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About LooksRare
- LooksRare is a decentralized, community-first NFT marketplace on the Ethereum blockchain.
- It was launched in January 2022 with an ERC-20 utility token called LOOKS.
- The LOOKS token serves multiple functions, including rewarding users with 100% of trading fees, offering trading rewards, and granting access to exclusive drops and token-gated applications.
Founders
- LooksRare was founded by two individuals known by their pseudonyms, Guts and Zodd.
Tokenomics
- Maximum supply of LOOKS tokens: 1,000,000,
About LooksRare: A Pioneering NFT Marketplace
Introducing LooksRare (LOOKS): A Revolutionary Digital Asset
LooksRare is a pioneering, community-centric NFT marketplace, built on a decentralized framework. Launched on the Ethereum blockchain in January 2022, it is powered by an ERC-20 utility token, LOOKS, which fuels its innovative ecosystem.
The LooksRare platform facilitates the exchange of non-fungible tokens, placing a premium on incentivizing user engagement and rewarding their active participation.
The LOOKS token assumes a multifaceted role within the LooksRare ecosystem, encompassing a range of vital functions:
- 100% of trading fees are accrued by users who ‘stake’ their LOOKS, thereby earning Protocol Rewards
- Every non-private trade generates a Trading Reward, effectively serving as a LOOKS rebate for the fee paid on LooksRare trades (currently 0.5%, collected in ETH)
- Furthermore, it enables participation in exclusive drops and other token-gated applications, unlocking a realm of possibilities
The Founders of LooksRare: A Mysterious Entity
LooksRare was inaugurated by the enigmatic founders, Guts and Zodd, as a decentralized paradigm shift, poised to rival OpenSea.
The Total Supply of LOOKS Tokens: A Comprehensive Overview
LOOKS boasts a capped supply of 1 billion tokens, with over 90% currently in circulation.
At the time of its inception, a substantial 75% of the total token supply was allocated to the community:
- A 12% allocation was designated for airdrop distribution
- A reserve of 18.9% was set aside for LOOKS stakers
- A substantial 44.1% was earmarked for volume rewards, thereby incentivizing active participation on the platform
According to its predetermined emission schedule, LOOKS is slated to attain its maximum supply within two years of its release. The platform imposes a 0.5% transaction fee in WETH on all NFT sales, which are then redistributed to LOOKS committers in a linear fashion every 6,500 Ethereum blocks, approximately equivalent to a 24-hour period, over the subsequent 6,500 blocks.
Introducing LooksRare (LOOKS): A Revolutionary Digital Asset
LooksRare is a decentralized NFT marketplace built on the Ethereum blockchain, distinguished by its community-centric approach. By directly incentivizing user engagement and participation, it fosters a thriving ecosystem. Launched in January 2022, LooksRare seeks to revolutionize the NFT landscape by prioritizing user rewards and decentralization, thereby offering a compelling alternative to existing marketplaces.
The native cryptocurrency of LooksRare, known as LOOKS, is an ERC-20 token that assumes a pivotal role within the platform, facilitating a multitude of key functions, including:
- Users are incentivized with a 100% rebate of trading fees collected by the platform when they stake their LOOKS tokens, fostering a sense of community and encouraging participation.
- A trading reward system is implemented, where users receive a rebate of 0.5% of the trade value in LOOKS tokens for the fees paid on their transactions, denominated in Ethereum, thereby promoting liquidity and engagement.
- Token holders are granted exclusive access to unique NFT drops and token-gated events or applications, providing an added layer of utility and value to the LOOKS ecosystem.
The initiative was conceived by visionaries operating under the pseudonyms Guts and Zodd, who endeavored to craft a more decentralized and user-centric paradigm, poised to disrupt the dominance of prevailing NFT marketplaces.
What Secures the LooksRare (LOOKS) Ecosystem?
LooksRare, a decentralized NFT marketplace, places paramount importance on the security of its users’ assets, achieving this through a multifaceted approach that combines cutting-edge technical safeguards with robust organizational measures. Operating on the Ethereum blockchain, the platform boasts a sophisticated security framework meticulously designed to protect transactions and user data with utmost vigilance.
One of the pivotal security features of LooksRare lies in its implementation of a snapshot mechanism for Binance Smart Chain (BSC) holders’ wallets, complemented by a hash tree mechanism. This synergistic approach ensures the unwavering integrity and security of transactions on the platform. Moreover, as an integral part of the Sei ecosystem, LooksRare benefits from a commitment to perpetual innovation and upgrades in security protocols, thereby safeguarding against emerging threats and vulnerabilities.
Beyond these technical safeguards, LooksRare undertakes regular security audits performed by esteemed third-party entities. These rigorous assessments are crucial in uncovering potential vulnerabilities and ensuring the platform’s defenses remain resilient against potential threats.
Another layer of security is afforded by the platform’s integration with a reputable staking platform. This enables users to pledge their LOOKS tokens, thereby earning rewards, including 100% of trading fees in the form of Protocol Rewards. The staking mechanism serves a dual purpose, incentivizing participation while simultaneously decentralizing the distribution of rewards and mitigating the risk of manipulation.
