TL;DR
- LOOKS is the native token for LooksRare, a community-focused NFT marketplace that actively rewards traders, token stakers and creators for participating on the platform.
- LOOKS is now listed on Coins.ph, one of the first licensed and regulated cryptocurrency exchanges in the Philippines, where Filipinos can easily convert PHP to buy and use cryptocurrency.
What is LooksRare ($LOOKS)?
LooksRare is a community-first Non Fungible Token (NFT) marketplace built on Ethereum that actively rewards traders, collectors and creators for participating. The platform charges a 2% sales fee (in WETH) on all NFT sales, excluding private sales.
The community-first NFT marketplace is driven by three main pillars:
- User Reward: users buying or selling NFTs on the platform receive LOOKS, the native token of the NFT marketplace.
- Redistribution of Platform Fees: 100% of generated fees go to stakers.
- Instant Royalty Payment: creators receive royalty payments at the moment of sale.
It was launched by two anonymous founders, “Zodd” and “Guts” on January 10, 2022.
What is LOOKS?
LOOKS is the native utility token of the LooksRare platform that powers the NFT marketplace.
What Are The Use Cases of LOOKS?
LOOKS is namely used for four main purposes on the platform:
- Staking Reward. LooksRare users can stake their LOOKS tokens on the platform to receive over 700% APR in WETH (wrapped Ether) and LOOKS. The APR will then decrease over time as more stakers come on board. In summary, there are two main types of staking – active and passive. For active stakers, their LOOKS tokens are fully unlocked. However for passive stakers, their LOOKS tokens are locked for trading. Passive stakers also do not earn extra tokens when they stake LOOKS.
- Trading Reward. The LOOKS token is also a form of reward for incentivizing active participants on its platform, which includes users and creators. Users get rewarded with LOOKS tokens when they buy and sell NFTs from selected collections on the LooksRare platform. Both the buyer and seller of an NFT earn rewards for their trading volume (except for private sales). Trading rewards are calculated daily and rewarded to users 2 hours after the end of each day.
- Platform Fees Distribution. LooksRare 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 stakers.
- Listing Reward. NFT collectors and traders can also earn LOOKS tokens just by listing NFTs for sale on LooksRare. Traders receive points for their eligible listings every 10 minutes, which are converted into LOOKS once daily.
How to Buy LOOKS?
$LOOKS is now on Coins.ph! Learn how to buy LOOKS in 2 steps:
Step 1: Log in to your Coins account then make a cash in. You can use bank transfer and e-wallet options to top up your PHP wallet. Read this tutorial on “How to Cash In Online to your Coins.ph Wallet”
Step 2: Tap Crypto and select “LOOKS” from the drop-down menu to convert your PHP.
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
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