What is LooksRare (LOOKS)
LooksRare is the community-first NFT marketplace.
- Buy & Sell NFTs, Get Rewards.
Traders, collectors, and creators get rewards from LooksRare for active participation. Part of being community-first means that LooksRare rewards gives back to the platform’s users and creators.
Its community-first approach:
- Get rewarded
- Share the protocol fees
- Creators get paid instantly
LooksRare’s smart contracts are exceptionally worked inside a particular framework that enables new elements to be carried out over time without compromising security.
New types of interactions can offer by LooksRare, such as:
- Collection offer
- Trait offer
- Multi-cancellation
LOOKS Tokenomics
- LOOKS is the native token of the LooksRare protocol.
| Percentage of Supply | ||
|---|---|---|
| Airdrop | 12% | |
| Strategic Sale | 3.3% | |
| Liquidity Management | 1.7% | |
| Volume Rewards | 44.1% | |
| Staking Rewards | 18.9% | |
| Founding Team | 10% | |
| Treasury | 10% | |
| Total Supply | 100% |
LOOKS Governance
The community of LOOKS holders has included a different field of engineers, developers, experts, and supporters of the project to develop the LooksRare platform which will want to share and exchange views on the overall direction of the project.
To promote decentralized community governance for the protocol, LOOKS would allow holders to propose and vote on governance proposals to decide future upgrades, features as well as boundaries of the LooksRare protocol, or provide feedback (criticism), with voting weight determined in proportion to how much tokens held.
The right to vote is limited exclusively to deciding on features of the LooksRare protocol; it doesn’t qualify LOOKS holders to vote on the operation and management of the Organization, its members, or their resources or the disposition of such resources for token holders, or select the governing body or comparable groups of these entities, or decide the improvement heading of these entities, nor does LOOKS comprise any equity interest in any of these entities or any collective investment scheme the plan isn’t expected to be any type of joint venture or partnership.
Information on the LOOKS token
Important to note that LOOKS doesn’t represent any shareholding, right, title, participation, or interest in the protocol, their respective affiliates, the distributor, or any other company, enterprise, or undertaking.
LOOKS doesn’t entitle token holders to any commitment of expenses, profits, income, benefits, or investment returns. Ownership carries no rights, express or implied, other than the right to use LOOKS as a means to enable usage of and interaction within the LooksRare protocol, LOOKS can only be used on the LooksRare platform. LOOKS is designed to participate in the platform ecosystem so users enjoy rewards in the form of LOOKS and other digital assets.
LOOKS Staking Rewards
When anyone stake LOOKS, they also earn additional LOOKS on top of the trading fee rewards received in WETH. Staked LOOKS tokens are auto-compounded for users that wish to simply leave their LOOKS tokens stakes.
| Features | Details |
|---|---|
| Type | Community-first NFT marketplace. |
| Participation Rewards | Earn rewards for buying, selling, and active involvement in the LooksRare community. |
| Community-first Approach | Users get rewarded, share protocol fees, and creators receive instant payments. |
The future of NFTs
NTFs will play a tremendous part in the development of the metaverse. It is assessed that the arising computerized environment will produce one trillion bucks in yearly income soon, and that implies that NFTs will turn into a major structure block in the advanced world.
The improvement of NFTs, blockchains and cryptocurrency will prompt greater work open doors, and straightforwardness. NFTs are turning out to be more famous in various enterprises and callings that arrange their exchange.
- Video games have an immense market and NFTs would fit impeccably into the virtual world, permitting players to purchase special game resources.
- NFTs will partake in a critical job in web-based networks, occasions, and acquisition of computer game resources, advanced characters, and resources.
- NFTs will help more freedom, permitting artists to make things and offer to their audience without hanging tight for long cycles.
Conclusion
NFTs are shaping the crypto market in a whole new way and it is going to create many other income sources in the future, but there are other coins also present in the market which deals in NFTs and are similar to LooksRare.
LooksRare is in the early stage and has a long way to go in the NFT marketplace.
Remember that the crypto market is highly uncertain and volatile there is a possibility that well-performing coins can give losses also so it’s important to do the research first before investing in any coin. Cryptocurrency in general can give unexpected results anytime, so you should never invest what you can’t bear to lose.
Disclaimer: Cryptocurrencies are unregulated, highly volatile, uncertain, and risky. Each individual must do his/her own research or seek independent advice if necessary before initiating any transactions or decision in crypto products and NFTs. The view, thoughts, perspectives, and opinions communicated in the article belong solely to the author. CryptoHott shall not be held liable for any acts or omissions, or losses incurred by the investors.