Mon, May 27

LooksRare Community on Fire, as Core Team Cashes Out $30M WETH

Getting Into NFT Craze: Top 10 NFT Marketplaces by Volume NFT News
  • LooksRare core team takes off $30 million worth WETH.
  • As a result, the community thrashes on Twitter against LooksRare. 
  • LOOKS token price in the fall.

Ever since it’s launch, the LooksRare NFT marketplace was indeed praised all over the Non Fungible Token (NFT) community. Within just a few days, since launch, LooksRare overtook the leader of the NFT marketplace, the OpenSea, on many aspects. Though there were many controversies surrounding it, in terms of wash trading and much more, LooksRare grew bigger with the passing of each day. Moreover, many termed that it could overtake and dethrone OpenSea legitimately. 

However, the recent sparks in Twitter, shows that indeed, LooksRare may not be a legitimate project though. This is due to the fact that it’s official that the core team from LooksRare have cashed out $30 million. All these were taken off as Wrapped Ethereum (WETH).

The $30 Million Cash Out

Accordingly, it’s official and agreed by the core team of LooksRare that they have withdrawn a certain amount. They further insist that this is just a small fraction of the trade fees which they have taken out. Moreover, community members of the LooksRare term have cashed out only $30 million. On the other hand, more people of the LooksRare community term that they have cashed out about $73 million. 

Though the core team denied cashing out $73 million, they agreed that they have cashed out $30 million. As a result, the community members took to Twitter, thrashing LooksRare as much as they could. Amidst all this, the etam from LooksRare indeed acknowledged the issue and justified that this amount was a small portion of their trade as gas fees. They also assured that this will not affect the community or the LooksRare marketplace by any means, and the platform will be growing further in future. 

However, the native token of the platform, LOOKS, suffered miserably with prices dropping drastically. At the time of cashing out, the price of LOOKS dropped more than 15% down. Currently LOOKS is trading at a price of $2.23, with the graphs slowly turning up by 2.12%, taking into account the past 24 hours.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.