LooksRare NFT: A new generation NFT exchange

LooksRare NFT has quickly emerged as a standout platform in the dynamic cryptocurrency market. With its appealing features and transparent policies, LooksRare is not only challenging the “giants” of the industry but also attracting a growing number of new users. Let’s dive into this unique platform and explore its details.

What is LooksRare NFT?

LooksRare is an NFT marketplace built on the Ethereum blockchain. Launched in January 2022, LooksRare offers a new way to buy, sell, and create NFTs, with a particular focus on user benefits through a rewarding mechanism. Although the platform is relatively new, it has quickly gained attention from the community, especially NFT creators and investors. LooksRare has established itself as a formidable competitor to the current largest NFT marketplace, OpenSea.

Key features of LooksRare NFT

• Airdrop and Vampire Attack Strategy:LooksRare NFT made a strong impression from its launch with its remarkable Airdrop strategy. The platform executed a major Airdrop targeting users from other NFT platforms, especially OpenSea. Those who participated in this Vampire Attack strategy were gifted FREE LOOKS tokens, with the goal of attracting users from larger platforms and building a stronger community. This unique marketing strategy helped LooksRare NFT rapidly grow its user base and establish a loyal community.
• Reward Mechanism and Transaction Fee Rewards: One of the standout features of LooksRare NFT is its reward-sharing mechanism from transaction fees. While many other NFT platforms charge fees and keep all of them, LooksRare distributes 2% of the transaction fees to users who participate in staking LOOKS tokens. This not only incentivizes users to engage with the ecosystem but also creates a sustainable way for users to earn passive income from transaction fees.
• Staking LOOKS Token: LooksRare NFT provides a profit-making opportunity through staking LOOKS tokens. Users can participate in staking to earn rewards from the platform, with attractive annual percentage rates (APR). Staking not only helps users earn additional tokens but also contributes to the governance of the platform.
• Impressive Trading Volume: Although it was just launched in early 2022, LooksRare NFT has seen impressive trading volumes from the outset. On its launch day, the platform surpassed OpenSea in terms of total transactions in the first 24 hours, reaching over $322 million. This demonstrates the platform’s strong appeal and the trust the community has in LooksRare NFT.
• Transparency and Community Governance: LooksRare NFT utilizes a community governance mechanism, allowing LOOKS token holders to participate in crucial decisions related to the platform. Users can vote on proposals for improvements and policy changes. This mechanism helps maintain transparency and fosters greater community participation.
• Combining NFTs and DeFi: LooksRare is not just an NFT marketplace; it also integrates decentralized finance (DeFi) elements. Participation in staking, trading LOOKS tokens, and receiving rewards from transaction activities create an attractive DeFi environment for investors and users alike.
• Listed on Major Exchanges: LOOKS tokens are listed on several major exchanges, including FTX, Huobi, Binance, and Okex. Being listed on these reputable platforms helps LOOKS tokens gain easy access to investors and users worldwide.
• A Strong User Community: LooksRare NFT has built a highly dynamic and enthusiastic user community. This community is not only a space to share information and trade NFTs but also a platform for users to work together in shaping the future of the platform. Incentive strategies and rewards have helped LooksRare NFT secure strong support from its community.

LooksRare Token

LooksRare Token details

• Token name: LooksRare (LOOKS)
• Blockchain: Ethereum
• Token standard: ERC-20 (Ethereum token standard)
• Total supply: 1,000,000,000 LOOKS tokens
• Circulating supply: 101,796,014 LOOKS tokens (approximately 11% of total supply)
• Token type: Utility, Governance

Functions and purposes

LOOKS Token has two primary functions:

• Utility: This token is used within the LooksRare platform to pay transaction fees, participate in buying and selling NFTs, and reward staking participants.
• Governance: LOOKS holders have the right to participate in important platform decisions, such as altering transaction fees, product improvements, or proposing protocol changes.

LOOKS Token distribution mechanism

• 12% of the total token supply is allocated for Airdrops (distributed to users from other platforms, particularly OpenSea) to attract users to join LooksRare.
• 30% is allocated to the community, including staking rewards and other incentives for loyal users and those who engage with the LooksRare ecosystem.
• 18% is distributed to the development team, strategic partners, and early investors.
  The remaining 40% is reserved for the platform to ensure its long-term operations.

How to earn and own LOOKS Tokens

Buy on Major CEX and DEX

Users can purchase LOOKS tokens on popular exchanges like Uniswap, Huobi, MEXC, Hoo, and other CEX platforms. These platforms support quick and easy transactions, making it simple for users to participate in the NFT market.

Participate in buying, selling and creating NFTs on LooksRare

LooksRare is not just a marketplace for buying and selling NFTs; it’s also a platform for NFT creators. Users can create and sell their own NFTs directly on the platform. This feature expands the ecosystem and attracts creative members to join the platform.

Staking LOOKS Tokens

Users can participate in staking LOOKS tokens to earn rewards from transaction fees and grow their assets over time.

LooksRare NFT offers a promising NFT trading ecosystem with a reward-sharing mechanism from transaction fees and incentives for users to engage in staking LOOKS tokens. This not only builds a loyal user community but also ensures the platform’s sustainable growth. If you’re an NFT enthusiast and want to join a platform with great growth potential, LooksRare is definitely a platform worth considering.

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