LooksRare (LOOKS)

Trading and Rewards

LooksRare lets users trade NFTs on a decentralized marketplace. When users buy or sell NFTs, they earn rewards in LOOKS tokens. Users who stake their LOOKS tokens on the platform can earn 100% of trading fees as Protocol Rewards. Every non-private transaction also generates a Trading Reward, giving users a rebate in LOOKS.

Community and Participation

LOOKS tokens encourage users to participate actively in the platform. The token is designed to build a community of developers, collectors, and traders who help grow and improve LooksRare. Staking LOOKS tokens allows users to earn rewards in both LOOKS and WETH (Wrapped Ethereum).

Unique Features

LooksRare offers special features like collection offers, where users can make offers on entire NFT collections, and multi-cancellation, which lets users cancel multiple NFT listings at once. These features make trading easier and more flexible.

Platform Operation

LooksRare runs on the Ethereum blockchain using smart contracts to ensure secure and transparent NFT transactions. The platform focuses on rewarding users and supporting creators by upholding royalties when NFTs are traded.

Ease of Use

LooksRare is easier to use than some other NFT platforms like OpenSea and Blur, especially if you know the basics of using a crypto wallet. It supports common wallets such as MetaMask and Coinbase Wallet, making it simple to connect and start trading.

Cost Efficiency

The platform helps users save on gas fees through features like bulk listings, bulk purchases, and optimized smart contracts. You can also swap tokens quickly on Uniswap without leaving the site if you don’t have enough ETH.

Features

LooksRare offers unique features like collection offers, where you can place the same bid on all items in a collection with one click. It also supports staking of LOOKS tokens, allowing users to earn rewards and participate in platform governance.

Rewards and Community

LooksRare rewards traders and creators with LOOKS tokens, and 100% of platform trading fees go to token stakers. The platform has raffles and plans for an affiliate program to engage the community.

Tokenomics and Governance

The LOOKS token has deflationary aspects through fee burning and buybacks funded by platform fees. Token holders can participate in governance by voting on proposals to influence platform development.

Limitations

LooksRare depends on the Ethereum network, so users face Ethereum’s network fees. It currently does not support card payments, fiat options, or non-ETH coins. The platform was founded by an anonymous team, which some users may consider a downside.

Market and Competition

LooksRare faces competition from established NFT marketplaces and is subject to the volatility of the NFT market and cryptocurrency price cycles. Its price and trading volume can fluctuate significantly.

Summary

LooksRare offers an easy-to-use, cost-efficient NFT marketplace with strong community rewards and governance features. However, it relies on Ethereum’s network, has limited payment options, and competes in a volatile market.

Founders of LooksRare

LooksRare was founded in January 2022 by two anonymous co-founders known as Zodd and Guts. Neither founder has publicly revealed their real identity, gender, or background. They chose to remain anonymous, using only pseudonyms and avatars. The project was launched with the motto "By NFT People, for NFT People."

Investors in LooksRare

Assembly Partners, Deeptech Ventures, Fisher 8 Capital, LifeBoat Ventures, Metasense DAO, and Placeholder Capital are some of the known investors in LooksRare. The company has raised a total of $4 million in funding over one round. There are a total of 7 investors involved, with 5 publicly named.

Halal Status of LooksRare

LooksRare is not specifically listed in the available halal cryptocurrency lists or reports.

General Criteria for Halal Crypto

Cryptocurrencies are considered halal if they avoid interest (riba), gambling (maysir), excessive uncertainty (gharar), and involvement in haram activities like pork or alcohol. They should be transparent, asset-backed, or based on profit-sharing and involve real economic activity.

Conclusion

No clear halal certification or ruling is available for LooksRare. Therefore, based on current information, LooksRare cannot be confirmed as halal.