About LooksRare
What Is LooksRare (LOOKS)?
LooksRare is a decentralized, community-first NFT marketplace. The protocol was released on the Ethereum blockchain with an ERC-20 utility token — LOOKS — in January 2022.
The LooksRare platform enables individuals to trade non-fungible tokens, with an emphasis on rewarding users for their participation.
The LOOKS token serves a handful of functions within the LooksRare ecosystem:
- 100% of trading fees are earned by users who ‘commit’ their LOOKS in the form of Protocol Rewards
- Every (non-private) trade incurs a Trading Reward, which acts as a LOOKS rebate for the fee paid on LooksRare trades (currently 0.5%, collected in ETH)
- It can be used to participate in exclusive drops and other token-gated applications
Who Founded LooksRare?
LooksRare was launched by pseudonymous founders Guts and Zodd as a decentralized alternative to OpenSea.
How Many LOOKS Tokens Are There?
LOOKS has a maximum supply of 1,000,000,000 tokens. Over 90% now form part of the circulating supply.
Upon launch, 75% of the maximum supply was earmarked for the community:
- 12% was issued in an airdrop
- 18.9% was reserved for those who commit LOOKS
- 44.1% was reserved for volume rewards — incentivizing participation on the platform
According to its emission schedule, LOOKS will reach its maximum supply two years from its release. The platform collects a 0.5% transaction fee in WETH on all NFT sales. Each 6,500 Ethereum blocks (approximately 24 hours), the collected fees are linearly redistributed to LOOKS committers over the next 6,500 blocks.
What is LooksRare (LOOKS)?
LooksRare is a decentralized marketplace focused on the trading of non-fungible tokens (NFTs) and operates on the Ethereum blockchain. It distinguishes itself by adopting a community-first approach, directly rewarding its users for their engagement and participation within the ecosystem. The platform was introduced in January 2022, aiming to provide an alternative to existing NFT marketplaces by emphasizing user rewards and decentralization.
The native cryptocurrency of LooksRare, known as LOOKS, is an ERC-20 token that plays a crucial role within the platform. It facilitates several key functions, including:
- Rewarding users with 100% of trading fees collected by the platform when they stake their LOOKS tokens.
- Offering a trading reward system where users receive a rebate in LOOKS tokens for the fees paid on their transactions, which is currently set at a rate of 0.5% of the trade value, paid in Ethereum.
- Allowing token holders to access exclusive NFT drops and participate in token-gated events or applications.
The initiative was founded by individuals operating under the pseudonyms Guts and Zodd, who sought to create a more decentralized and user-centric alternative to the dominant NFT marketplaces.
How is LooksRare (LOOKS) secured?
LooksRare, a decentralized NFT marketplace, prioritizes the security of its users' assets through a combination of technical and organizational measures. The platform, which operates on the Ethereum blockchain, employs a sophisticated security framework to safeguard transactions and user data.
One of the key security features of LooksRare is the implementation of a snapshot mechanism for Binance Smart Chain (BSC) holders' wallets, coupled with a hash tree mechanism. This approach ensures the integrity and security of transactions on the platform. Furthermore, LooksRare is part of the Sei ecosystem, which is dedicated to continuous innovation and upgrades in security protocols to protect against evolving threats and vulnerabilities.
In addition to these technical measures, LooksRare engages in regular security audits conducted by reputable third-party firms. These audits are essential for identifying potential security weaknesses and ensuring that the platform's defenses remain robust against attacks.
Another layer of security comes from the platform's use of a reputable staking platform. This allows users to 'commit' their LOOKS tokens to earn rewards, including 100% of trading fees as Protocol Rewards. The staking mechanism not only incentivizes participation but also adds an extra layer of security by decentralizing the distribution of rewards and reducing the risk of manipulation.
LooksRare's commitment to security is further demonstrated by its responsive approach to potential security incidents. The platform has established protocols for quickly addressing and mitigating any security breaches, ensuring the safety and confidentiality of users' assets.
How will LooksRare (LOOKS) be used?
