LooksRare is a community-first NFT marketplace that vows to focus on rewarding traders, collectors and creators. It prides itself on being founded “by NFT people for NFT people.” The platform launched with an airdrop to wallets that had generated a minimum of 3 ETH transaction volume on OpenSea. Over 110,000 wallets were able to claim LOOKS, amounting to 60% of all eligible wallets.
Its community-first approach is defined by three key pillars:
Rewarding users: users buying or selling NFTs on the platform receive rewards in LOOKS.
Redistributing platform fees: 100% of generated fees go to stakers.
Instant creator payout: creators receive royalty payments at the moment of sale.
LooksRare is built with modular smart contracts, allowing the platform to roll out new features over time. The roadmap promises further innovation like the option to bid for all NFTs in a selected collection, bidding for NFTs with a certain trait (e.g. a Bored Ape with Gold Fur), and canceling multiple orders in one transaction.
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