LooksRare’s unwavering dedication to security is exemplified by its agile response to potential security incidents. The platform has instituted stringent protocols to swiftly address and mitigate any security breaches, thereby safeguarding the integrity and confidentiality of users’ assets.
In What Ways Will LooksRare (LOOKS) Be Utilized?
LooksRare, a pioneering decentralized NFT marketplace, harnesses the power of its native utility token, LOOKS, to cultivate a vibrant, community-driven trading ecosystem. Born on the Ethereum blockchain, this innovative platform sets itself apart by incentivizing users to participate in a variety of activities, including trading, collecting, and creating NFTs. The multifaceted utility of LOOKS within this ecosystem provides users with a diverse range of avenues to engage with and derive value from the platform.
One of the primary utilities of the LOOKS token lies in its ability to empower users to earn 100% of trading fees in the form of Protocol Rewards. This is accomplished when users stake their LOOKS tokens on the platform. Furthermore, every non-private transaction executed on LooksRare generates a Trading Reward, which provides a LOOKS rebate equivalent to a percentage of the fee paid for the transaction, currently set at 0.5% and denominated in WETH. This mechanism serves as a powerful incentive for platform adoption, while also ensuring that the benefits of trading on LooksRare are directly redistributed back to its user base.
Moreover, the LOOKS token serves as a key to unlock exclusive drops and token-gated applications, thereby elevating the user experience by presenting opportunities for distinctive acquisitions and interactions within the ecosystem. This facet of LOOKS utility underscores the platform’s dedication to incentivizing active engagement and cultivating a thriving community of NFT connoisseurs.
The strategic allocation of LOOKS tokens, with a substantial proportion reserved for the community, resonates with LooksRare’s vision of a decentralized and user-centric marketplace. The carefully crafted emission schedule of LOOKS, designed to reach its maximum supply within a two-year timeframe following its launch, coupled with the redistribution of transaction fees to LOOKS contributors, epitomizes the platform’s pioneering approach to fostering sustainable incentives for its users.
What pivotal milestones have marked the journey of LooksRare (LOOKS)?
Since its inception, LooksRare has achieved numerous significant milestones, underscoring its remarkable growth and development within the blockchain and NFT marketplace. By prioritizing a community-centric approach, the platform has made substantial strides in bolstering its infrastructure and expanding its offerings to users, thereby fostering a more comprehensive and inclusive ecosystem.
One of the pivotal milestones in LooksRare’s evolution was the introduction of its TypeScript SDK, a groundbreaking tool that empowers developers to craft innovative applications that seamlessly interact with the LooksRare ecosystem. This SDK is instrumental in enabling developers to build upon or integrate with the platform, underscoring LooksRare’s unwavering dedication to cultivating a developer-centric environment.
Beyond the SDK, LooksRare has crafted token and staking contracts, complemented by shared Solidity libraries. These contracts are pivotal to the LOOKS token’s functionality within the ecosystem, empowering users to stake their tokens and engage in the platform’s governance. The shared Solidity libraries, meanwhile, offer reusable code that facilitates streamlined smart contract development.
The platform has also debuted a template for Solidity smart contracts and a subgraph, thereby providing developers with a robust foundation for crafting and deploying decentralized applications (dApps) on LooksRare. These cutting-edge tools exemplify LooksRare’s unwavering commitment to innovation and its steadfast support for the burgeoning developer community.
Furthermore, LooksRare’s active GitHub repositories, including contracts-aggregator and contracts-raffle, underscore the platform’s relentless pursuit of innovation and its commitment to fostering a collaborative ecosystem. These repositories not only provide a valuable resource for developers but also exemplify the project’s dedication to transparency and open-source principles.
On the user-facing side, LooksRare has made substantial headway in solidifying its position as a prominent player in the NFT marketplace. The platform’s inaugural launch on the Ethereum blockchain, accompanied by the introduction of its ERC-20 utility token, LOOKS, marked a watershed moment. This launch heralded the arrival of a decentralized, community-centric marketplace for trading NFTs and digital collectibles, thereby distinguishing LooksRare from its competitors by incentivizing user participation.
The LOOKS token occupies a pivotal position within the ecosystem, affording a multitude of utilities, including the accrual of 100% of trading fees as protocol rewards, the receipt of trading rewards in the form of LOOKS rebates, and access to exclusive drops and token-gated applications. This tokenomics model fosters active participation and investment in the platform, thereby aligning the interests of users with the long-term prosperity of LooksRare.
The Visionaries Behind LooksRare (LOOKS): Unveiling the Founders
LooksRare, a pioneering decentralized NFT marketplace, was conceived by two visionary individuals, known by their pseudonyms, Guts and Zodd. Launched on the Ethereum blockchain in January 2022, this innovative platform prioritizes a community-centric approach, distinguishing itself through its novel model of incentivizing users who actively engage with its ecosystem.
The founders envisioned a paradigm shift in the NFT marketplace landscape, where the community reaps the benefits and rewards directly. This vision is manifest in the platform’s architecture, where 100% of trading fees are redistributed to users who stake their LOOKS tokens, the native ERC-20 utility token of LooksRare. These tokens serve a dual purpose, not only facilitating the reward system but also granting holders access to exclusive events and applications within the ecosystem.