OpenSea has got a lot of criticisms lately. But this time, it’s going through a vampire attack! The term comes from DeFi. It is a method where one protocol steals another protocol’s investors by offering a better rate. So what has happened to OpenSea?

I’ll explain what a Vampire Attack looks like first. The most infamous one was from SushiSwap, a Uniswap clone back then. When SushiSwap launched, they offered a much higher APY to Uniswap at 1000% for the initial hours. It attracted over $150m at the expense of Uniswap losing its liquidity providers. It feels like Uniswap lost a lot of its blood to SushiSwap, hence the name of Vampire Attack.

The attack can be a good thing for customers as they will get a better return on their investments. But there are a lot of risks as it is often the new protocol that offers a much better rate. The credibility of such a protocol is not proven yet. The investors can get rekt very quickly. SushiSwap’s founder, ChefNomi, took $14m and almost ran away for example.

Let’s get back to OpenSea. It is the biggest NFT marketplace, which was valued at more than $13bn following a new investment of $300m. A lot of the new NFT marketplaces popped up and tried to join the party. LooksRare is the latest star.

It not only offers rewards for sellers but also, most interestingly, did an airdrop on the active OpenSea customers! Users can get between $325 to $26k worth of their $LOOKS token by using their marketplace.

All of the OpenSea customers, who traded more than 3 ETH(about $10k) during the qualifying period, could claim the airdrop of #LOOKS token. Some people who traded like 300ETH have got around 6ETH worth of airdrop for free! It is a vampire attack!

With this huge hype, LooksRare has sold over $100m in NFTs only one day after launch. This is a great growth hack. The actual value of the new protocol will show after this gold rush period. Let’s wait and see.