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Submitted URL: http://looksrare.foundation/
Effective URL: https://looksrare.foundation/
Submission: On December 21 via manual from IN — Scanned from NL

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Looks Rare
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LOOKS RARE


THE COMMUNITY-OWNED COMPETITOR TO OPENSEA IS HERE. IS IT LEGIT?

Ryan Sean Adams
Jan 15
20
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Dear Bankless Nation,

An OpenSea competitor launched this week. Did you get your LOOKS airdrop? 👀

This feels like it was a long-time coming…

OpenSea has executed well. As NFTs blew up last year OpenSea sales increased
over 50,000% from $71 million to $36 billion from Q4 2020 to Q4 2021. Incredible
growth.

This earned them a well-deserved valuation of $13 billion.

But who gets the spoils of these earnings?

 * The Team ✅

 * VC investors ✅

 * The community 🚫

See the vulnerability?

I understand why OpeaSea executed this way. Devin Finzer explained it in our
recent episode. Centralized teams can build faster. And accredited investor laws
in the U.S. can make it straight up illegal to give retail users upside. Thanks
SEC!

But this exposes a soft underbelly to competitors.

Someone could replicate OpenSea…but give the upside to the community.

Enter LooksRare—a community-owned NFT marketplace.

LooksRare is tailored to the degen crypto-native community: a token, massive
incentives, attractive economics, a lucrative airdrop, and some new features for
collectors….oh and a vampire attack.

They gave everyone who’s traded at least 3 ETH on OpenSea some tokens to win
them over.

There are still some things it needs though…

RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams
The ideal OpenSea competitor: 1. open-source protocol 2. open APIs 3.
creator-owned storefronts 4. cross-platform royalties 5. batch buys 6. flex
minting 7. flex storage 8. multi-chain + L2 9. trading zone 10. decentralization
11. analytics 12. curation
metaversal.banklesshq.comWhat is the ideal NFT marketplace?Here are 12
ingredients for a great NFT market!
10:55 PM ∙ Jan 11, 2022

--------------------------------------------------------------------------------

168Likes40Retweets

But LooksRare is off to a hot start. The community-owned NFT marketplace quickly
surpassed OpenSea’s daily volume within 24 hours of launching, facilitating
hundreds of millions of dollars in transaction volume.


Graph via Dune Analytics

A lot of people will be quick to point out that this is because of the
incentives to trade on the platform, resulting in a lot of wash trading as
collectors try to earn LOOKS from trades.

Yes, but that’s not the point.

In 24 hours, a community-owned counterpart was able to beat OpenSea and
bootstrap a multi-billion dollar platform. Let’s also be clear: If you want to
rival OpenSea’s dominance on NFTs, token incentives are probably the secret
weapon.

Do not underestimate the power of tokens.

While LooksRare is off to a fantastic start, there’s still a ways to go. For
one, it’s still lagging in terms of daily users. Second, whether or not the
platform retains its volume metrics is an open question. What happens when the
incentives run out?


Graph via Dune Analytics

There are some hidden icebergs

LooksRare launched unaudited and without a public GitHub repo. This is
frightening and irresponsible and I hope they change course. Until then, use at
your own risk.



Most people are overlooking this because of the shiny new token and the staking
APYs. Stakers on the platform earn over 1,000% APY right now—600% of it is
earned in WETH too 👀

Suits vs. Community

Overall this feels quite similar to the Uniswap vs. Sushiswap dichotomy. One is
VC-funded and the other is not. Suits vs community.

RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams
Every successful VC funded thing in crypto will have a "non-VC" branded
correlate - Uniswap and Sushi - Compound and Aave - OpenSea and Looksrare
10:22 PM ∙ Jan 11, 2022

--------------------------------------------------------------------------------

189Likes16Retweets

Sushiswap forked Uniswap, slapped a token on it, and attracted billions in
liquidity within a week.

Then something happened…

Despite Uniswap’s anti-token stance, it was only a matter of weeks after the
Sushiswap vampire attack that Uniswap launched a UNI airdrop.

Do you think OpenSea will follow their lead? 🤔

Here’s what’s lined up for next week:

 * Li Jin breaks down the rise of the ownership economy

 * William is going to teach you how to get paid to learn about crypto

 * We explain what’s preventing institutions from adopting crypto

Have a stellar weekend.

