Day by day quantity on NFT market LooksRare has already exceeded $394 million following the platform’s official launch on Jan. 10.

The platform was in a position to usher in this buyer base by providing solely 2% charges on fundamental gross sales and nil charges on personal gross sales, in comparison with competitor OpenSea’s 2.5% price on each transaction. The challenge additionally permits traders to earn rewards within the type of its native LOOKS token for getting and promoting NFTs.

The premier NFTs which have taken LooksRare by storm are the Meebits assortment, which come from LarvaLabs — the identical creators behind Cryptopunks and Autoglyphs. 

Meebits are presently the highest assortment in the marketplace on the time of writing in line with knowledge from DappRadar. It is value noting that DappRadar has included a disclaimer to focus on the potential wash buying and selling happening with Meebits on LooksRare. 

Different merchants have comparable suspicions of wash buying and selling. Plenty of repeated false transactions have been recorded by journalist Colin Wu. In accordance with Wu’s report: “Transaction quantity of Meebits has reached 52,771 ETH. Whales are continually repeating transactions to acquire Tokens.”

One other level of skepticism arose on Wednesday when a Meebit NFT offered for $49.5 million in Ethereum. Merchants are claimed that this commerce was fraudulent, citing that the mixture of LooksRare’s zero p.c royalties and the implementation of LOOKS rewards incentivizes wash buying and selling.