LooksRare Review: Is this NFT Platform Right for You?

LooksRare is an NFT platform that offers a reliable, streamlined experience for those looking to trade their tokens and earn rewards and incentives for doing so. It features the following:

• $LOOKS: The LooksRare platform has its own cryptocurrency that earns users nearly 1,000% APY, which is very attractive when compared to some other currencies.
• Collection offers: Instead of having fixed floor prices, this platform allows users to bid their own chosen amounts on every single NFT that is available through the platform.
• Trading rewards: Users on the LooksRare platform can receive rewards simply for making exchanges. Staking the $LOOKS currency can earn you up to 600% interest, while making any trade can earn you $LOOKS tokens

How does LooksRare Score?

What is LooksRare?

The LooksRare platform was launched on January 11 this year, branding itself as a platform “by NFT people, for NFT people”. It was only a matter of weeks before LooksRare began to see promising traction; in fact, there were several days within the first month of launch in which LooksRare’s trading volume exceeded that of OpenSea.

So, what is LooksRare? Like many other platforms such as OpenSea or Magic Eden, it is a marketplace for NFTs (non-fungible tokens). However, it differentiates itself by catering specifically to the needs of NFT creators and collectors. It also stands out for its unique cryptocurrency, LOOKS.

LooksRare summary

LooksRare is an NFT trading platform that lets users browse through collections, purchase their favorites and create customizable groups. The concept of this marketplace has never been more popular with the recent boom in rare digital goods; users are enjoying LooksRare for its lower transaction fees and community-first values.

LooksRare features ⭐⭐⭐⭐

$LOOKS

The LooksRare Token ($LOOKS) is a cryptocurrency that can be used on the site to earn nearly 1,000% APY, which is significantly better than other tokens available. When the platform first launched, LooksRare incentivized using the platform by airdropping its crypto to users.

This token also gives users access to rewards in the form of trading fees collected from NFT exchanges. The fees are distributed through a staking mechanism, in which 100% goes towards collectors – a perk not seen in other NFT platforms.

Collection offer

This feature within the LooksRare marketplace allows you to bid on any NFT collections available. Unlike other platforms where the floor price is fixed, the bidding system allows you to set the price for yourself. The advantage of this system is that you can get discounts on the listed price as other collectors bid against each other.

Instant Royalty Payment

Creators will love this feature, as it allows them to get paid for their work instantly. LooksRare supports EIP-2981 royalty standard so that both buyers and sellers can feel confident when transacting.

Trading Rewards

There are three ways to earn $LOOKS on LooksRare:

• Earn by trading. Every time you buy or sell NFT on LooksRare, you’ll get $LOOKS.
• Staking $LOOKS. This enables you to earn up to 600 percent interest. 100% of the Trading Costs are returned to $LOOKS stakers.
• By providing liquidity to the $LOOKS-ETH pair on Uniswap V2, you may earn more $LOOKS rewards in addition to the normal liquidity provider bonuses.

Community

According to its website, 75% of all total tokens are distributed to community members. This is done in the form of airdrops, bounties, and voting rights. Plus, all revenues are decentralized since 100% of the total trading fees are earned by staking.

LooksRare user experience ⭐⭐⭐⭐⭐

Aside from its user-friendly interface, LooksRare offers a great user experience with its on-chain analytics board. The board lets you track the latest transactions and NFTs on the blockchain in real-time. You can also see the number of bids and offers alongside their respective prices.

As of this writing, LooksRare doesn’t offer a mobile version of its marketplace, but it is currently in the works.

LooksRare customer service ⭐⭐⭐⭐

LooksRare customer support is available via LooksRare Discord. This community channel allows you to interact with other users as well as the team behind LooksRare.

LooksRare pricing ⭐⭐⭐⭐⭐

When it comes to pricing, LooksRare is less expensive and less complicated than OpenSea.

• Creator Royalties: Depends on the creator (2.5%-10%)
• Sales Fee: Flat 2% (for comparison, OpenSea is 2.5%)

Who Should Use LooksRare?

If you are just starting to collect NFTs, LooksRare is the perfect place for you. It offers a great user experience, lower prices, and a wide variety of collections to choose from.

If you are looking to sell your NFTs, then you should consider using LooksRare. The site has a large community of users and supports instant royalty payments.

FAQs