LooksRare is a community-based NFT marketplace on Ethereum. $LOOKS is the native token of the platform, and 75% of the $LOOKS is distributed to the community members. The platform has adopted multiple means to attract and incentivize platform users. (Royalties are optional on LooksRare since Oct 28, 2022.)
LooksRare collects a basic sales fee of 2% (in $WETH) on all NFT sales excluding private sales. 75% of the fee collected will be distributed to $LOOKS stakers in a linear format per block every 6,500 Ethereum blocks (roughly 24 hours).
25% goes to creators if they’ve set up a receiving address. (If they haven’t, total fees are only 1.5%) Buyers can opt-in to pay optional royalties at check out.
LooksRare will provide eligible NFT collectors and traders with $LOOKS tokens as rewards. The rewards will be counted every 10 minutes in reward points and converted to $LOOKS daily.
All the buyers and sellers can be rewarded with $LOOKS according to their trading volume (except for private sales). Trading rewards are calculated and rewarded to users daily. 95% of trading rewards go to sellers, and 5% to buyers.
Trading rewards will be distributed over 4 phases with differing reward rates (see table below). The entire schedule of trading reward emissions will be over 4,686,250 Ethereum blocks (or approximately 721 days, using 6,500 blocks per day), at which point all LOOKS token emissions will come to an end as the ecosystem becomes fully self-sustaining.
$LOOKS stakers on the platform will be rewarded with $LOOS (apart from $WETH). The rewards will be distributed over 4 phases with different rates.
$LOOKS is the native utility token of LooksRare, which can be used for staking.
- Collection offer allows users to make an offer that covers all NFTs in a selected collection.
- Trait offer lets users buy any NFT with a specific trait in a collection.
- Multi-cancellation enables users to cancel multiple open orders in a single transaction (saving the gas fees).
As of Nov 23, 2022, LooksRare has listed a total of 22 team members on its site, with all their identities hidden behind pseudonymous accounts. The project was launched by Zodd and Guts, two unidentified founders that provide no further information about their background.