What is LooksRare?
Founded by NFT enthusiasts for NFT enthusiasts, LooksRare aims to reward traders, collectors and creators by providing a platform that is truly community-focused. The platform launched with an airdrop to wallets that had generated a minimum of 3 ETH transaction volume on OpenSea, allowing over 110,000 wallets to claim LOOKS, which amounted to 60% of all eligible wallets.
One of the key features that sets LooksRare apart from other NFT marketplaces is its focus on rewarding users. When buying or selling NFTs on the platform, users receive rewards in LOOKS, which incentivizes participation and engagement. Additionally, the platform has implemented a system where 100% of generated fees go to stakers, allowing the community to benefit from the platform's success. Creators also benefit from the platform, as they receive royalty payments at the moment of sale, ensuring that they are fairly compensated for their work.
LooksRare is also built with modular smart contracts, which allows for new features to be rolled out over time. The platform's roadmap promises further innovation such as the option to bid for all NFTs in a selected collection, bidding for NFTs with a certain trait (e.g. a Bored Ape with Gold Fur), and the ability to cancel multiple orders in one transaction.
The project was launched by Zodd and Guts, two founders who have chosen to remain anonymous. Despite their lack of information about their background, they have created a platform that closely resembles SushiSwap DEX, which was also founded by a pseudonymous account called “Chef Nomi.” Similar to Sushi, LooksRare aims to challenge the incumbent by launching a “vampire attack,” in which the platform airdrops free tokens to suck liquidity out of its competition.
What sets LooksRare apart from other platforms like OpenSea is its different culture compared to its competition's top-down, corporate approach to NFTs. OpenSea has faced criticism over its business strategy, and LooksRare aims to compete by offering a more democratic and user-oriented culture, similar to how Sushi challenged Uniswap. This is reflected in its tokenomics, with 75% of the total supply reserved for the community.
LooksRare also differs from other community-oriented projects by offering a platform that is both professional and user-friendly. Users can trade NFTs directly from their wallets, such as MetaMask, and customize their profiles to start buying and selling single NFTs or entire collections. NFTs are either offered at fixed prices or users can bid for them if the owner has listed an NFT for sale. All trades are paid for in ETH or WETH.
One of the ways that LooksRare aims to undercut its rivals is by offering a flat 2% fee on all trades compared to OpenSea's 2.5%. Furthermore, traders receive rewards in the native LOOKS token, which has led to accusations of wash trades taking place to boost the platform's popularity and exaggerate its trading volume compared to other marketplaces.
LooksRare is a revolutionary new NFT marketplace that is founded by a team of passionate NFT enthusiasts, for NFT enthusiasts. The platform launched with an airdrop to eligible wallets that had generated a minimum of 3 ETH transaction volume on OpenSea, with over 110,000 wallets being able to claim LOOKS, which amounts to 60% of all eligible wallets.
LooksRare's community-first approach is defined by three key pillars: rewarding users, redistributing platform fees, and instant creator payout. By rewarding users who buy or sell NFTs on the platform with LOOKS, redistributing 100% of generated fees to stakers, and allowing creators to receive royalty payments at the moment of sale, LooksRare is able to provide a more democratic and user-oriented culture compared to other NFT marketplaces like OpenSea.
The platform is built with modular smart contracts, which allows for new features to be rolled out over time. The roadmap promises further innovation like the option to bid for all NFTs in a selected collection, bidding for NFTs with a certain trait (e.g. a Bored Ape with Gold Fur), and canceling multiple orders in one transaction.
LooksRare's founders, Zodd and Guts, have opted to remain anonymous, similar to the founders of SushiSwap. Despite this, LooksRare differentiates itself from other community-oriented projects by offering a professional and user-friendly platform. Users can trade NFTs directly from their wallets, like MetaMask, and can customize their profiles to start buying and selling single NFTs or entire collections.
LooksRare aims to undercut its rival on trading fees, offering a flat 2% fee on all trades compared to OpenSea's 2.5%. In addition, traders receive rewards in the native LOOKS token, which have led to accusations of wash trades taking place to boost the platform's popularity and exaggerate its trading volume. Despite these accusations, LooksRare remains a unique and promising NFT marketplace that is focused on providing a fair and rewarding experience for all of its users.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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