Meebits swap royalty-free for millions between different wallets in order to claim LOOKS
Go to the NFT sales data on DappRadar, and you will see Meebits selling for $47 million on the LooksRare NFT marketplace. On this marketplace, traders earn LOOKS when they trade NFTs, and that’s why NFT collectors are now selling NFTs to themselves.
NFT traders are literally playing the system, artificially boosting the trading volume on LooksRare in order to claim more LOOKS tokens. They mostly use Meebits, because there are no royalties on secondary market sales. Other collections used for the same purpose and reasons are Phunks, Terraforms, and Loot. Traders only pay a fee, which is distributed to LOOKS liquidity providers and token stakers. Demand for LOOKS is strong, as it doubled in value over the past week.
Thanks to LooksRare it seems like the biggest NFT sale from the past week was Meebit #13824 for $50,61 million or 15k WETH. We see the same Meebit in second place, followed by plenty of other NFTs from this collection. Traders buy and sell Meebits with their own wallets, technically participating in the illegal activity of wash trading. However, this is also a way of token farming, as users are invited by LooksRare to trade and earn as many LOOKS as possible. All the major sales in this Top 10 happened between two wallets: this one, and this one.
At the top of this article, you can see what the Top 10 NFT Sales looks like if we include the LooksRare token farming activity. It’s a chart filled with fake purchases and lots of Meebits. Digging into the NFT sales data, we found out that the biggest ‘real’ sale was for The Sandbox, Mega City 12×12 Estate, which sold for $2.81 million or 578.790 SAND. In addition, we’ve seen Bored Ape #6694 sold for $1.41 million or 420.69 ETH.