What is LooksRare? LooksRare is one of the leading NFT Marketplace platforms on Ethereum today for trading NFTs. Let’s find out what is special about this project with Weakhand in this article.
Before starting the article, everyone can learn about OpenSea and Blur to get a perspective on NFT Marketplace.
What is LooksRare?
Overview of LooksRare
LooksRare is one of the leading NFT Marketplace platforms on Ethereum today for trading NFTs. As a community-first platform, LooksRare rewards all traders on the platform with LOOKS tokens (the platform’s main token). Exactly as the foundational motto set out “By NFT People, For NFT People”the platform that always puts the interests of the community first.
On April 6, 2023, LookRare announced the launch of its version LooksRare V2 with some highlights as follows:
- Reduced transaction fees from 2% to 0.5%
- Gas fees are 50% cheaper than Blur
- Buy more than 70 NFTs at once
- Merchants receive ETH instead of WETH
LooksRare’s mechanism of action
How to buy NFTs on LooksRare:
- Users need to connect their personal wallets before trading on LooksRare. Currently, LooksRare supports the following wallets: MetaMask, WalletConnect and Coinbase Wallet.
- Users search for matching NFTs by ID or NFT collection name. In addition, users can use different filters such as: price range, … to search for suitable NFTs.
- Users can buy NFTs by placing an Offer order or buying now to buy NFTs.
How to sell NFTs on LooksRare:
- Users first need to connect their cryptocurrency wallet to the website.
- Users can sell 1 NFT or list their NFTs for sale.
- Finally, users set the price of the NFT and the number of days the sale will remain active.
How to mint NFT on LooksRare: LookRare uses a 3rd party service Manifold to help mint NFT users on LooksRare.
What is the LooksRare difference?
Some highlights on the LooksRare platform:
- Users who trade NFTs on the LooksRare platform earn profits in LOOKS tokens.
- 100% of the protocol fees are rewarded to users who stake LOOKS tokens and are paid in ETH.
- Creators are paid royalties immediately at the time of sale.
Core Team
LooksRare team currently has more than 25 members with the majority being the Teach team (more than 70%).
Investor
Update…
Tokenomics
Basic information about tokens
- Token Name: LooksRare
- Ticker: LOOKS
- Blockchain: Filecoin
- Contract: 0xf4d2888d29d722226fafa5d9b24f9164c092421e
- Token Type: Utility, Governance
- Total Supply: 1,000,000,000 LOOKS.
Token Allocation
Token Release
Token Use Case
LOOKS tokens are used to:
- Staking to receive platform fees.
- Trading rewards
Exchanges
LOOKS tokens can be traded on both DEX and CEX exchanges such as: OKX, Gate.io, Uniswap, Kucoin, …
LooksRare Project Information Channel
- Website: https://looksrare.org/
- Twitter: https://twitter.com/LooksRare
- Discord:
summary
With a strategy focusing on development and community building, LooksRare has a new direction that can differentiate itself from other Marketplaces. Hopefully the information I provide in this article has helped people gain interesting knowledge about LooksRare.