LooksRare, a decentralized NFT marketplace, leverages its native utility token, LOOKS, to foster a community-driven trading environment. This platform, which emerged on the Ethereum blockchain, distinguishes itself by rewarding its users for engaging in various activities, including trading, collecting, and creating NFTs. The utilization of LOOKS within this ecosystem is multifaceted, providing users with several avenues to engage with and benefit from the platform.
One of the primary uses of the LOOKS token is to enable users to earn 100% of trading fees as Protocol Rewards. This is achieved when users commit their LOOKS tokens to the platform. Additionally, every non-private transaction on LooksRare generates a Trading Reward, offering a LOOKS rebate equivalent to a portion of the fee paid for the transaction, currently set at 0.5% and collected in WETH. This mechanism not only incentivizes platform use but also ensures that the benefits of trading on LooksRare are directly passed back to its users.
Furthermore, the LOOKS token grants access to exclusive drops and other token-gated applications, enhancing the user experience by providing opportunities for unique acquisitions and interactions within the ecosystem. This aspect of LOOKS utility underscores the platform's commitment to rewarding active participation and fostering a vibrant community of NFT enthusiasts.
The strategic distribution of LOOKS tokens, with a significant portion earmarked for the community, aligns with LooksRare's vision of a decentralized and user-centric marketplace. The emission schedule of LOOKS, designed to reach its maximum supply within two years of its launch, coupled with the redistribution of transaction fees to LOOKS committers, exemplifies the platform's innovative approach to creating sustainable rewards for its users.
What key events have there been for LooksRare (LOOKS)?
LooksRare has experienced several significant milestones since its inception, reflecting its growth and development in the blockchain and NFT marketplace. The platform, which emphasizes a community-first approach, has made notable strides in enhancing its infrastructure and offerings to users.
One of the foundational developments for LooksRare was the creation of their Typescript SDK, which facilitates the development of applications that interact with the LooksRare ecosystem. This SDK is crucial for developers looking to build on or integrate with the platform, showcasing LooksRare's commitment to fostering a developer-friendly environment.
In addition to the SDK, LooksRare has developed token and staking contracts, alongside shared Solidity libraries. These contracts are essential for the functionality of the LOOKS token within the ecosystem, enabling users to stake their tokens and participate in the platform's governance. The shared Solidity libraries, on the other hand, provide reusable code that can help streamline smart contract development.
The platform has also introduced a template for Solidity smart contracts and a subgraph, further supporting developers in creating and deploying decentralized applications (dApps) on LooksRare. These tools are indicative of LooksRare's dedication to innovation and its support for the broader developer community.
Moreover, LooksRare's active GitHub repositories, such as contracts-aggregator and contracts-raffle, highlight the platform's ongoing efforts to enhance its offerings and engage with the open-source community. These repositories serve as a resource for developers and contribute to the transparency and collaborative nature of the project.
On the user-facing side, LooksRare has made significant strides in establishing itself as a major player in the NFT marketplace. The platform's launch on the Ethereum blockchain with an ERC-20 utility token, LOOKS, marked a pivotal moment. This launch introduced a decentralized, community-first marketplace for trading NFTs and digital collectibles, distinguishing LooksRare from other marketplaces by rewarding users for their participation.
The LOOKS token plays a central role in the ecosystem, offering various utilities such as earning 100% of trading fees as protocol rewards, receiving trading rewards in the form of LOOKS rebates, and participating in exclusive drops and token-gated applications. This tokenomics model incentivizes active participation and investment in the platform, aligning the interests of users with the long-term success of LooksRare.
Who are the founders of LooksRare (LOOKS)?
LooksRare, a decentralized NFT marketplace, was founded by two individuals known by their pseudonyms, Guts and Zodd. This platform, which emphasizes a community-first approach, was introduced to the Ethereum blockchain in January 2022. It stands out for its unique model of rewarding users who actively participate in its ecosystem.
The founders aimed to create an alternative to existing NFT marketplaces by ensuring that the benefits and rewards directly reach its community members. This is evident in the platform's structure, where 100% of trading fees are returned to users who stake their LOOKS tokens, the native ERC-20 utility token of LooksRare. These tokens not only facilitate the reward system but also allow holders to engage in exclusive events and applications within the ecosystem.
