or sell NFTs from eligible collections with native utility tokens.
Marketplace Features
- Airdrop for OpenSea users who traded 3 ETH or more between June 16-December 16, 2021
- 2% standard fee on all NFT trades
- Trading of NFTs with Ether (ETH) or wrapped Ether (WETH)
- Support for Ethereum 2.0
Security Measures
- LooksRare's site was down for a few hours due to a distributed denial-of-service (DDoS) attack
- The attack was caused by malicious traffic overwhelming the network
Market Impact
- LooksRare's launch is seen as a response to the deplatforming of creators and decision-makers who value business over community
- The platform aims to reward participants and creators