Buy LooksRare (LOOKS)

What is LooksRare?

LooksRare is a decentralised, community-driven NFT marketplace built on the Ethereum blockchain. It rewards traders, token holders, creators, and collectors with its native utility token, LOOKS. The platform aims to offer a cost-effective trading experience with community engagement, reinvesting a portion of earnings back into the users.

How does LooksRare work?

LooksRare operates through a hybrid system that combines off-chain orders and on-chain execution. It employs smart contracts to manage trades, validate strategies, and handle transactions securely. It supports features like staking, automated compounding, and multi-purchase transactions to enhance user experience and reduce costs. Community governance plays a key role, allowing users to participate in decision-making processes.

What are the potential use cases for LooksRare?

LooksRare's primary use cases include NFT trading and collecting, community governance, and participation in decentralised finance through staking and earning rewards. The platform facilitates community engagement through events and mini-games, and its partnership with Rarity Sniper enhances NFT rarity data for better trading decisions. Its staking and reward systems also align it with the DeFi sector.

What is the history of LooksRare?

Founded by anonymous co-founders known as Zodd and Guts, LooksRare was launched on January 10th, 2022. It quickly gained traction, recording significant trading volumes shortly after launch. Emphasising a community-centric approach, it implements innovations like modular smart contracts and unique reward mechanisms. The platform has evolved by updating its reward programs and tackling NFT royalty issues, and it continues to expand into areas like on-chain gaming to increase user engagement and market presence.