- RSA

--------------------------------------------------------------------------------

🙏 Sponsor: Polymarket—Bet on your Beliefs & Harness the Power of Free Markets

--------------------------------------------------------------------------------


RECAP FOR THE WEEK OF JANUARY 10TH, 2021


--------------------------------------------------------------------------------

🎙️WEEKLY PODCAST EPISODE




Listen to podcast episode | Apple | Spotify | YouTube | RSS Feed

--------------------------------------------------------------------------------

ACTION RECAP 📚


 1. Execute any good market opportunities you saw in Market Monday

 2. Use Starkware Layer 2 applications

 3. Recognize crypto’s broadband moment

 4. Evaluate Ethereum’s Q4 Report 🔥

 5. Share whether or not you’re using Layer 2

WATCH & LISTEN 🔊


 1. 🎙️ Listen How to survive in crypto | Cobie

 2. 📺 Watch Layer Zero: Udi Wertheimer

 3. 📺 Watch Voting for Web3 | Aarika Rhodes

 4. 📺 Watch The Great L2 Migration | Cross-Chain L2 Panel

 5. 📺 Watch Rollup: LooksRare | Fees.WTF | Inflation | Paypal Stablecoin

 6. 🎙️ Listen OJ: NFT’s Big Next Unlock

 7. 📺 Watch OJ Recap: Phantabears | LooksRare | GaryVee

METAVERSAL 🧙‍♂️


 1. Review the 12 ingredients for the best NFT marketplace

 2. Recap this week in NFTs

 3. Understand how NFTs will be used for merchandise and ticketing

BANKLESS DAO 🏴


 1. WTF are governance solution engineers? | Bankless DAO Rollup

 2. Social tokens and the future of work | State of the DAOs

 3. Bankless DAO Artist Showcase & Superbowl rumors | Decentralized Art

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WEEKLY SUBSCRIBER PERKS 🔥


Bankless Premium Members get access to perks like these:

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🎙️ STATE OF THE NATION




Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed

We’re now live streaming State of the Nation—join us at 2pm EST every Tuesday!

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🎙️ WEEKLY ROLLUP




Listen to podcast episode | Apple | Spotify | YouTube | RSS Feed

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JOBS OPPORTUNITIES 🧑‍💼


✨ See all listings on the Bankless Job Board✨

 * Senior Fullstack Engineer at Syndica (✅ technical!)

 * Senior Software Engineer at Gilded Finance (✅ technical!)

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 * Community Ecosystem Lead at dYdX Foundation

 * Analyst: NFT Specialist at Bitwise Asset Management

 * Analyst: Smart Contract & Web3 at Bitwise Asset Management (✅ technical!)

 * Analyst: Governance Specialist at Bitwise Asset Management

 * Senior iOS Engineer at SmartDeFi (✅ technical!)

 * Head of Growth at DexGuru

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POLYMARKET


👉 Use code "bankless" to get up to $100 reimbursed on your first day of
trading!

> Polymarket may not be available in all jurisdictions

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Tag Bankless on twitter and tell us how you’re going bankless for 3 x 🔥

Banks are ngmi.

Jim (🦎,🦎) @0xJim
Went into a branch yesterday to open a business bank account because my online
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to go
3:29 PM ∙ Jan 13, 2022

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Not financial or tax advice. This newsletter is strictly educational and is not
investment advice or a solicitation to buy or sell any assets or to make any
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Do your own research.

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1 Comment


Stephen
Jan 15

I'd like to make a critique of your point that it doesn't matter that the volume
on the Looksrare platform is all wash trading. First of all, I agree that value
given to users is great, community ownership is one of the best parts of being
in the space. That being said, wash traders dominating volume and receiving the
vast majority of newly issued $LOOKS token. This means that the only people
benefitting from activity on the platform are the VCs who receive the lion's
share of the fees that come from the wash traders and of course the wash traders
themselves who will in the long term dominate the governance of the platform.

A simpler and more effective way to create organic growth would have been to
waive fees for some time. This would have been enough to bring BAYC owners and
owners of other high value collections to trade safely and cheaply. Just as
community ownership matters, it matters deeply who in the community owns these
tokens and that we're incentivizing the right kind activity. We shouldn't be
endorsing fabricated volume and to be quite frank, a complete waste of
blockspace.

Expand full comment

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