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.
How to Buy LOOKS on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing LOOKS. Some reputable platforms include HTX、Bybit、Bitget, and others.
Step 2: Register an Account
Here, we'll register an account on the Bybit(registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing LOOKS.
Step 5: Purchase LOOKS
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of LOOKS you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy LOOKS.
Step 6: Store Your LOOKS
After purchasing, you can choose to store your LOOKS in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and LOOKS assets, be sure to use a strong password and enable two-factor authentication.
LOOKS Price:LooksRare is a decentralized marketplace focused on trading non-fungible tokens (NFTs), operating on the Ethereum blockchain. It distinguishes itself by adopting a community-first approach, directly rewarding users for their participation and engagement within the ecosystem. Launched in January 2022, the platform aims to provide an alternative to existing NFT markets by emphasizing user rewards and decentralization.The price fluctuates daily, you can go to the exchange: Bybitto check the price.
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