What is LooksRare?
LooksRare is a community-driven NFT marketplace designed to compete with established platforms like OpenSea. It offers an innovative approach by incentivizing users through its native token, LOOKS. The platform aims to enhance the NFT trading experience with a focus on user rewards, advanced trading features, and a transparent, decentralized structure.
LooksRare allows users to earn LOOKS tokens through various activities, including trading NFTs and staking LOOKS. Staking LOOKS provides users with additional LOOKS tokens and WETH rewards, which are derived from platform fees. This creates an attractive earning potential for active participants.
The platform offers advanced trading features such as collection orders, allowing users to place bids on any NFT within a specific collection, and batch purchases, enabling users to buy multiple NFTs in a single transaction. Additionally, LooksRare integrates with Uniswap and Moonpay, making it easier for users to acquire the necessary cryptocurrencies for trading.
LooksRare's fee structure is competitive, with protocol fees set at 0.5%. While creator royalties are set at 0%, buyers have the option to add a royalty when purchasing NFTs. This approach aims to keep the platform attractive to both buyers and sellers while maintaining flexibility for creators.