LooksRare (LOOKS)
Overview of LooksRare
LooksRare is a community-first Non-Fungible Token (NFT) marketplace that incentivizes traders, collectors, and creators through rewards. Users can buy and sell NFTs to earn $LOOKS tokens. All trading fees, which amount to 2% per transaction, are distributed to $LOOKS stakers, making the platform's fees lower than OpenSea's 2.5%. Creators receive royalty payments at the point of sale, and transactions can be made using Ether or wrapped Ether (WETH). The platform has indexed all NFT collections on the Ethereum blockchain, allowing users to trade both popular and exclusive NFTs available on OpenSea and beyond.
The marketplace was established by two anonymous co-founders, Zodd and Guts, and launched on January 10, 2022, with a token airdrop. In its initial days, LooksRare recorded significant sales volumes, surpassing OpenSea's daily record. Notable collections on the platform include Meebits from Larva Labs, Loot (for Adventurers), Purrnelopes Country Club, and Parallel Alpha.
| Ticker | LOOKS |
| Category | NFT |
| Website | https://yologames.io |
| @LooksRare | |
| Contract Addresses | |
|---|---|
| ethereum | 0xf4...1e Copied! |
Tokenomics of LooksRare
$LOOKS token
The $LOOKS token serves as the native cryptocurrency of the LooksRare ecosystem. It is primarily used for staking, participating in liquidity pools, and conducting NFT transactions. The total supply of $LOOKS is 1,000,000,000, distributed across various categories such as airdrops, strategic sales, liquidity management, volume rewards, staking rewards, the founding team, and the treasury.
Staking $LOOKS
Stakers of the $LOOKS token receive 100% of the trading fees collected by LooksRare. The platform charges a 2% sales fee (in WETH) on all NFT sales, excluding private transactions. This fee is accumulated over approximately 24-hour periods, which are defined by 6,500 Ethereum blocks, and then distributed to stakers over the subsequent period of the same block length.
Tokens can remain staked and continue to accrue without daily claims, allowing users to optimize for lower gas fees. Active stakers, whose tokens are fully unlocked, are the primary beneficiaries. Passive stakers, including the team, treasury, and strategic sale tokens, have their $LOOKS tokens locked for trading but unlocked for staking, and they do not earn additional $LOOKS while staked.