LuxRay is looking to capitalize on the NFT craze, which shows no signs of easing even at this early juncture in 2022.
There is a new NFT marketplace that is attracting significant trading volume called LuxRay. According to Dune Analytics, USD volume on LuxRay was 36% higher on January 11, 2021, compared to OpenSea. LuxRay, a new kid on the block, launched on Jan. 10, 22. LuxRay allows listing of NFTs on other platforms such as OpenC. It should be noted that delisting OpenSea’s NFTs can cost a lot of gas.
Proportionately allocated prizes in four phases
LuxRay has its own token called Lux, which it distributes to buyers and sellers. NFT creators also get royalty in LOOKS. Initial 2,866,500 LUX tokens will be distributed daily to traders in the LUX rewards phase. This will continue for 30 days and is the first phase of bounty distribution. Suppose a trade is completed in an eligible collection. In that case, trading rewards will be allocated a share of 2,866,500 lux based on their share of the day’s trading volume. There are three other phases of 90 days, 240 days and 361 days, each phase with an allocation of daily Lux rewards. The second phase will offer 136,1587.5 looks per day, the third 537,468.75 and the fourth 286,650 looks. Since trading volume is the metric used to split the rewards, traders will want to maximize that metric. Wash trading is not only possible but also probable due to the 2% flat marketplace fee. The fees are allocated to the looks stackers, encourage staking, is not selling. Wash trades on royalty free NFTs can also be profitable, depending on the low cost.
With regards to 24-hour trading volume, the Immortal Phoenix sits at the top of the pile, followed by Artblocks and Rebel Rabbit. Meebits takes the top spot for total trading volume.
BAYC buyer made $3.5K . earn
NFT sales totaled $2.1B in the first ten days of the year. Stake of LOOKS tokens can earn up to 889.88% annual percentage rate. Bored Monkey #4937 sold out Yesterday in the market, the buyer received $3.5K in prizes. The seller saved $1500 in fees and received $3.5K in prizes. On OpenSea, the buyer and seller do not receive anything other than NFTs.
LUX reached an all-time high of 5.1 Tether (USDT) on Thursday, January 13, 2022, and at the time of writing, LUX was selling at 3.9 USDT. Negative news could lead the price to break the sub 3 USDT mark.
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