Timeline of the Decline
January 2022
$7.10
All-Time High - Peak euphoria
February 2022
$2.00
Wash trading concerns emerge
June 2022
$0.30
NFT market crashes, competitors fail
Current
$0.04
Post-collapse trading
What Went Wrong
-
Wash Trading Incentives
The token rewards system incentivized wash trading - users trading with themselves to farm LOOKS tokens.
-
NFT Market Collapse
When the NFT market crashed, trading volume plummeted, and token rewards became worthless.
-
OpenSea Dominance
Despite initial momentum, LooksRare couldn't sustain market share against OpenSea's network effects.