The NFT sector has experienced significant growth and evolution since its emergence in early 2021. NFTs have found various applications, including collectibles, proof of ownership, and digital assets for games, among others. They can be purchased, earned through play-to-earn (P2E) games, and sold. While most of these activities occur on NFT marketplaces, finding a reliable and high-quality platform can be challenging. Many marketplaces primarily focus on earning, as is typical for businesses. However, excellent options, such as LooksRare (LOOKS), offer enhanced features and benefits.
What is LooksRare?
LooksRare, an OpenSea competitor, is a decentralized, community-centric NFT marketplace for creators, collectors, and traders. LOOKS is the name and ticker symbol of LooksRare's native ERC-20 token.
Non-fungible tokens (NFTs) on the LooksRare platform can be traded using Ethereum (ETH) and wrapped Ethereum (WETH). On the other hand, LOOKS is primarily used for staking and rewards. Additionally, users who traded 3 ETH or more on OpenSea between June 16 and December 16, 2021, were eligible for LooksRare's airdrops.
With a strong emphasis on community engagement, LooksRare aims to establish an interactive and vibrant platform for NFT trading, focusing on rewarding traders, creators, and collectors. LooksRare is proud to be created by NFT enthusiasts for NFT enthusiasts. To demonstrate their commitment to rewarding users, LooksRare conducted an airdrop campaign. Wallets that generated a minimum transaction volume of 3 ETH on OpenSea were eligible for an airdrop of the LOOKS token.
Being community-centric, LooksRare invests its earnings back into the community. Creators receive payment instantly, and 2% of trading fees are reinvested into staking pools. Along with staking rewards, LooksRare also runs promotional events such as gas fee refunds and influencer marketing.
How does LooksRare work?
The platform accommodates single NFT trades and entire collections, allowing users to choose based on their preferences. NFTs can be listed with fixed prices or made available for bidding. All trades are conducted in ETH or WETH. Ultimately, LooksRare aims to outperform the competition by implementing a flat 2% fee on all trades, providing users with a more cost-effective trading experience.
LOOKS: LooksRare's native token
At the core of the LooksRare marketplace lies its native token, LOOKS. Introduced in January 2022, the token has a maximum supply of 1 billion LOOKS. The total supply of LOOKS is 897.85 million, with a circulating supply of 832.1 million LOOKS. Presently, approximately 83% of all LOOKS tokens are in circulation.
LooksRare token distribution
The distribution of LooksRare tokens is as follows:
- 75 percent is allocated to the community. This includes 12% for airdrops, 18.9% for staking rewards, and 44.1% for volume rewards.
- 10 percent is allocated to the treasury.
- 10 percent is held by the founding team.
- 3.3 percent is reserved for strategic sale.
- 1.7 percent is dedicated to liquidity management.
About the founders
The founders of LooksRare are known by their pseudonyms, Zodd, and Guts. The core team comprises 14 members, including the founders, engineers, designers, product managers, and marketing leads. LooksRare is a highly community-driven platform driven by its mission statement, "By NFT people, for NFT people." LooksRare draws inspiration from SushiSwap DEX and applies similar principles to the NFT space.
