After the NFT surge of 2021 where Bored and Mutant Ape’s were sold for mind boggling numbers, the OpenSea platform formed the biggest NFT-marketplace for buying, selling, and creating digital art.
But with great power comes great responsibility! Insider trading, exploits and other centralization issues formed the need for some changes in the NFT-landscape.
LooksRare is a decentralized, community-first NFT marketplace that rewards creators, stakers and traders for their participation on the platform. Unlike OpenSea, LooksRare is a completely decentralized entity with better conditions.
The project was launched on January 10th by two unidentified founders with the pseudonym “Zodd” and “Guts”. The overall LooksRare team consists out 12 other members looking to change the NFT-landscape. When we think about the OpenSea with 200 teammembers, LooksRare has a lot of room to grow when it can scale.
This review of LooksRare – LOOKS was created for informational purposes. This article is not intended for promotion.
LooksRare rewards their market participants with giving them the opportunity to earn LOOKS tokens. By trading, staking or providing liquidity, users can earn LOOKS rewards. But not only this, regular staking comes with the added benefit of earning Wrapped Ether – wETH rewards, coming from platform trading fees.
OpenSea charges a fee of 2.5% on all sales. Whilst LooksRare only charges a fee that amounts to 2% on public and private sales.
Each day rewards are paid out to the active and passive stakers.
Rewards are earned by two groups of stakers, different groups are divided in the way they stake. A) Active stakers, whose staked LOOKS tokens are unlocked. B) Passive stakers that hold LOOKS tokens that can’t be traded, meaning Team allocation, treasury and strategic sale tokenholders,…
In this example the buyer of the Bored Ape got $3.5k in trading rewards. On Opensea, he would have gotten none.
The seller of the Bored Ape saved $1.5k in fees and got $3.5k in trading rewards. $5k+ more than he would have gotten on OpenSea.
LOOKS is the native token of NFT marketplace LooksRare and can be used for;
Users can stake LOOKS on the platform and receive a very high APR (up to 500%), with additional Wrapped Ether – wETH rewards.
The token is used to pay out following participants of the LooksRare marketplace, consisting out; users who buy and sell specific NFT-collections and LOOKS stakers who are rewarded with 100% of their trading fees.
The LOOKS token airdrop is a marketing stunt whereby users are rewarded for participation in the NFT-space and drawn onto the LooksRare platform.
You are eligible for the LOOKS airdrop, if you have traded a minimum of 3 ETH on the OpenSea platform during the period, starting from 16th of June until the16th of December 2021.
Users need to create a LooksRare account to check their eligibility for the airdrop. And if you know you traded more than the required minimum you’re in for a treat. The higher the volume, the higher the LOOKS reward.
You can choose to either hold and stake your LOOKS airdropped tokens, to earn additional rewards or you can choose to swap them for a different cryptocurrency and sell them on the market.
.
If you’re looking to explore a new marketplace and want to earn rewards for doing so, then LooksRare may be worth giving a look. Also, holding the LOOKS token offers a stake in the platform’s revenue generation. The bigger the platform grows, the more the LooksRare token LOOKS could profit.
Moreover, with the massive turnover that NFT marketplaces see and could continue seeing, there’s an opportunity for LOOKS holders to harvest transaction fees – something that’s impossible for OpenSea users.
LooksRare has created a community-based NFT-marketplace that actually gives back to the users and creators instead of creating problems for those who choose to use their platform. The platform does this by distributing its earnings back to the community in the form of rewards. If you’re looking to explore a new marketplace and want to earn rewards for participating in the NFT-space, then LooksRare may be worth your time.
Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.
Start learning about crypto at YourCryptoLibrary
