- LooksRare is a leading NFT marketplace that is challenging OpenSea.
- It launched new rewards worth over $500k per day.
The LooksRare price has made a strong comeback. LOOKS is trading at $2.07, which is about 60% above the lowest level this month. As a result, its total market cap has jumped to over $509 million, making it the 158th biggest coin in the world.
What is LooksRare?
The Non-Fungible Token (NFT) industry saw massive growth in 2021. Data estimated that the volume of NFTs traded during the year was worth over $25 billion.
After recording such a strong growth, there are signs that the momentum is fading. For example, it was recently reported that the first tweet that sold for $2.9 million in 2021 was in the market for just $14,000.
There are many NFT marketplaces today and others are coming up. For example, this week, Coinbase partnered with Ox to launch its NFT marketplace. Other popular marketplaces are OpenSea, Binance, and Rarible.
LooksRare is an NFT marketplace that is known for its spectacular reward system. One type of reward system allows uses to earn rewards by staking LOOKS. People are able to earn as much as 20.20% APY for just listing their NFTs. The platform will distribute 250,000 LOOKs per day, At the current price, these rewards will be worth over $500k. This explains why the LOOKS price has surged.
The most popular NFT collections in LooksRare are Terraforms, dotdotdot, Catgirl Academia, and Moonbirds among others.
LooksRare price recently declined after the network was accused by CryptoSlam of wash trading. Wash trading is a process where funds are moved around between users in a bid to manipulate prices. As a result, the report said that most of the trading was among insiders who were seeking to earn rewards
LooksRare price prediction
The four-hour chart shows that the LOOKS price has been in a strong bullish trend in the past few days. The coin has managed to move above the 50% Fibonacci retracement level and the 25-day and 50-day moving averages.
Further, it has crossed the important resistance level at $1.6695, which was the highest point on April 14th. The MACD has also been in a bullish trend. Therefore, there is a likelihood that the coin’s price will keep rising as bulls target the resistance at $2.50.
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