LooksRare NFT Marketplace Teases A New NFT Collection
LooksRare, a popular non-fungible token marketplace on the Ethereum blockchain network, has hinted at launching a new NFT collection for its recently launched NFT game, Infiltration. This move is expected to enhance the market health of the NFT platform through gaming.
New NFT Collection Teased
In a blog post on November 15, LooksRare teased plans to launch a new NFT collection in the coming days. Although details are scarce, the highly anticipated collection is expected to have in-game utility.
Launched Earlier Last Year
The Ethereum-based NFT marketplace, LooksRare, was introduced last year and allows users to buy or sell NFTs to earn rewards in the form of its native utility tokens LOOKS. The platform imposes a standard 2% sales fee on all NFT sales, which is slightly lower than OpenSea’s 2.5% fee.
Market Health of LooksRare
LooksRare aims to increase its trading sales volume through gaming after experiencing a significant downturn in recent months. According to data from Web3 Academy, the monthly trading volume of LooksRare fell by 97% in the past month.
Sharp Decline in Trading Volume
The monthly trading sales volume plummeted from $71.9 million in September 2023 to just $2.1 million in October. This decline occurred despite the broader crypto market recovering, with leading assets like Bitcoin (BTC) and Ethereum (ETH) gradually rising in price.
Eagerly Awaited Launch
LooksRare plans to launch its highly anticipated NFT collection and play-to-earn NFT game on November 23. The game will enable players to build a squad and send them on a heist of a lifetime.
Hot Take: The Future of Gaming and NFTs
The integration of gaming with non-fungible tokens presents an exciting opportunity for the future of digital ownership and entertainment. LooksRare’s move to launch an NFT collection alongside a gaming platform signifies a shift towards innovative ways of engaging with blockchain technology and virtual assets. As this trend continues to evolve, it could redefine how individuals interact with digital content and create new avenues for value creation within the crypto space.
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