LooksRare is a decentralized, community-first NFT marketplace. The protocol was released on the Ethereum blockchain with an ERC-20 utility token — LOOKS — in January 2022.
The LooksRare platform enables individuals to trade non-fungible tokens, with an emphasis on rewarding users for their participation.
The LOOKS token serves a handful of functions within the LooksRare ecosystem:
100% of trading fees are earned by users who ‘commit’ their LOOKS in the form of Protocol Rewards
Every (non-private) trade incurs a Trading Reward, which acts as a LOOKS rebate for the fee paid on LooksRare trades (currently 0.5%, collected in ETH)
It can be used to participate in exclusive drops and other token-gated applications
Who Founded LooksRare?
LooksRare was launched by pseudonymous founders Guts and Zodd as a decentralized alternative to OpenSea.
How Many LOOKS Tokens Are There?
LOOKS has a maximum supply of 1,000,000,000 tokens. Over 90% now form part of the circulating supply.
Upon launch, 75% of the maximum supply was earmarked for the community:
12% was issued in an airdrop
18.9% was reserved for those who commit LOOKS
44.1% was reserved for volume rewards — incentivizing participation on the platform
According to its emission schedule, LOOKS will reach its maximum supply two years from its release. The platform collects a 0.5% transaction fee in WETH on all NFT sales. Each 6,500 Ethereum blocks (approximately 24 hours), the collected fees are linearly redistributed to LOOKS committers over the next 6,500 blocks.