LooksRare NFT - A community-first marketplace for NFTs

LooksRare NFT is an NFT exchange that was released in early 2022 but has received great attention from the community. This is the first community-based NFT exchange that encourages the giving of rewards to traders, collectors, and creators for participating. In this article, let's find out with Market247.io what LooksRare NFT is and the benefits of trading on LooksRare.

What is LooksRare NFT (LOOKS)?

LooksRare NFT is an NFT exchange built on the Ethereum Blockchain. The difference of LooksRare compared to OpenSea is the reward mechanism for the user community. The platform provides an opportunity for users who are creators, collectors and traders to receive rewards in LOOKS tokens for participating in LooksRare NFT.

LooksRare's smart contracts are built in a modular framework that allows the system's features to be continuously updated over time. This happens without compromising security thanks to standard signatures that clearly define the execution plan.

What is the main feature of LooksRare?

The first community NFT exchange

LooksRare NFT is the market's first NFT exchange that is community-based and completely decentralized. Thanks to this feature, users are more motivated to use LooksRare NFT for asset trading than OpenSea. That's why, since its release, LooksRare has consistently surpassed OpenSea in terms of trading volume

Platform Rewards

From staking to trading, LooksRare always offers a lot of attractive benefits to attract users to make transactions on its platform. Staking rewards have an ARR of up to 700%, simultaneously rewarding users with both LOOKS and wETH tokens.

100% of transaction fees are redistributed to users

LooksRare NFT Marketplace is committed to distributing 100% of the transaction fees that users pay as rewards to those who make Staking LOOKS. This is really a great benefit that LooksRare brings to users.

Instant Payment

Content creators will receive NFT royalty liquidity immediately upon making a transaction, minimizing delays in settlement.

LooksRare NFT's reward mechanism

Trading Rewards

In order to receive the trading reward of LOOKS tokens, users must perform NFT transactions on the platform. Upon qualifying, both buyers and sellers will earn rewards based on their trading volume.

Platform fee

wETH is the token used when paying transaction fees. The LooksRare NFT system will charge a transaction fee of 2% on all NFT sales on the collection, excluding individual sales. All these fees are aggregated at the end of each periodic Ethereum block cycle and distributed 100% to investors.

Staking Rewards

When making LOOKS staking, users will earn LOOKS tokens as transaction fee rewards received in wETH. This reward is automatically accrued to users who still hold their tokens on the platform.

Rewards for providing liquidity

To enhance the liquidity of the LOOKS token, the LooksRare NFT platform rewards users for staking LOOKS-ETH UniV2 LP.

Overview of LOOKS token

To learn more about the LooksRare NFT exchange, let's learn about the LOOKS token used in the system.

Key Metrics

Token Name: LooksRare
Ticker: LOOKS
Blockchain: Ethereum
Token Standard: ERC20
Contract: 0xf4d2888d29d722226fafa5d9b24f9164c092421e
Token type: Utility, Governance.
Total Supply: 1,000,000,000
Circulating Supply: 101,796,014

Token Allocation

Airdrop: 12%
Strategic Sales: 3.3%
Liquidity management: 1.7%
Reward based on trading volume: 44.1%
Staking reward: 18.9%
Project founding team: 10%
Treasury: 10%

What is LOOKS used for?

LOOKS is the main token of the LooksRare NFT platform used in the following cases:

Staking: Users can do Stake LOOKS to get more than 700% APR as rewards. In particular, as more and more participants participate and the number of people applying for staking increases, the amount of APR received will decrease over time.
Rewards: The LOOKS token is a means to reward participating users who make an active contribution to the platform:
Users who buy and sell NFTs from eligible collections will earn LOOKS tokens
Stake LOOKS participants are rewarded with 100% trading fees.

How to earn and own LOOKS token?

You can own LOOKS tokens in the following ways:

Buy LOOKS on centralized and decentralized exchanges like UniSwap, MEXC, Huobi…
Participate in buying and selling transactions, create NFT
Staking LOOKS for more rewards

Conclusion

Above is all information about LooksRare NFT Marketplace. As an exchange born for the community, LooksRare will surely have much greater success in the future. If you have any questions about the LooksRare NFT platform, don't forget to send to Market247.io a question for the fastest response.

Folllow LooksRare:

Twitter: https://twitter.com/LooksRare
Website: https://looksrare.org/

FAQs

Can users Mint NFT on LooksRare?

At the moment, LooksRare does not support Mint NFT for users.

Is LooksRare cheaper than OpenSea?

LoosRare offers a cheaper and friendlier trading experience than OpenSea, especially LooksRare NFT has lower transaction fees.

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LooksRare NFT - A community-first marketplace for NFTs - Market247.io