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LooksRare vs OpenSea – a comparison of NFT marketplaces

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NFT-marketplace is a special trading platform where, thanks to the blockchain, it is possible to buy and sell tokens and become their sole owner. Of course, this does not mean that the object you buy will be closed to view and use by other users of the system. However, the blockchain will forever identify you as the original owner of a particular digital object. $looks to usd is currently $0.14

What is NFT marketplace LooksRare

LooksRare is a new platform where NFT can be bought and sold. It is intended to be a competitor to marketplaces such as OpenSea. The NFT marketplace has already received 2,000,000,000 in early 2022.

The developers of the system have already allocated 75% of their own tokens to various community initiatives. Meanwhile, 120,000,000 of the platform’s tokens are earmarked for distribution. The platform’s smart tokens are custom shaped as part of a modular system. It ensures that new functionality can be deployed over time without compromising security. This is ensured by standardized signatures that precisely define the area being executed.

What is the OpenSea NFT Marketplace

OpenSea is a trading platform for those who buy and sell NFT. The system has evolved rapidly since 2017. Now tokens are commonly used to represent music, videos, pictures. Digital property is optimal to create and sell artwork, collectibles, event tickets.

Advantages and disadvantages of LooksRare

You can highlight the following advantages of this marketplace:

  • high-quality and modern marketplace, which was created from scratch;
  • the ability to quickly and easily buy and sell various tokens and collections;
  • availability of a reward system for those who create and actively buy digital property;
  • the ability to stack tokens with a higher interest rate.

The only disadvantages are that the marketplace does not have a Russian-language localization of the site.

Advantages and disadvantages of OpenSea

The key advantages of this marketplace are as follows:

  1. A variety of NFTs, which are in circulation on the platform.
  2. The value of NFTs can change, so it is possible to sell a purchased token for a larger amount.
  3. it is easy to register on the platform, perform cryptocurrency wallet connection.
  4. intuitive interface allows even inexperienced people to quickly understand how to use the platform.
  5. A large number of tokens are sold for a set value.
  6. The NFT page has detailed information about it.

The minuses of the platform are as follows:

  1. Any transactions with Ethereum cost quite a lot.
  2. From time to time it happens that a person sends a request to sell NFT and the transaction takes a very long time to complete.
  3. It is required to have a turnover of 20 Ethereum coins to verify the object.
  4. Many images that are sold here are of low quality, not valuable.
  5. There is no localization of the site into Russian.
  6. To buy Ethereum coins on the platform is not too profitable.

The main differences between LooksRare and OpenSea

The platforms are similar in their functionality, but have certain differences. The key differences are in the number of users, as well as supported wallets and currencies.

Number of users

While the daily trading turnover on LooksRare is much higher than on OpenSea, this statistic looks odd if you observe the daily active users on the 1st platform. LooksRare has about 1% of OpenSea’s daily users.

Supported currencies and wallets

The platform gives you the ability to purchase tokens for fiat currencies. You can also fund your balance through a variety of methods, for example:

  • Credit card and debit card;
  • virtual wallet;
  • Direct transfer from a bank account.

As for OpenSea, the following wallets are integrated into the platform:

  • MetaMask;
  • Coinbase Wallet;
  • Portis;
  • Trust Wallet;
  • OperaTouch.

Among currencies, the platform supports Ethereum, WETH, and ERC-20 tokens.

OpenSea charges a commission of 2.5% for each transaction, including private sales. LooksRare has a 2% commission for basic sales, but a 0% commission for private sales. Overall, LooksRare’s commission is 20% less than OpenSea’s. Of course, this attracts more users. If you are interested in coins that are related to the NFT industry, check out Hector DAO coin.

OpenSea retains 100% of the trading fees, while LooksRare transfers them to community members. All 100% of the profits are distributed to the platform’s token holders.

On LooksRare, creators and buyers of digital property can make royalty withdrawals at any time. On OpenSea, you have to wait weeks for royalty withdrawal. This is the key difference between the 2 platforms for buying and selling digital property.

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