LooksRare (LOOKS)

NFT Marketplace

LooksRare is a decentralized marketplace on Ethereum where users can buy, sell, and trade NFTs (non-fungible tokens). It aggregates listings from major marketplaces to offer competitive prices.

Rewards and Incentives

Users earn LOOKS tokens as rewards for buying and selling NFTs. Both buyers and sellers receive these tokens based on their trading volume. LOOKS tokens can be staked to earn a share of daily trading fees paid in LOOKS and wrapped Ether (wETH).

Governance

LOOKS tokens serve as governance tokens, allowing holders to participate in decision-making processes for the platform.

Additional Features

LooksRare supports creator royalties, ensuring artists get paid when their NFTs are sold. It also offers features like collection-wide offers and multi-cancellation of NFT listings to improve user experience.

Community Focus

The platform emphasizes a community-first approach by rewarding users and giving them ownership through token distribution, aiming to create a user-driven NFT ecosystem.

Pros of LooksRare

• Community Rewards: LooksRare actively rewards traders, collectors, and creators with its native token, LOOKS, encouraging user participation.
• User-Friendly: The platform supports popular wallets like MetaMask and Coinbase Wallet, making it easy to connect and use.
• Lower Gas Fees: Features like bulk listings and optimized smart contracts help reduce transaction costs.
• Unique Features: Offers collection-wide bids, trait-based bidding, and the ability to cancel multiple listings in one transaction.
• Staking Opportunities: Users can stake LOOKS tokens to earn rewards and support the platform’s operations.
• Regular Audits: The platform has undergone multiple security audits to maintain contract integrity.
• Ethereum-Based: Built on Ethereum, benefiting from its large ecosystem and security.

Cons of LooksRare

• Anonymous Founders: The team behind LooksRare is anonymous, which may concern some users.
• Wash Trading Concerns: A significant portion of trading volume has been linked to wash trading, which can affect market perception.
• Ethereum Only: Currently limited to Ethereum, which may mean higher fees compared to multi-chain platforms.
• Price Volatility: LOOKS token price can be volatile and has underperformed compared to some other Ethereum ecosystem tokens recently.
• Competition: Faces strong competition from established NFT marketplaces like OpenSea and Blur.

For more details, visit LooksRare official site.

Founders

LooksRare was founded by two individuals known by the pseudonyms Guts and Zodd. Their real identities have not been publicly revealed.

Team

The project has a broader team of about 34 members, but the founders remain anonymous behind their pseudonyms.

Background

The founders and team have a strong focus on building a community-first NFT marketplace that rewards users for trading and participating.

Investors in LooksRare

• Angel Investors: Early supporters include notable NFT collectors and figures such as Pranksy, Pudgy Penguins co-creator ColeThereum, and NFT collector DeeZe.
• Venture Capital: Placeholder Capital is known to be one of the venture capital investors backing LooksRare.
• Strategic Sale Participants: There was a strategic sale round where private investors bought LOOKS tokens before public trading.
• Community and Stakers: Users who stake LOOKS tokens also play a role in the ecosystem, earning rewards from trading fees.

These investors helped fund and support LooksRare’s development and growth as a community-first NFT marketplace.

No. LooksRare is a crypto token and platform, and Islamic scholars generally consider cryptocurrencies and related trading activities as not clearly halal due to uncertainties about their nature, lack of physical backing, and speculative aspects. There is no official halal certification for LooksRare.