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What is LooksRare (LOOKS)?

LooksRare basic info

Name:LooksRare
Ticker:
LOOKSBuy now
Introduction:

What Is LooksRare?

LooksRare is a community-first NFT marketplace that has rapidly emerged as a formidable competitor to established platforms like OpenSea. Founded “by NFT people for NFT people,” LooksRare distinguishes itself with a strong focus on rewarding its users - traders, creators, and collectors alike. Launched in January 2022, the platform made a splash in the NFT world with an airdrop to wallets that had transacted a minimum of 3 ETH in volume on OpenSea, marking its entry with a user-centric approach.

LooksRare is driven by a democratic and user-oriented culture, reflecting a shift in the NFT marketplace landscape. This approach is embedded in its tokenomics, with a significant 75% of its total token supply reserved for the community. This strategy positions LooksRare not just as a marketplace but as a stakeholder-driven ecosystem in the burgeoning NFT space.

Resources

Official Documents: https://docs.looksrare.org/developers/welcome

Official Website: https://looksrare.org/

How Does LooksRare Work?

LooksRare operates on a modular smart contract architecture, which allows for the gradual introduction of innovative features. This flexibility is key to its adaptability and growth in the fast-evolving NFT market. The platform offers unique functionalities like the ability to bid on entire NFT collections or specific attributes within a collection, and the convenience of canceling multiple orders simultaneously. These features enhance the user experience, making the platform more accessible and efficient for diverse NFT trading activities.

The platform’s trading mechanism is straightforward yet innovative. Users can trade NFTs directly from their wallets, such as MetaMask, and engage in transactions using ETH or WETH. LooksRare undercuts its rivals by charging a flat 2% fee on all trades, compared to OpenSea’s 2.5%. Additionally, it incentivizes trading by rewarding users in its native LOOKS token. This reward system has been a key driver in attracting and retaining users on the platform.

Another critical aspect of LooksRare is its commitment to instant payouts for creators, ensuring they receive their royalties at the moment of sale. This feature not only supports creators but also fosters a healthy and sustainable ecosystem for NFT creation and trade. The platform’s no-censorship mechanism and support for community creators further underscore its commitment to a decentralized and user-empowered marketplace.

What Is LOOKS Token?

LOOKS is the native governance token of the LooksRare platform. With a total supply of 1 billion tokens, LOOKS plays a central role in the ecosystem. The token distribution is designed to support community engagement: 44.1% are allocated for trading rewards, 18.9% for staking rewards, and 12% were distributed in the initial airdrop. The remaining tokens are reserved for ecosystem development, team incentives, strategic sales, liquidity management, and additional airdrops.

The LOOKS token not only serves as a reward mechanism but also empowers users with governance capabilities, allowing them to participate in key decision-making processes within the platform. This approach aligns with the broader ethos of decentralization in the Web3 space, where community and user involvement are paramount. The token’s utility and distribution model reflect LooksRare’s commitment to creating a truly community-driven NFT marketplace.

What Determines LooksRare's Price?

The price dynamics of LooksRare, particularly its native token LOOKS, are influenced by a variety of factors typical in the cryptocurrency and blockchain markets. Primarily, the token's value is closely tied to the platform's user adoption and transaction volume. As a community-driven NFT marketplace, the more active users and transactions on LooksRare, the higher the demand for LOOKS tokens. This demand is further fueled by the platform's unique reward system, where users earn LOOKS tokens through trading activities. Therefore, an increase in NFT trades on LooksRare directly impacts the token's demand and, subsequently, its price.

Another critical factor is the overall sentiment in the NFT and broader cryptocurrency markets. As NFTs continue to gain mainstream attention, platforms like LooksRare benefit from the increased interest in digital collectibles and art. Market trends, such as the growing popularity of NFTs among celebrities and major brands, can positively influence LooksRare's valuation. Additionally, the platform's innovative features, such as its user-friendly interface, lower transaction fees compared to competitors, and instant creator payouts, contribute to its attractiveness and can drive the token's price. However, it's important to note that the volatile nature of the crypto market means that external factors, such as regulatory news or shifts in investor sentiment, can also significantly impact LOOKS' price.

