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Arthur Hayes, a well-known cryptocurrency trader and the founder of BitMEX, has become the largest individual holder of the token LOOKS, owning 17 million LOOKS, equivalent to $5.14 million. Hayes purchased 10.68 million LOOKS at an average price of $0.258 with a total cost of 1,786 ETH ($2.76 million) from Aug. 24, 2022, to Nov. 3, 2022. He also received 4.82 million LOOK ($1.67 million at the time) from FTX in June 2022, with an average receiving price of $0.347.
LOOKS is a utility token of LooksRare, a community-driven NFT marketplace that aims to reward traders, collectors and creators. The platform prides itself on being created "by NFT people for NFT people."
With the current state of the NFT market being relatively unstable, the fact that Hayes holds such a substantial amount of tokens suggests that he is optimistic about the future of the NFT market and believes in its recovery.
Hayes has previously expressed his positive sentiment toward alternative cryptocurrencies, including GMX and LOOKS. His investment in LOOKS tokens is a testament to his confidence in the future of the NFT market. The sustained growth and recovery of the market could very well bring about a bright future for LOOKS and other NFT tokens.
The price performance of both Looks and GMX shows that Hayes' picks were more than accurate as he remains profitable on both assets, the on-chain data shows. During the most recent recovery on the market, LooksRare, OpenSea and the NFT market in general saw a mild recovery as risk tolerance among investors led to increasing demand for relatively volatile NFTs.