LooksRare is a non-fungible token (NFT) platform that provides users with a trustworthy and user-friendly environment in which they may trade their tokens while also earning prizes and incentives for doing so. The following elements are included in it:
• $LOOKS: The LooksRare platform has its own cryptocurrency known as $LOOKS. Users of the platform earn an annual percentage yield (APY) of about 1,000%, which is quite appealing in comparison to certain other currencies.
• Collection offers: This platform does not have fixed floor prices; rather, it gives users the ability to bid their own amounts on each and every NFT that is made available through the platform.
• Awards for trading: Users of the LooksRare platform have the opportunity to earn rewards for doing nothing more than exchanging items. Staking the $LOOKS currency can earn you an interest rate of up to 600%, and any transaction that you make can reward you $LOOKS tokens.
The Skinny on It
Where do we stand, exactly? LooksRare
What is the price tag attached to it? 2% flat sales fee
Pros
• A flat cost of 2% (the rate for OpenSea is 2.5%, for reference).
• Users receive a reward for their participation in the platform’s activities and for staking the $LOOKS currency.
• Community members receive 75% of all available tokens, and all revenue is divided evenly across the network.
Cons
• As of right now, there is no method to buy assets on the site using non-crypto currencies like AUD, USD, or any other currency besides $LOOKS. The only currency accepted is $LOOKS.
• At this time, creators are not able to mint their own NFTs using this platform.
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What does LooksRare stand for?
On January 11 of this year, the LooksRare platform was released, promoting itself as a platform “by NFT people, for NFT people.” It was only a matter of weeks before LooksRare began to see promising momentum; in fact, there were numerous days within the first month of debut in which LooksRare’s trade volume topped that of OpenSea. It was only a matter of weeks before LooksRare began to see promising traction.
So, tell me, what exactly is LooksRare? It is a marketplace for non-fungible tokens, just like many other platforms, such as OpenSea or Magic Eden (non-fungible tokens). However, it sets itself apart from the competition by focusing especially on meeting the requirements of NFT developers as well as collectors. Additionally, it is notable for its one-of-a-kind cryptocurrency, which is referred to as LOOKS.
The LooksRare synopsis
The NFT trading platform known as LooksRare enables users to not only browse through collections but also purchase their favorites and create groups that may be customized. With the current surge in demand for rare digital items, the idea behind this marketplace has never been more popular than it is right now; consumers are embracing LooksRare for its lower transaction fees and values that put the community first.
LooksRare presents this
$LOOKS
The LooksRare Token ($LOOKS) is a cryptocurrency that may be used on the site to earn an annual percentage yield (APY) of approximately 1,000%, which is much higher than the APY offered by other tokens that are currently for sale. When LooksRare first launched its platform, the company offered customers an incentive to use it by airdropping some of its own cryptocurrency.
Additionally, individuals who possess this token are granted access to benefits in the form of trading fees earned through NFT exchanges. A staking system is used to divide the fees, and the whole amount of each stake is given to the collectors. This benefit is not offered by any other NFT platform.
Present in collection
You are able to submit bids on any NFT collections that are currently available thanks to this function within the LooksRare marketplace. The bidding mechanism gives you the ability to select the price for yourself, in contrast to other platforms where the minimum price is predetermined. You have the potential to save money off the quoted price by using this technique because other collectors will be competing against each other to place their bids.
Instantaneous Payment of Royalty
Creators are going to absolutely adore this feature because it makes it possible for them to get paid immediately for their effort. Because of LooksRare’s support for the EIP-2981 royalty standard, both buyers and sellers can feel assured when conducting business with the platform.
The Exchange of Rewards
On LooksRare, you can earn $LOOKS in one of three different ways:
• You can profit from trading. On LooksRare, you will acquire $LOOKS whenever you make a purchase or a sale of NFT.
• Staking $LOOKS. Because of this, you have the opportunity to earn an interest rate of up to 600 percent. Stakers in $LOOKS are entitled to a return of 100% of the Trading Costs.
• If you provide liquidity for the $LOOKS-ETH pair on Uniswap V2, you have the potential to earn extra $LOOKS rewards in addition to the standard bonuses that are offered to liquidity providers.
Community
According to the information provided on its website, community members are entitled to receive 75% of the total number of tokens. The implementation of this occurs through the use of airdrops, bounties, and voting privileges. Additionally, given that staking accounts for one hundred percent of the overall trading fees, all income are decentralized.
The user experience of LooksRare
In addition to having an interface that is simple to use, LooksRare also provides an excellent user experience by way of its on-chain analytics board. The board gives you the ability to monitor in real time the most recent transactions and NFTs that take place on the blockchain. In addition, you are able to view the number of bids and offers in conjunction with the corresponding prices.
At the time of this writing, LooksRare does not have a mobile version of its marketplace; however, development on such a version is currently underway.
Support for Customers at LooksRare
LooksRare’s customer service can be reached through the company’s official Discord server. You will be able to engage with both other users and the team that is responsible for LooksRare through this community channel.
Pricing for LooksRare items
When compared to OpenSea, LooksRare provides a more straightforward and user-friendly experience at a lower cost.
• Royalties to the Creator: Varies from 2.5% to 10%, Depending on the Creator
• The sales commission is a flat 2% (the commission for OpenSea is 2.5%).
Who Should Utilize the LooksRare Platform?
LooksRare is an excellent place to begin your collection of NFTs if you are just getting started with the hobby. It provides a wonderful experience for the user, competitive prices, and a large number of different collections from which to select.
If you are interested in selling your NFTs, you should think about using LooksRare as a potential selling platform. The website caters to an extensive user community and enables users to make quick royalty payments.
The Final Thoughts
Where do we stand, exactly? LooksRare
What is the price tag attached to it? 2% flat sales fee
Pros
• A flat cost of 2% (the rate for OpenSea is 2.5%, for reference).
• Users receive a reward for their participation in the platform’s activities and for staking the $LOOKS currency.
• Community members receive 75% of all available tokens, and all revenue is divided evenly across the network.
Cons
• As of right now, there is no method to buy assets on the site using non-crypto currencies like AUD, USD, or any other currency besides $LOOKS. The only currency accepted is $LOOKS.
• At this time, creators are not able to mint their own NFTs using this platform.
Would We Suggest That You Do It? We strongly suggest that you sign up for LooksRare if you are looking for a cryptocurrency platform that has an emphasis on its user community, offers incentives to those users, and does not charge exorbitant fees. However, despite the fact that it is still working on adding more features and continually improving itself, the platform is now very good and suitable for both novice and experienced traders.
What is the Most Profitable Non-Trading Company to Invest in?
When investors have selected the NFT platform that best suits their needs, the next step is to hunt for appropriate NFT cryptos in which to invest. We believe that Lucky Block will be one of the most successful cryptocurrencies to invest in throughout the year 2022. This is a competitive platform that is based on the NFT, and it hosts weekly drawings as well as NFT draws. Participation in the game is available to players through the purchase of NFTs that have been generated on the Lucky Block ecosystem.
The native cryptocurrency and utility token of Lucky Block is called LBLOCK, and it is located at the very heart of the network. The token was first traded in January 2022, and during the first two weeks of trading, early investors were immediately rewarded with a price increase of 1,100%. At this time, a single LBLOCK token can be purchased for $0.001 USD.
