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LooksRare platform users are selling tokens to themselves to help gain incentives in the form of extra coins. The platform has swiftly become the biggest NFT marketplace by trade volume. During the height of the NFT boom, two anonymous co-founders — Zodd and Guts — started the platform in January as a competitor to industry […]
The Solana layer-1 blockchain network has risen to third place all-time in total NFT sales and now sits just behind Ronin and Ethereum, each of which have a commanding lead.
When LooksRare started operating in January, it came with the promise of challenging OpenSea’s dominance in the NFT space.
The post Report: Wash trading accounts for 95% of LooksRare trading volume appeared first on CryptoSlate.
Magic Eden is currently holding a monopoly in the Solana NFT space, but expect OpenSea to attempt to encourage their consumer base onto their platform following this launch.
Some statistics show that user activity and transaction volumes on OpenSea have dropped in recent days.
An overview of the top three coins to watch for this week, including Binance Coin, LooksRare, and Terra. (Read More)
LooksRare core team takes off $30 million worth WETH. As a result, the community thrashes on Twitter against LooksRare. LOOKS
The post has appeared first on thenewscrypto.com
Even though abusive trading practices are being detected in the non-fungible token industry, the activity is not illegal as there are no clear rules.
Continue reading Something Smells Fishy in the Wild NFT Market at DailyCoin.com.
Are the CryptoPunks V1 the original CryptoPunks? Technically, yes. According to LarvaLabs, the company behind the collection, the V1s “are not official Cryptopunks,” though. How will the market react now that they’re making a resurgence? This might be the first, but it’s not the last time you’ll hear about the CryptoPunks V1. Let’s explore their history and the controversy around them. Related Reading | Snoop Dogg Joins The Bored Ape Yacht Club And The Sandbox. Read All About It What Are The CryptoPunks V1? Back in 2017, prehistory for the NFT market, LarvaLabs distributed 10.000 CryptoPunks V1. However, there was a fatal mistake in the governing smart contract. After a transaction, it allowed the buyer, not the seller, to withdraw the money. The buyer could literally have its cake and eat it too, leaving the seller completely in the red. Here’s a thread explaining the technical details of the faulty contract: Explaining the V1 CryptoPunks exploit…this one is incredibly tricky so want to share what I learned! TL;DR – when a buyer purchased a punk, the ETH deposited in the contract could be withdrawn only by the *buyer*, not by the seller. So buy(), withdraw(), repeat. pic.twitter.com/apGwackvMz — foobar (@0xfoobar) March 24, 2021 What did LarvaLabs do? They disowned the original series and started again. They gave away another set of 10.000 CryptoPunks, the V2, and the rest is history. The almost free collectibles gained traction little by little and became the behemoth they’re today. All of the CryptoPunks in circulation were V2s, until now… A Rebel Marketplace Arises The CryptoPunks V1s still exist, but they had no marketplace to commerce in because Open Sea banned them. However, a new platform came into town and allowed them to reappear. This time, they’re called Classic Punks or Wrapped CryptoPunks V1, because to be able to sell them you have to wrap them in a new smart contract that doesn’t have the know vulnerabilities of the original contract. The rebel marketplace is LooksRare.org and, so far, these up-and-coming NFTs have made 307.44 ETH in sales. Not bad, considering there are only 116 holders and LarvaLabs owns at least 1000. In LooksRare, only 23 owners are selling 269 items, so they’re pretty rare. The marketplace describes them as: “A wrapped CryptoPunk from the initial exploited V1 contract version. Buyer beware – if you don’t understand the preceding sentence, this is not the CryptoPunk you’re looking for.” Another buyer beware has to be, that low number of holders means that a few people have control of the market and can potentially manipulate it as they see fit. So, tread lightly. ETH price chart for 02/04/2022 on Kraken | Source: ETH/USD on TradingView.com LarvaLabs Disowns The CryptoPunks V1 Through their public channels, the only thing LarvaLabs said was: “PSA: “V1 Punks” are not official Cryptopunks. We don’t like them, and we’ve got 1,000 of them… so draw your own conclusions. Any proceeds will be used to purchase real Cryptopunks!” PSA: "V1 Punks" are not official Cryptopunks. We don't like them, and we've got 1,000 of them… so draw your own conclusions. Any proceeds will be used to purchase real Cryptopunks! — Larva Labs (@larvalabs) January 25, 2022 However, in the company’s official Discord channel, they are threatening legal action. They also admitted that they sold a bunch of CryptoPunks V1 because they thought that by “selling