In Brief:
- LooksRare and LOOKs token finally get launched.
- Users who buy or sell NFTs from eligible NFT collections earn LOOKS tokens.
- LooksRare aims to attract NFT big spenders who have already used OpenSea by offering free LOOKS tokens to them.
LooksRare NFT marketplace gets launched becoming the community-first NFT marketplace that actively rewards traders, collectors, and creators for participating.
LooksRare is centered on the LOOKS token, its native token, which is being utilized to reward platform users as well as lure existing OpenSea customers.
The platform intends to attract current NFT big spenders who have already used OpenSea by offering free LOOKS tokens to them.
In the cryptocurrency industry, this is known as a “vampire attack,” because it utilizes tokens to try to take away a pre-existing platform’s user base.
When users buy or sell NFTs from eligible NFT collections, they earn LOOKS tokens.
Individuals who traded 3 ETH or more on OpenSea during June 16th and December 16th, 2021, are eligible for a LOOKS Token airdrop.
The platform indexes all NFT collections on the Ethereum blockchain. That implies you can trade all Ethereum NFTs listed on OpenSea, as well as some others that aren’t.
The marketplace also levies a 2% fee on all trades, which are all distributed to individuals who have staked LOOKS tokens. The platform is currently offering a 30,400 APR to individuals who stake the token.
In LooksRare, users can buy and sell NFTs in ETH, WETH, or both. They can also make offers on NFTs in WETH.
Individuals are able to earn daily trading rewards. They can also earn a share of the marketplace’s trading fee by staking LOOKS tokens.
Users who buy or sell NFTs from a collection after it reaches 1,000 ETH trading volume on LooksRare (excluding private sales) may earn LOOKS tokens as trading rewards at the end of the day.
A user needs 250 ETH volume on LooksRare in order to apply for verification. The platform verifies collections that are legitimate and have high volume, or which are notable.
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Recently GameStop shared its plans to launch an NFT marketplace for buying, selling, and trading NFTs of virtual video game collectibles such as avatar outfits and weapons. The corporation also aims to work with game developers to list NFTs on its platform.
