Looking Glass Labs Ltd announced that the GenX collection issued by the company’s flagship studio, House of Kibaa (HoK), has been authenticated by the LooksRare NFT marketplace, making it one of the first NFT collections to receive “verified” status.
The authentication builds on the company’s previously announced inclusion of the GenX NFT collection in the Rarity database, which provides widely accepted metrics for evaluating the scarcity of each GenX NFT and its constituent traits, the company said.
“As the market for NFTs continues to heat up, it is important for all categories of participants to understand why ‘verified’ listings are significant,” said Dorian Banks, CEO of Looking Glass Lab. “New NFT collections are entering the market at a rapid pace, which creates the risk of confusion in terms of whether or not a given collection is the one that someone is looking for.”
He added: “This can be likened to the early days of social media when impostor accounts of famous persons often passed as authentic. To mitigate this, the blue checkmark symbol was adopted to denote that a social media platform had manually confirmed an account to be authentic.”
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Banks noted that with verification now being the standard across the internet, and with substantial sums at stake in the case of NFT transactions, platforms like LooksRare have proactively sought to verify the listings of the most popular and valuable NFT collections.
“We consider it to be a compliment for LooksRare to proactively verify GenX within a week of launching, and we look forward to being part of their growing and dynamic community of NFT enthusiasts,” he said.
The GenX collection consists of 10,000 NFTs that are 3D-rendered and fully rigged for hyper-realistic metaverse integration, with each NFT providing second-tier membership in HoK. There are approximately 3,200 owners of GenX NFTs with total trading volume of approximately ETH 896 or C$2.56 million, of which LGL earns a 5% royalty on all resales of the collection in perpetuity.
Launched on January 10, 2022, LooksRare is a community-first NFT marketplace that actively rewards collectors and creators for participating. The marketplace offers a trading rewards program as an incentive for buyers and sellers of NFTs to engage in transactions using LooksRare and ultimately drive community engagement.
Headquartered in Vancouver, British Columbia, Looking Glass Labs is a digital platform specializing in non-fungible token architecture, immersive extended reality metaverse design, and virtual asset royalty streams. Its leading brand, House of Kibaa, designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments.
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