some of the tokens we would signal our distaste for it.” According to LarvaLabs, they’ve been using the 210 ETH that they received to buy V2 CryptoPunks. And they matched that amount and made a donation to the Rainforest Foundation. Here’s trader extraordinaire and crypto influencer Cobie explaining the situation: wtf is larva labs doing tbh pic.twitter.com/KmgMlBwBGW — Cobie (@cobie) February 2, 2022 As he puts it, “they dumped on people and now they’re trying to make what they dumped as worthless as possible.” Real people paid those 210 ETH. Why do they have to suffer? However, they might end up with the upper hand. LarvaLabs can use all the legal tricks that they want, but they can’t destroy the CryptoPunks V1 contract. The Intricacies Of The V1 Contract As this pseudonymous Twitter user puts it, “my understanding is the contract code is permanent – you can only update a contract post deployment by calling the selfdestruct() function, if there is one. A function which neither of the two Crytopunk contracts have!” @larvalabs cannot do that with v1 punks because, both their v1 and v2 contracts point to the same file! You'll find this identical imageHash in both contracts: ac39af4793119ee46bbff351d8cb6b5f23da60222126add4268e261199a2921b pic.twitter.com/cg0AFQR7Tt — Stroudonian (@0xStroudonian) January 29, 2022 Not only that, there’s another way to destroy a contract, and here’s where the big reveal comes. “Because of ETH’s extortionate storage costs, most use external forms of storage (punks are off-chain art!). In layman’s, contracts essentially include a link to specific reference point, which contains the image. LarvaLabs cannot do that with v1 punks because, both their v1 and v2 contracts point to the same file!” Oh, what a tangled web we weave! And that’s the story of the CryptoPunks V1. Related Reading | Will NFTs Kill Traditional Art? Famed Collector Cozomo de’ Medici Makes The Case The CryptoPunks V2 Market According to NFT Stats, “The total sales volume for CryptoPunks was $41.42M. The average price of one CryptoPunks NFT was $232.7k. There are 3.373 CryptoPunks owners, owning a total supply of 9,999 tokens.” Let’s check in a few years to see if the CryptoPunks V1 make a dent on that. Featured Image: Screenshot of CryptoPunks V1 from LooksRare | Charts by TradingView
LooksRare strikes up amazingly upon its recent launch. LooksRare overtakes OpenSea on the second day itself. Wash trading owes to
The post has appeared first on thenewscrypto.com
Newly launched Nft marketplace LooksRare suffered a distributed denial of service or DDoS attack briefly in the late hours of Jan 29, 2022. Following this, the backend team responded in a short time, and within the minutes, the website was restored back again with users applauding the quick response. Some even threw a jibe at […]
Two weeks since launch, LooksRare, portrayed as a community driven challenger to the NFT behemoth OpenSea, is still printing high levels of transaction volumes.
The post Transaction volume up, users down – is OpenSea challenger LooksRare gmi? appeared first on CryptoSlate.
Bengaluru, January 18th, 2021: On Sunday, OpenSea monthly trading volume sets a single daily volume record of $261 million. OpenSea had generated $169 million in trade volume per day so far this month. OpenSea, a nonfungible token (NFT) marketplace, saw its monthly trade volume in Ether (ETH) top the $3.5 billion mark for the very […]
Despite the current sentiments about the crypto industry, the non-fungible token space has continued its impressive run this year.
The post NFTs sold in the last seven days were worth over $2.5 billion appeared first on CryptoSlate.
A bunch of people just threw hundreds of thousands of dollars into a faulty token airdrop liquidity pool. What masqueraded as free money turned out to be a bonfire for hasty investors’ capital. WTF happened? Covered: WTF Airdrop The Lesson To Be Learned Here RECOMMENDED: HERE’S WHAT WE KNOW ABOUT LOOKSRARE NFT MARKETPLACE WTF Airdrop […]
The post Disaster Token Airdrop Leaves Crypto Investors Asking…WTF? appeared first on CryptosRus.
With NFT sales volume on pace for a record in 2022, LooksRare is making a big splash with collectors, traders, and sellers of NFTs. Today we dive into the hot new NFT marketplace and their free airdrop. Covered: What is LooksRare? LooksRare NFT marketplace $LOOKS Airdrop & Staking $LOOKS Rewards What is LooksRare? LooksRare is […]
The post Here’s What We Know About LooksRare NFT Marketplace appeared first on CryptosRus.
NFT marketplace OpenSea totally dominates the NFT trading market with a market share of over 90 percent in trading volume.
The post OpenSea’s up for competition, vampire LooksRare sucking trading volume appeared first on CryptoSlate.
Traders on LooksRare can earn rewards, LOOKS utility tokens, by selling or buying NFTs.
Continue reading OpenSea’s New Competitor LooksRare Exceeds $322M in Sales at DailyCoin.com.
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