LooksRare NFT Marketplace – A Full Explanation =

When people talk about NFTs, it often doesn’t take long before OpenSea comes up. The most famous marketplace where millions of dollars in NFTs are traded every day is a household name within the crypto market. There are many different marketplaces for NFTs, which sometimes seem to grow as fast as the amount of NFT collections. However, only one can be the greatest.

The year 2022 may just be the year that this will change. For example, there are exchanges that see the usability of NFT marketplaces, but marketplaces outside the exchange also see opportunities. LooksRare (LOOKS) is an example of this. This relatively new marketplace aims to become the largest NFT marketplace . How do they want to achieve that? In this blog we take a closer look at LooksRare!

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  • View Quick
  • What is LooksRare?
  • LooksRare’s token: LOOKS
    • LOOKS Token Strike
    • LOOKS Token Trading
    • LOOKS Token Tokenomics
    • Buy LOOKS Tokens
  • How do I buy LooksRare?
    • LooksRare (LOOKS) price
    • Suitable wallet for LooksRare
  • The LooksRare team
  • LooksRare on social media
  • Critical note
  • Conclusion
  • Make money with NFTs?
    • Start immediately with our NFT Blueprint!

In the video below you can find out what LooksRare has planned and how they want to compete with OpenSea.

 

What is LooksRare?

LooksRare is an NFT marketplace, which focuses on providing a user-friendly trading platform. Through LooksRare it is possible to buy and sell NFTs, which is quite normal for an NFT marketplace. However, LooksRare has big ambitions and wants to realize these ambitions through big plans. The range of NFT marketplaces is very large, so you need good plans to stand out among all marketplaces.

LooksRare tries to achieve this, among other things, by using a low trading fee, which is 2% in total. When you compare this to OpenSea, the largest marketplace of recent years, LooksRare is cheaper in terms of fees. This can be very useful, especially if you are going to trade in expensive collections such as Bored Ape Yacht Club. In addition, there are more features that give the platform an advantage. LooksRare has its own token, which you can also stake on the platform. This is quite unusual for an NFT marketplace, especially for marketplaces that do not belong to exchanges.

LooksRare’s token: LOOKS

The LOOKS token is the token of the LooksRare ecosystem. The token serves as a reward for activities on the platform, which will be further explained below. LooksRare has a number of unique features, in which LOOKS plays a major role. Whether these characteristics will ensure that LooksRare will become the NFT marketplace is a question for the future. However, it is a fact that LooksRare’s plans are refreshing and innovative! Below we take a closer look at the benefits of the LOOKS token.

LOOKS Token Strike

If you start staking LOOKS tokens, you will earn extra LOOKS tokens as a reward for staking your coins. In addition, you will also receive WETH , which stands for Wrapped Ethereum. You receive this reward through the trading fees that traders make on the platform. In total, 100% of the trading fees go to the strikers. LOOKS tokens are earned in four different phases. There are various rewards, which are based on a fixed number of Ethereum blocks per day. Below you can see the distribution of these four phases.

 

Often investors who stake their coins have to manually put their return on investment to work over and over again. This costs time and money, which LooksRare prevents. Thanks to auto-compounding, as an investor you do not have to constantly watch the clock, but you can assume that your staking rewards will be put to work automatically. As a result, you will receive more and more LOOKS, allowing you to earn income in a passive way.

LOOKS Token Trading

It is very easy to earn LOOKS tokens on LooksRare. When you trade NFTs on the platform, you are eligible to earn LOOKS. This applies to both buying and selling NFTs. The rewards for this are calculated daily and distributed daily to the users. Previously, the rewards were only for collections with a trading volume of 1,000 ETH or higher, but this limitation has been removed by the team.

 

LOOKS Token Tokenomics

In total there are 1 billion LOOKS tokens. You can see how these are distributed in the image below. The amount of tokens reserved for the airdrop is striking. In addition, it is good to see that the team only owns 10% of all tokens .

Most crypto projects own a significantly larger share of the tokens, whether or not through vague constructions. This can be very problematic for investors when the team tries to dump the tokens. By owning a small percentage of all tokens as a team, you automatically gain the trust of the investors and traders.

 

Buy LOOKS Tokens

If you have confidence in LookRare, it is possible to invest in the project itself. You can do this, for example, by buying the coin of the project. The LOOKS token can be purchased through various trading platforms. It is possible to trade with the coin on about 30 different platforms .

The most famous names where you can buy LOOKS are Uniswap (UNI), Gate.io and Bybit. Of course, it is possible that the coin can be found on more well-known exchanges in the future. However, for a coin that has been released very recently, the offer is very large. Few tokens are offered for sale through about 30 platforms in the first month.

 

How do I buy LooksRare?

Buying LooksRare on Uniswap seems tricky, but it’s easy using the steps below. With this explanation you will be the proud owner of LOOKS within a few steps.

  1. Open the Uniswap app here
  2. Tap on ” Connect to a wallet ” at the top right
  3. Connect to your wallet, most here use MetaMask wallet through their internet browser
  4. Create a free account on Bitvavo via this link
  5. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  6. Deposit money into your Bitvavo account via iDEAL
    Click here for more information about Bitvavo if you need it
  7. Buy Ethereum and then send it to your Ethereum address from your MetaMask wallet. You can find this address by clicking on the logo (image of a fox) in the top left corner of Metamask. Then click on your account to copy your address. This is at the bottom right of the logo.
  8. Wait for the Ethereum to arrive on your MetaMask wallet
  9. Search on Uniswap for LOOKS to swap/exchange your Ethereum for this currency.
  10. Swap the desired amount of Ethereum for LooksRare and confirm the swap through your MetaMask wallet
  11. Congratulations, you have successfully swapped your Ethereum for LooksRare!

