Overview
LooksRare is a NFT marketplace that launched in January 2022 with the goal of becoming the top provider of NFTs in the crypto industry. LooksRare calls itself a community-first NFT marketplace.
Blockchains
Categories
Supported Languages
Pros & Cons
- Low Fee
- Reward System
- All revenue is decentralized
- Creators cannot mint their own NFTs on this platform
- You only can buy Crypto with their token $LOOKS
- Few search filters
Full Review
LooksRare is a NFT marketplace that launched in January 2022 with the goal of becoming the top provider of NFTs in the crypto industry. LooksRare calls itself a "community-first NFT marketplace."
LooksRare is a NFT marketplace based on rewards, where users earn rewards by trading NFTs on the plataform. This business model attract thousands of users in a very short period of time. Its an incentive system to reward users who participate in the plataform. These benefits are offered in the form of LOOKS coins, which is the native digital token of the LooksRare ecosystem.
LooksRare also calls itself a platform that is made “by NFT people, for NFT people”, where rewards empowers platform’s users and creators.
What cryptocurrencies are accepted on LooksRare?
LooksRare is an NFT trading platform built on the Ethereum blockchain. Users must hold Ethereum tokens (ETH) in order to buy non-fungible tokens (NFTs). Alternatively, they can use Wrapped Ethereum (WETH) or a combination of the two currencies to trade NFTs on LooksRare.
NFTs categories available on LooksRare
NFT marketplaces often display NFTs by category – such as gaming, art, music, and more. LooksRare lists NFTs by name rather than category to help users find their desired asset more easily.
When browsing the marketplace you will find out that the majority of NFTs belong to the category of artwork. You can also find audio and video formats, but there is no way to filter for these specifically.
LooksRare token and reward system
The LooksRare ecosystem runs with the help of its native token $LOOKS that can be purchase in descentralized and centralized exchanges such as Uniswap and Gate.io.
There are several ways to earn rewards using LOOKS tokens. One of the ways to earn rewards is through stacking their native token §LOOKS and earn a passive income. The other is through trading rewards. Every time you buy or sell an NFT on LooksRare, you will be able to earn rewards in the form of LOOKS tokens. There is no need to fulfill any minimum trading volume requirement to obtain these incentives.
In addition, LooksRare rewards users for listing NFTs from eligible collections.However, remember that when you claim your LOOKS rewards, you might have to pay gas fees.
LooksRare fees
LooksRare charges a flat fee of 2% on all transactions that take place on its NFT marketplace. In addition, when reselling digital tokens whose creators charge royalties, you may also have to pay royalty charges.
LooksRare security
LooksRare is a decentralized app and as such, it does not hold any of your personal information on its platform. You will be gaining access to the platform by connecting your private crypto wallet.
LooksRare has created a bug bounty program on ImmuneFi to encourage developers to spot vulnerabilities in its ecosystem.
LooksRare support
For customer service, LooksRare offers a Discord channel.
The Help Centre also provides some basic information about the features of the LooksRare platform, as well as instructions on how to buy and sell NFTs on the marketplace.
Bottom line
Looksrare is a relatively new project in the NFT space, but it is taking a unique approach to how platform activities can be rewarded and how users can benefit from the marketplace.
LooksRare is best suited for people who already have experience trading NFTs. It offers attractive features, such as the ability to earn rewards for buying and selling NFTs.