LooksRare is an NFT(Non-Fungible Token) marketplace on Ethereum that allows users to buy, sell and list their NFTs and earn rewards at the same time.
In January 2022, two anonymous co-founders using the pseudonyms “Zodd” and “Guts” launched the LooksRare platform by executing a vampire attack on OpenSea.
To attract users to the platform, 12% of the total supply of $LOOKS(LooksRare’s platform token) was airdropped to users who had traded on OpenSea in the last 6 months, based on their transaction volume.
Ever since, LooksRare continues to be the community-first NFT marketplace that actively rewards traders, collectors, and creators for participating.
Buying fixed-price NFTs or making offers for desired NFTs are one of the main features of the LooksRare platform. Users can also sell their NFT if the received offer is suitable for them.
Users who trade any NFT on LooksRare(both sellers and buyers) and those who list NFTs earn rewards in the form of $LOOKS. Rewards are paid out daily, based on the percentage of that day’s volume.
Staking $LOOKS tokens gives stakers 100% of LooksRare's fees, which are charged at a rate of 2% for each sale. LooksRare also supports auto-compounding; this means that any rewards received from the staked $LOOKS balance are immediately re-staked into the pool to increase the total amount of staked tokens.
With this feature, users can make an offer on every NFT in a choice collection. While, for example, on OpenSea a user would have to make a separate offer for each item in the collection, causing redundant transaction fees.
Once a transaction is made, royalties are paid to creators immediately, eliminating any delays in settlement.
LooksRare v2 has not yet been launched. However, according to their website, some additional features will be introduced in the future, such as:
This feature will enable users to buy any NFT with a specific trait in a collection.
Users will be able to cancel multiple open orders in a single transaction using multi-cancellation.
Can we say that OpenSea has a serious rival with all these excellent features? We'll see.
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