LooksRare LOOKS Price

What is LooksRare (LOOKS)?

LooksRare: A Community-First NFT Marketplace

LooksRare stands out in the world of NFTs as a decentralized platform that puts its community at the forefront. Launched on the Ethereum blockchain in January 2022, LooksRare operates with its own ERC-20 utility token called LOOKS. The platform is designed to facilitate the trading of non-fungible tokens, with a strong focus on rewarding users for their active participation.

The Role of LOOKS Token

Central to the LooksRare ecosystem is the LOOKS token, which serves multiple functions. Users who commit their LOOKS tokens can earn 100% of trading fees as Protocol Rewards. Additionally, each non-private trade incurs a Trading Reward, providing users with a LOOKS rebate for the fee paid on LooksRare trades (currently 0.5%, collected in ETH). Furthermore, the token grants access to exclusive drops and other token-gated applications, enhancing its utility within the platform.

Founded by Guts and Zodd

LooksRare was founded by the pseudonymous individuals known as Guts and Zodd. They envisioned LooksRare as a decentralized alternative to OpenSea, aiming to create a platform that rewards traders, collectors, and creators for their active participation. The platform's community-first approach sets it apart in the NFT marketplace landscape.

Unique Features and Smart Contracts

LooksRare offers several unique features to its users. Creators receive instant royalty payments at the moment of sale, a feature that distinguishes LooksRare from other platforms. The platform's smart contracts are custom-built within a modular system, allowing for the seamless rollout of new features over time without compromising security. Features such as Collection offer, Trait offer, and Multi-cancellation enhance user experience and engagement.

Addressing the Shortcomings of Previous Marketplaces

LooksRare's model was developed in direct response to the shortcomings of previous NFT marketplaces. By prioritizing user participation and community engagement, LooksRare aims to foster a vibrant NFT community. Users are rewarded for their contributions, empowering them to take an active role in shaping the platform's future and the broader NFT ecosystem.

What is unique about LooksRare (LOOKS)?

LooksRare stands out for its community-first approach, actively rewarding traders, collectors, and creators for their participation. The platform also offers instant royalty payments for creators at the moment of sale, a feature that sets it apart from other NFT marketplaces.

Who are the founders of LooksRare (LOOKS)?

LooksRare was founded by the pseudonymous individuals known as Guts and Zodd, who aimed to create a decentralized alternative to OpenSea.

Where can I buy LooksRare (LOOKS)?

You can buy LooksRare (LOOKS) on Bitget, Gate.io, MEXC, Bybit, OKX cryptocurrency exchanges.