For those interested in investing or trading LooksRare, one might wonder: Where to buy LOOKS? You can purchase LOOKS on leading exchanges, such as Bitget, which offers a secure and user-friendly platform for cryptocurrency enthusiasts.

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Current price:
All-time high:$7.07
All-time low:$0.02712

LOOKS supply and tokenomics

Circulating supply:999,941,700 LOOKS
Total supply:1,000,000,000 LOOKS
Max supply:1,000,000,000 LOOKS
Market cap:$50.22M
Fully diluted market cap:$50.22M
Token allocation:
Volume Rewards
44.10%
Staking Rewards
18.90%
Airdrop
12.00%
Founding Team
10.00%
Treasury
10.00%
Strategic Sale
3.30%
Liquidity Management
1.70%
Tokenomics:

Token utility

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

Links

Buy LooksRare for $1Buy LOOKS now

What is the development prospect and future value of LOOKS?

The market value of LOOKS currently stands at $50.22M, and its market ranking is #625. The value of LOOKS is not widely recognized by the market. When the bull market comes, the market value of LOOKS may have great growth potential.

As a new type of currency with innovative technology and unique use cases, LOOKS has broad market potential and significant room for development. The distinctiveness and appeal of LOOKS may attract the interest of specific groups, thereby driving up its market value.

What will the price of LOOKS be in 2025?
Based on LOOKS's historical price performance prediction model, the price of LOOKS is projected to reach $0.07890 in 2025.
What will the price of LOOKS be in 2030?
In 2030, the LOOKS price is expected to change by +5.00%. By the end of 2030, the LOOKS price is projected to reach $0.08908, with a cumulative ROI of +60.08%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of LOOKS and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is LOOKS worth investing or holding? How to buy LOOKS from a crypto exchange?

If you want to buy LOOKS, the following information may be helpful for your investment decisions:
In the last seven days, the price of LOOKS has risen by 25.65%, leading to positive returns for most LOOKS investors. The market is currently optimistic about the price trend of LOOKS.
It is important to note that the current price of LOOKS has retreated by -99.29% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether LOOKS is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in LOOKS or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of LOOKS, if you want to buy or sell LOOKS, you can consider Bitget for your trading needs. The best place to buy LOOKS is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in LooksRare has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy LooksRare. Here's a step-by-step guide on how to buy LooksRare on Bitget.

How to get LooksRare through other methods?

Using cash to buy LooksRare is not the only way to obtain LooksRare. If you have the time to spare, you can get LooksRare for free.
Learn how to earn LooksRare for free through the Learn2Earn promotion.
Earn free LooksRare by inviting friends to join Bitget's Assist2Earn promotion.
Receive free LooksRare airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to LooksRare through Bitget Convert, Bitget Swap, or spot trading.

What is LooksRare used for and how to use LooksRare?

The use case of LooksRare may expand as the crypto market and the project itself develop. Currently, you can use LOOKS to achieve the following goals:
Arbitrage by trading LOOKS: Since LOOKS is a frequently traded cryptocurrency, the price of LOOKS is always fluctuating. Earn more LOOKS by buying low and selling high on the exchange. Bitget spot market provides a variety of LOOKS trading pairs to fully meet your needs.
Earn by staking LOOKS: You can also generate income through financial management methods such as staking LOOKS or lending LOOKS. Bitget Earn offers a variety of financial products designed to help you earn more income from your LOOKS.
Send or pay LOOKS: If you want to give LOOKS to your friends, a charity, or a fundraiser, or you want to pay someone with LOOKS, you can quickly and easily send LOOKS to the recipient through their payment address.
You can also go to the official website of the LooksRare project to learn more about the use cases of LOOKS. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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