The LooksRare ecosystem thrives on the utility of the LOOKS token, which is central to its vibrant platform, enabling staking to receive trading fees and rewarding user participation.
So, what exactly is the LooksRare NFT Marketplace? In this guide, we also answer: What are the top LooksRare features? Can you get free LOOKS tokens? LookRare vs OpenSea: Which is better? How to mint, buy, and sell NFTs on the LooksRare platform?
So, let’s dive right in!
If the LooksRare NFT marketplace interests you, then you might want to look at how to buy NFTs on the platform. Here are the steps:
For those who prefer accessing the marketplace on the go, the LooksRare Mobile App offers a seamless experience, allowing users to browse, check earnings, track their portfolio, and more, directly from their mobile device.
Connect your wallet to the LooksRare website to start buying or selling NFTs!
If you already have an NFT, here are the steps to sell it on the LooksRare NFT marketplace:
It is also worth noting that LooksRare has an added feature called “Conditional Listing”. Essentially, it allows users to list two items for sale. However, there’s a catch—when one item is sold, the other listing gets cancelled. This feature is useful for creators who want to sell one NFT but don’t mind which one.
The LooksRare token (aka LOOKS) is the marketplace’s native ERC-20 token based on the Ethereum blockchain. The fact that LooksRare has its own token sets it apart from other major NFT marketplaces like OpenSea. With a total supply of 1 billion and a circulating supply, which refers to the number of tokens available for trading, the LOOKS token is crucial for calculating its market capitalization. Currently, the LOOKS token is trading at $0.28 (at the time of writing), with its market cap determined by multiplying this price by its circulating supply.
Indeed, LOOKS is at the heart of LookRare’s various rewards programs. Typically, LooksRare users can stake the token for rewards. Besides, the platform rewards active traders for listing select NFT collections for sale. Users can also get trading rewards for buying and selling NFTs from select collections.
LOOKS is the marketplace’s native token.
As previously mentioned, LooksRare has several features in place to attract users with rewards. Among these, a popular one is “listing rewards”. To explain, the listing rewards program rewards NFT collectors and traders with LOOKS tokens merely for listing NFTs for sale on the platform. Every 10 minutes, sellers receive points for all their eligible listings.
Naturally, it begs the question: what makes a listing eligible for reward points? Firstly, the NFT must belong to one of the top 5 eligible NFT collections by 24-hour trading volume. The listing should be active, with a price not more than 1.4x the global collection floor price. Furthermore, the item must be on sale for at least 10 minutes, must be within the maximum limit of 200 eligible listings per collection, and should not expire before 1 hour of each snapshot.
One of the key features of LooksRare is LOOKS token staking. Put simply, users can stake their LOOKS tokens to earn an income in the form of wETH or LOOKS. In fact, the platform offers two types of staking:
To start staking, head to LooksRare’s homepage and click the “Rewards” tab. You can either do “standard staking” or auto-compound your tokens. In the former, you stake the amount of tokens you want for rewards. Conversely, in the latter, your staking rewards will be automatically re-staked.
The rewards you receive are calculated at the end of each period and depend on a number of factors. This includes the daily average trading volume and whether you compound your tokens, among others. Finally, when you unstake your tokens, your final rewards and the originally staked tokens will be added to your wallet.
All things considered, LooksRare is one of the biggest OpenSea competitors. At the time of writing, OpenSea took the top spot for NFT marketplaces by all-time trading volume (approximately $34.5 billion), followed by LooksRare at the fifth position ($1.7 billion). But which marketplace is really better?
Let’s take a look at some key differences between the two:
At the end of the day, the NFT marketplace you choose will depend entirely on your preferences. As OpenSea has been around for longer, many NFT users tend to prefer it over newcomers. Alternatively, those who wish to earn rewards and enjoy LooksRare’s additional feature, opt it over OpenSea. Nonetheless, whichever platform you choose, it is essential to do your own due diligence.
