LooksRare is a community-first Non-Fungible Token (NFT) marketplace that rewards traders, collectors, and creators for participating. Users can buy NFTs and sell them for rewards.

Within just three days after its launch, the NFT marketplace has recorded a sales volume of $394 million, a report by CoinTelegraph said. It has also beaten OpenSea's daily record volume of $324 million when it recorded $578 million worth of ETH on January 17th, 2022.^[1][2]

Overview

LooksRare is a community-first Non-Fungible Token (NFT) marketplace, that rewards and gives back to the platform's users and creators.^[3]

Users that buy or sell NFTs from eligible collections on the platform can earn $LOOKS tokens. 100% of trading fees are earned by $LOOKS stakers and creators get royalty payments at the moment of sale.

The platform has a 2% standard fee on all NFT trades that goes to LOOKS token stakers, this fee is lower than OpenSea's 2.5%. Users can also trade NFTs with Ether or wrapped ether (WETH).

The team has indexed all NFT collections that are on the Ethereum blockchain. This means users can trade all the Ethereum NFTs that are available on OpenSea and some that aren't.^[4][5]

It was created by two anonymous co-founders, known as Zodd and Guts, with the motto “By NFT People, for NFT People". The platform went live on January 10th, 2022 with a token airdrop.

CoinTelegraph stated in a report:

"Within just three days, the NFT marketplace has recorded a sales volume of $394 million".

The top NFTs that stirred interest among buyers on LooksRare are the Meebits collection, which comes from Larva Labs, the same creators behind Cryptopunks and Autoglyphs. Other popular projects include Loot (for Adventurers), Purrnelopes Country Club and Parallel Alpha.

On January 10, 2022, The LooksRare site was down for a few hours, this caused some users to experience difficulties while connecting their wallets and completing listings.

According to the project's Discord, the site was under a distributed denial-of-service attack (DDoS), which means that its network was overwhelmed with malicious traffic.

Within just three days after its launch, the NFT marketplace has recorded a sales volume of $394 million, a report by CoinTelegraph said. It has also beaten OpenSea's daily record volume of $324 million when it recorded $578 million worth of ETH on January 17th, 2022.^[6]

Tokenomics

$LOOK Token

The $LOOK Token is the native coin of LooksRare, its main utility is staking, liquidity pools, and buying and selling NFTs. There is a total supply of 1,000,000,000 $LOOKS.^[7]

Staking $LOOKS

LOOKS token stakers earn 100% of the trading fees on LooksRare. The platform collects a basic sales fee of 2% (in WETH) on all NFT sales excluding private sales.

All the WETH collected from these fees are consolidated at the end of each recurring 6,500 Ethereum block period (roughly 24 hours) and then distributed to LOOKS stakers over the next 6,500 block period.

$LOOKS can remain staked and will continue to accumulate even it isn't claimed every day. Users can wait until gas fees are low before claiming.

Active stakers are the majority of stakers, whose staked $LOOKS tokens are fully unlocked. Passive stakers are stakers whose $LOOKS tokens are locked for trading but unlocked for staking: namely Team, Treasury, and Strategic sale tokens. $LOOKS here do not earn additional $LOOKS while staked.^[8]