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LooksRare
LooksRare is a decentralized NFT marketplace that launched in early 2022 as a competitor to OpenSea. It gained attention for offering rewards in the form of its native token, $LOOKS, to users who trade NFTs on the platform. LooksRare incentivizes both buyers and sellers by distributing tokens based on trading volume. Unlike OpenSea, which operates more like a centralized platform, LooksRare positions itself as a community-driven marketplace, with its users benefiting from the platform’s success through staking and trading rewards. However, some have criticized LooksRare for encouraging wash trading (artificially inflating trade volumes to earn rewards).
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