NFT LooksRare’s daily market volume has already exceeded $ 394 million since the platform’s official launch on January 10.

The platform has managed to attract this customer base by offering a commission of only 2% on base sales and zero commission on private sales, compared to OpenSea’s competition fee of 2.5% per transaction. The project also allows traders to receive rewards in the form of the original LOOKS token for the purchase and sale of NFTs.

The most important NFTs that have taken LooksRare by storm are the Meebits group, which comes from LarvaLabs – the same creators as Cryptopunks and Autoglyphs.

According to DappRadar, Meebits is currently the best combination on the market at the time of writing. It is worth noting that DappRadar has included a disclaimer highlighting the potential for money laundering with Meebits on LooksRare.

Other retailers are equally skeptical of the laundry. A series of repeated fraudulent transactions were recorded by journalist Colin Wu. According to Wu, Meebits had a trading volume of 52,771 ETH. Whales constantly repeat transactions to get tokens. ”

Another doubt arose on Wednesday when Meebit NFT was sold for $ 49.5 million in Ethereum. Traders claims that the agreement was fraudulent, and notes that the combination of LooksRare’s zero percent equity and LOOKS bonus execution stimulates trading.

Source: CoinTelegraph