BitMEX Founder Arthur Hayes tweeted on Wednesday he is the largest holder of LOOKS tokens, as he currently has about 17 million tokens (about $5.14 million). holding the Hayes token is interesting and has attract public attention.
LOOKS is the original, fungible token of LooksRare protocol, a community-focused NFT marketplace that actively rewards creators and traders for participating. 100% of LooksRare platform trading fees are earned through LOOKS token staking.
Users earn tokens by staking coins (which also earn WETH rewards) and trade NFTs on LooksRare, among others.
Why Hayes Prefers Investing in LOOKS Tokens
according to data from Coinmarketcap, the token has a total supply of 469,539,052 coins. With 17 million tokens in his portfolio, Hayes holds 3.62% of the total supply. It qualifies as the largest LO holderOKS tokens and the largest holding wallet in the digital asset network.
Hayes recognized The LooksRare NFT platform’s revenue and potential to outperform Treasury bond yields are the main reasons to invest in the token.
Hayes hails LooksRare, which aims to be an alternative to OpenSea, as a potential NFT platform that offers great rewards to users.
While OpenSea is 100 times larger than LooksRare, the largest NFT market lacks tokens that reward through staking and printing inflation. This is where LooksRare comes in by offering a reward emission, which the former CEO of BitMEX took advantage of to meet his 20% investment target.
Hayes said that he was believe The metaverse and NFT business has experienced a 98% drop from its peak due to the first trading market cycle. He admits that the token is an undervalued altcoin, but has strong utility and bullish potential in a bear market.
The co-founder and former CEO of BitMEX believes LooksRare, a decentralized, community-first NFT marketplace that offers user rewards for participating on the platform, can provide users with 2x to 3x income. Although volatility is higher in cryptocurrencies and NFTs, Hayes believes tokens such as LOOKS are the ideal choice to deal with uncertainty and have high intrinsic value.
The price-to-earnings ratio (P/E ratio) is a quick way to see if a stock is overvalued or undervalued. The lower the P/E ratio, the better it is for potential investors. According to Hayes, the P/E ratio for LOOKS is relatively low, ranging between 0.9x and around 3.3x, and this provides good value for investors. The long-term average P/E ratio for the S&P 500 is about 16x.
Many investors prefer to buy shares in companies with a lower P/E, which means that they pay less for each dollar of income they receive.
PRICE ANALYSIS
LooksRare price is currently at $0.30054, up 1.18% in the last 24 hours, with a trading volume of $34,894,237. With a market capitalization of $147,951,463, the LOOKS token is ranked number 183 among cryptocurrencies listed on Coinmarketcap.
The token started the previous year very before the crypto season impacted on the bull run. The token fell in value during the second quarter of the year, although it has not recovered since then.
Feature image from Shutterstock, Chart from TradingView