LooksRare is a decentralized NFT marketplace that prioritizes community engagement. Launched on the Ethereum blockchain in January 2022, LooksRare operates with an ERC-20 utility token called LOOKS.
The LooksRare platform allows users to trade non-fungible tokens while rewarding them for their active participation. The LOOKS token serves various purposes within the LooksRare ecosystem:
Protocol Rewards: Users who stake their LOOKS tokens earn 100% of the trading fees generated on the platform.
Trading Rewards: Each trade on LooksRare incurs a Trading Reward, which is a LOOKS rebate equivalent to 0.5% of the fee paid in ETH.
Access to Exclusive Drops: LOOKS tokens can be used to participate in exclusive drops and other token-gated applications.
LooksRare was founded by pseudonymous individuals known as Guts and Zodd, aiming to provide a decentralized alternative to platforms like OpenSea.
The total supply of LOOKS tokens is capped at 1,000,000,000. Over 90% of the tokens are currently in circulation. Upon launch, 75% of the maximum supply was allocated for the community, distributed as follows:
12% through an airdrop
18.9% for users who commit LOOKS
44.1% for volume rewards, incentivizing platform participation
According to the emission schedule, LOOKS tokens will reach their maximum supply two years from the release date. The platform collects a 0.5% transaction fee in WETH (Wrapped Ethereum) on all NFT sales, and these fees are redistributed linearly to LOOKS committers over specific blocks of time.
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