Non-fungible tokens (NFTs) are further cementing themselves as a savvy investment with each day. Buying and holding the right tokens can lead to thousands of dollars in profit, and minting one’s own tokens is a simple and sometimes lucrative process. And now, there’s a new way to profit on the NFT industry thanks to LooksRare (CCC:LOOKS-USD). This week marks a huge milestone for the LOOKS crypto, and as such, the token is soaring in value.
LooksRare is an NFT marketplace that doesn’t want to come off as an OpenSea clone. Rather, it wants to challenge OpenSea and other major NFT markets to catch up to it. It is doing this through combining non-fungible tokens with DeFi. Indeed, using the LooksRare platform, one can buy and sell digital art. Or, they can take advantage of the projects internal staking tools.
One can stake the native token of LooksRare, LOOKS, into a native staking pool. Using this pool, users can passively earn Wrapped Ethereum (CCC:WETH-USD). According to the LooksRare website, staking LOOKS can yield an annual percentage rate of about 700%.
LOOKS Crypto Takes Flight With NFT Market Launch, Initial Token Airdrop
Of course, none of these jaw-dropping returns would be possible if it weren’t for LooksRare’s big launch week, which kicked off yesterday. Now, on the first full day of LOOKS crypto trading, the token is reaping the rewards of its efforts.
The LooksRare NFT market made its full launch in the early hours of Monday morning, as the project announced on Twitter. It is also in the midst of its massive token airdrop, which stands to help pull market share away from OpenSea and other large markets.
In fact, the only way through which users can claim LOOKS tokens through the airdrop is by previously transacting Ethereum (CCC:ETH-USD) on OpenSea. Users who transacted three ETH or more during the second half of 2021 are eligible to retrieve their own bag of LOOKS. Obviously, the platform is trying to sweeten the pot for new users to get them to defect from larger markets. A blog post on the LooksRare website goes over instructions to claim the tokens.
As the LOOKS crypto gets into a busy first week of trading, it is wasting no time in posting impressive gains. Today, the token is rising by 20%. Trading volume is exploding beyond yesterday’s volume as well, with $300 million in LOOKS trading hands across a variety of decentralized exchanges.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
