LooksRare Founder Denies That The Team Cashed Out $73M in WETH

The anonymous founder of the popular non-fungible tokens (NFTs) marketplace, LooksRare, has recently refuted claims that the team has cashed out $73 million in Wrapped Ether (WETH) barely a month after launch.

In a Twitter thread on Monday, the LooksRare founder clarified that the amount stated in the report was way above what the project’s team members, over 10 people, earned.

Additionally, they pointed out that LooksRare had been transparent about its team’s WETH earnings from the beginning. They revealed that these team members have been working relentlessly towards the launch and subsequent development of the LooksRare platform, with no compensation.

“The LooksRare team has been grinding night and day for 6+ months with zero compensation until the first team WETH distribution. I can also tell you that team members have also collectively fronted more than 7 figures in costs prior to launch… I have no issue with contributors claiming the WETH they’ve earned so far, especially after all these months of working with no compensation. A lot of it also probably went back into buying NFTs.”

The LooksRare founder further urged all members of the team to use TornadoCash to enable them to maintain a high level of privacy and avoid any such rumors from spreading again.

“We encourage everyone on the team to use TornadoCash. Privacy is a fundamental right and, as anons, it’s practically a requirement… We’re not going anywhere, we haven’t even started yet. We have goals to achieve, and enough passion and drive to get there. Financial stability removes external worries and allows for even greater focus.”

LOOKS Down 14% in the Past 24 Hours 

$LOOKS, the native token of the LooksRare platform, has been trading in the bearish zone for the past 24 hours. The asset’s price had dropped by 13.9% over the last day. 

According to live data from CoinGecko, LOOKS is currently trading at $2.05 at the time of writing, with a market cap of $523,538,522.

OpenSea Faces a New Rival

Launched on January 10, LooksRare’s trading volume has threatened the position of the largest NFT marketplace, OpenSea. The new marketplace has consistently recorded monster trading figures that dwarf those of OpenSea, despite having fewer users.

LooksRare has deployed multiple tactics geared toward attracting users to the platform, including charging lower fees, awarding both buyers and sellers with their native token, $LOOKS, and more. It is currently the top NFT platform by volume, according to data from DappRadar.

The explosive growth of the NFT sector in recent times has drawn the attention of several individual and institutional investors, with the launch of various NFT collections and marketplaces.

Just a few weeks ago, GameStop revealed its plans to launch an NFT marketplace as well as a $100 million fund for NFT creators on its anticipated marketplace.