Read a detailed explanation about Uniswap Protocol here.

LooksRare (LOOKS) price

Since January 10, 2022, the LooksRare coin can be found on Coinmarketcap. Despite the fact that the first weeks of the crypto market are characterized by sideways price action, the price of LOOKS has risen remarkably. The price of LOOKS went from € 2.22 to more than € 6.20 in just over a week. Due to the different ways in which you can get LOOKS, it is important to see what this does to the price. If traders immediately sell their LOOKS rewards, this can have a negative effect on the price.

In addition, the crypto market also provides opportunities for the future price of LOOKS. January 2022 is not characterized by euphoric price action. Many investors have been waiting months for their coins, which just won’t hold their way up. If the crypto market enters an upward trend and LooksRare adoption continues to increase, this could be very beneficial for the price of LOOKS. However, do your own research before you decide to invest in anything.

Suitable wallet for LooksRare

If you want to use LooksRare, there are several wallets that you can connect to the platform. Thanks to WalletConnect it is possible to connect to the LooksRare platform through more than 100 different types of wallets. For example, you can use your Metamask wallet or your Coinbase wallet on the platform.

The only problem is the Trezor devices. Trezor currently does not support EIP-712, so the devices in question cannot be used. LooksRare is still a very young project, which discovered this problem at a very early stage. This offers opportunities for the future, so that the problem may already have been solved when you read this article.

 

The LooksRare team

The LooksRare team can be found on the project’s website. Here you will not find an actual first and last name, but nicknames and illustrations as a profile picture. The team consists of 12 team members , none of whom make their LinkedIn known. However, each person has made his Github account known. Github is not a social media platform, so little information can be found here.

Some team members can also be found on Twitter. An example of this is the co-founder of LooksRare, named Zodd. In addition to Zodd, Guts is also a co-founder. The other team members mainly focus on the development of the product they live. Slug and Arya take care of the design, communication and marketing, resulting in a total of 8 team members working on the LooksRare product on a daily basis.

LooksRare on social media

If you want to stay informed about the developments around LooksRare, you can follow the project via various social media platforms. For example, the project has an Instagram account, where they have about 1,200 followers. However, the LooksRare team is totally inactive on this platform. They made one post, with an image of their logo. Since LooksRare is still a relatively young project, the focus may not be on Instagram for now, but this may change in the future.

A social media platform where the team is active is Discord. LooksRare has its own Discord channel, with about 52,000 members. Like thousands of others, this platform allows you to keep up to date with the developments surrounding LooksRare. In addition, Twitter is also a platform where you can follow the project. The team is very active on Twitter, where several posts appear every day. It is therefore no coincidence that the most followers are reached via this platform, namely more than 145,000 followers .

Critical note

Although LookRare looks very promising, there are always downsides to a project. Also for LooksRare, the project has points that you can discuss. For example, competition is a major challenge for LooksRare. OpenSea has the advantage of the adoption and brand awareness that LookRare has yet to gain. In addition to OpenSea, there are numerous NFT marketplaces that LooksRare will compete with.

Each blockchain has its own marketplaces, each of which has its own characteristics. Examples include Solsea and Solanart on the Solana blockchain, Artion on Fantom (FTM) and SuperRare, Mintable, Immutable X and Nifty Gateway on the Ethereum blockchain. So the competition is extremely fierce, but LooksRare has unique features that can help them compete.

In addition to all the different NFT marketplaces, there are also more and more exchanges that are developing their own marketplace. All trading platforms that are among the largest worldwide have their own NFT marketplace or are in the process of doing so. From Coinbase and Binance, to FTX and Kucoin. These platforms have millions of users, who can trade NFTs very quickly and easily thanks to these developments. This convenience is a big advantage of these exchanges, which a large part of the investors can easily use.

Conclusion

It is perhaps the niche within the crypto market, where there is the most competition. NFT marketplaces are being established as quickly as the NFT collections themselves. Each blockchain has multiple NFT marketplaces, which means there is a great deal of competition between them. Fortunately, NFTs are a very large market that can be of value in almost any industry. For example, there are NFT marketplaces that focus on items from certain games, or NFT marketplaces that focus on digital art.

However, the fact that an NFT marketplace will reward users for buying and selling NFTs is unique, which is a big plus for LooksRare. In addition, it is also very interesting that you can stake on the platform. The return for staking is very attractive. However, the return is not something that stays the same forever. This may of course change in the future.

There are NFT marketplaces that also offer staking, but these are mainly exchanges that offer both services. However, exchanges do not offer such a high return as LooksRare currently does (more than 500%, LOOKS and WETH rewards together). LooksRare has great ambitions, which is also reflected in their plans. However, the NFT market is a relatively young market, so a lot can still happen before it becomes clear which marketplaces will really play a major role in the crypto market.

Are you looking for more information or do you have any questions about NFT marketplaces or LooksRare? Or would you like to meet other crypto enthusiasts? In the AllesOverCrypto Facebook group you can ask questions and talk to more than 100,000 other crypto enthusiasts.

Do you have other crypto related questions? The easiest way is to look up your question in our FAQ. What you can also do is that you google your question + AllesOverCrypto. Please let us know what your thoughts are on LooksRare!

 

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