The rise of Non-Fungible Tokens (NFTs) has led to the development of several NFT marketplaces, but LooksRare stands out due to its community-first approach and the unique rewards it offers to users. Central to this platform is its native cryptocurrency: LOOKS.
In this article, we’ll explore what LOOKS is, how it works, and how you can use it on the LooksRare platform.
What is LOOKS? An Overview of the LooksRare Token
LOOKS is the native utility token of LooksRare, a decentralized, community-driven NFT marketplace built on the Ethereum blockchain. Launched on January 10, 2022, by the anonymous founders “Zodd” and “Guts,” LooksRare offers rewards to its users, creators, and token stakers.
Unlike other NFT platforms, LooksRare places a significant focus on rewarding active participation, creating a unique value proposition for those involved.
What is LooksRare ($LOOKS)?
LooksRare is a decentralized marketplace that facilitates the buying, selling, and trading of NFTs. It operates on the Ethereum blockchain and charges a minimal 2% sales fee (paid in Wrapped Ether, WETH) on all NFT sales, excluding private sales. The platform is designed to prioritize community involvement, rewarding users for their participation.
Key Features of LooksRare:
- User Rewards: Participants who buy or sell NFTs on the platform are rewarded with LOOKS tokens.
- Redistribution of Platform Fees: 100% of the platform’s fees are distributed to stakers.
- Instant Royalty Payments: Creators receive royalty payments immediately upon the sale of their NFTs.
These rewards and features aim to encourage more users to actively trade and stake their tokens, thus enhancing the community-driven nature of LooksRare.
The Use Cases of LOOKS
LOOKS serves several key purposes within the LooksRare ecosystem. Here's a breakdown of its main use cases:
1. Staking Rewards
Users who stake their LOOKS tokens can earn over 700% APR (Annual Percentage Rate) in both WETH and LOOKS. There are two types of staking:
- Active Staking: LOOKS tokens are fully unlocked, allowing for trading while earning rewards.
- Passive Staking: LOOKS tokens are locked, meaning they can’t be traded while staked. Passive stakers don’t earn extra tokens.
2. Trading Rewards
Every time a user buys or sells NFTs on LooksRare, they are rewarded with LOOKS tokens, regardless of whether they are the buyer or seller (excluding private sales). Trading rewards are calculated daily and distributed to participants two hours after the day's end.
3. Platform Fees Redistribution
LooksRare charges a 2% sales fee on all NFT transactions. The WETH collected from these fees is distributed to users who have staked their LOOKS tokens. This distribution occurs every 6,500 Ethereum blocks (approximately 24 hours).
4. Listing Rewards
NFT traders earn LOOKS tokens for listing NFTs for sale on the platform. Every 10 minutes, eligible listings accumulate points, which are converted into LOOKS tokens and rewarded daily.
How to Buy LOOKS (LooksRare)
LOOKS tokens are now available on Coins.ph, making it easy for Filipinos to buy and trade cryptocurrency. Here’s how to get started:
Step 1: Fund Your Coins.ph Wallet
Log in to your Coins.ph account and cash in using options like bank transfers or e-wallets. For more details, check out our tutorial on how to cash in online to your Coins.ph wallet.
Step 2: Buy LOOKS
Once your wallet is topped up with PHP, go to the "Crypto" section and select "LOOKS" from the drop-down menu to convert your PHP into LOOKS tokens.
Join the LooksRare and Coins.ph Communities
Engage with other crypto enthusiasts and get the latest updates on NFTs, LooksRare, and cryptocurrency. Stay connected through our social media platforms:
- Twitter: @coinsph
- Discord: Coins Community
- Telegram (Announcements): Coins.ph Announcements
- Telegram (Community): Coins.ph Filipino Community
- Instagram: @coinsph
- Facebook: Coins.ph
- TikTok: @coinsph_official
- YouTube: Coins.ph Official
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.
%3F%20A%20Complete%20Guide%20to%20the%20LOOKS%20Token%20and%20Marketplace){kind=link}