Perhaps the expectations that it will outshine the current #1 at the top, OpenSea, is improbable. But it’s here and here with a bang! LooksRare NFT Marketplace is live on the blockchain. What does it do to celebrate this
So, how does LooksRare celebrate this grand moment? Well the only way you can really. By distributing 120 million(!) tokens to the users of the OpenSea platform for a total amount of about $210 million. Talk about making an introduction! Let’s dissect this a bit.
What is LooksRare?
From its official launch statement: “LooksRare is the community-first NFT marketplace that actively rewards traders, collectors and creators for participating.”
That’s straightforward enough. But what’s the rationale behind yet another NFT marketplace? Well, this is how the developers behind LooksRare explain it: “Because the NFT community deserves better.”
“Because the NFT community deserves better.”
They continue by explaining:
“We, the NFT community, are tired of not being taken seriously by market leaders.
We’re tired of the deplatforming of creators, and the decision makers who value business over community, seeking IPO instead of benefiting the communities that got them there.
So we’re building something better.”
How does LooksRare work?
By indexing all NFT collections on the Ethereum blockchain, LooksRare enables the user to trade all Ethereum NFTs that are available on OpenSea. But not only that they also allow collectibles that aren’t tradeable on OpenSea, meaning uniquely on LooksRare.
What’s the fee on NFT traders with LooksRare?
Interestingly enough, LooksRare is looking to slightly undercut most of the competition by offering a lower standard fee than for instance OpenSea (at 2.5%). LooksRare’s fee on all NFT trades is 2%.
Even more interesting is that those fees are earned directly by the LOOKS stakers.
What’s available from launch?
“We’re not half-assing this thing.”LooksRare developers
Obviously not everything. But the basics are there, these have been highlighted in the official release notes:
- Buy and sell NFTs in ETH, WETH, or a mix of both
- Make offers on NFTs in WETH
- Make an offer on all NFTs in a selected collection: “Collection Offers”
- Earn daily trading rewards
- Earn a share of the platform’s trading fees by staking your LOOKS
With promises of much more coming soon, including features NFT evangelists have become used to with other marketplaces
In their own words: “We’re not half-assing this thing.”