LooksRare Guide: How to Use this NFT Platform – A Complete Guide
NFTs are a major business, yet still no NFT marketplace has indeed been able to dethrone the market monopolizer, OpenSea, from its throne. And as per the website Tokenist, OpenSea had over 90% market share last year and appears to be unbeatable. Is that likely to change now that LooksRare has launched? Will the newcomer be able to keep up with the hype?
When NFTs got off in early 2021, Opensea seems to have been the upper NFT marketplace for purchasing, selling, as well as generating digital assets. Similar NFT marketplaces exist, but they’ve not come anywhere close to the trade volume seen on Opensea in 2021. Which is not to suggest that some other NFT marketplaces are really not vying for a piece of Opensea’s profits. LooksRare is, in fact, another one of those marketplaces.
LooksRare is making a major splash among collectors, traders, as well as sellers of NFTs, with NFT sales volume on track to set a new high in 2022. Today, we’ll take a look at the brand-new NFT marketplace including their free airdrop.
What Exactly is LooksRare?
LooksRare is a community-centric NFT marketplace which proactively compensates all platform users. You can earn $LOOKS tokens if you’re a creator, a collector, or perhaps a trader. The ultimate goal of the LooksRare platform would be to give something back to its users as well as creators.
LooksRare’s smart contracts are also based on a modular foundation that enables for the addition of new functionalities over time. All of this is accomplished without jeopardising security, due to standardised signatures that clearly specify the implementation strategy.
That means LooksRare can introduce new capabilities to its users at any time. Here’s some of the things they hope to deploy in the near future:
- Users can make a collection offer which includes all NFTs in a specific collection.
- The Trait Offer allows you to purchase any NFT in a collection that has a certain trait.
- Users may cancel several open orders in such a single transaction using multi-cancellation (saving you gas fees).
LooksRare’s technological structure (contracts, database, API, front end, as well as search function) was built from the bottom up with scalability, performance, as well as security in mind. LooksRare also has decided to keep compatibility in mind for future deployments on ETH scaling solutions.
Creation of your Profile on LooksRare
Installing a Wallet
LooksRare is based on the Ethereum network, thus you’ll need a cryptocurrency private wallet like Metamask to use it.
MetaMask, WalletConnect and Coinbase wallets are among the famous crypto wallets that we suggest.
MetaMask or Coinbase should be installed on your device.
Connecting Your Wallet
- If your wallet isn’t connected, you’ll notice a Connect icon in the top right corner of the any tab on LooksRare.
- Next, choose which wallet you want to connect with (MetaMask, Coinbase Wallet, or WalletConnect).
- You’ll need to give your wallet permission to connect to the official webpage. Make sure you’re on the appropriate domain by double-checking the URL.
Customising your Profile
Go there to your account page after you’ve connected your wallet as well as initialised your account.
Select Edit Profile from the drop-down menu. You’ll just see various fields where you can personalise your profile.
- Profile Picture: You could only set your profile picture to an NFT that you own. The profile image would be erased if you sell, trade, or transfer your NFT to some other wallet.
- Username: You could create a username with up to 20 characters.
- Bio: Inform everyone something about yourself in your bio.
- Social: Put your social site here if you do have one to share.
The coin soared from $2.0257 on 10 January 2022 to $3.847 on 11 January 2022, almost immediately after its debut. The price rose steadily, reaching $4.8176 on January 13, 2022. The LOOKS coin then fell to $3.1816 on January 14, 2022, then rebounding to $4.9463 on January 16, 2022. The price continued to rise, passing $6.1751 on January 19 and climbing to $7.0251 on January 20. Since then, the price has reduced to $5.9914 on January 21, 2022, as well as $3.35 on January 24, 2022.
The total production of LOOKS coins is 1 billion, with a current circulating supply of 165.7 million coins.
The coin is rated 125 on CoinGecko with a market valuation of $543 billion dollars. With such a new coin, this is quite outstanding.
LooksRare’s pricing has dropped by 40.90 percent in the last week. During the last 24 hours, the price has dropped by 10.19 percent. The price has dropped 2.43 percent in the last hour. The current price per LOOKS is 116.685752. LooksRare is currently trading at 77.90% of its all-time high of 528.02.
LOOKS Token Tokenomics
LOOKS Token Allocation
|Percentage of supply||Total LOOKS|
$LOOKS Airdrop and Staking
LooksRare’s native token is $LOOKS. Mostly on LooksRare website, it’s how collectors and artists are rewarded. $LOOKS stakers gain 100% of all trading fees, as previously stated.
They’re doing such a $LOOKS airdrop to eligible wallets to help launch the website and gain popularity. You are qualified for a $LOOKS token airdrop if you traded 3ETH or more between 6/21/21 as well as 12/16/21. They offer multiple tiers of tokens you can get according to how much ETH you spend.
Who is eligible for the airdrop, as well as how much may they get?
In brief, everyone who has traded 3 ETH or more on Opensea in the last six months (from Ethereum Block 12642194 on June 16, 2021 to Ethereum Block 13812868 on December 16, 2021) is entitled to claim LOOKS whenever they offer an ERC-721 or ERC-1155 NFT for sale on LooksRare. Make sure you’re eligible by visiting the official website, linking your wallet, then clicking “check now” under the big green banner just at the top of the screen before listing an item. You don’t match the qualifying criterion if it says “No tokens to claim.” Make absolutely sure your OpenSea volume isn’t older than the time limit.
The procedures to see if you eligible for the airdrop are just as follows:
- Link Your Wallet
- To check eligibility, select the check button inside the green banner.
- If you’re eligible, sell any NFTs you have.
- Once you’ve found what you’re looking for, press the claim token inside the banner as well as verify.
Verify as soon as possible because the window for this free airdrop is only 7-10 days.
For your $LOOKS, staking is a possibility. The interest rates are high. $LOOKS is currently trading at $4 per token at the time of publication. Their aggregate stake APY for $LOOKS is now 866.34 percent, as per their website!
For the airdrop, they’ve created nine different tiers. Each qualifying wallet would be eligible to claim a certain number of LOOKS based on their total ETH trading volume.
During that 6-month period, each user’s volume comprises both purchase as well as sell trades in ETH, WETH, USDC, DAI, SAND, GALA, as well as MANA. Any volume from sales resolved in other tokens was translated to ETH depending on the ETH/*Token* ratio at the moment of the trade to arrive at the final volume computation in ETH.
How was the $LOOKS tokens airdropped?
in time period
You get LOOKS tokens as just a trading reward every time you trade NFTs on LooksRare. Please keep in mind that private sales are not qualified for trade incentives.
If their aggressive staking rewards are just not enough, they’ve created a platform that compensates individuals who create as well as collect on their platform. You receive $LOOKS whenever you buy and sell NFTs from qualified collections. The collecting page will show you which incentives are eligible.
Because LooksRare does not charge a platform fee for private sales, zero fee trading is feasible if a collection’s royalty is likewise set to 0%. If private sales likewise provided trading rewards, this may result in massive amounts of fake trading volume just on LooksRare platform from people trying to cheat the system.
Users who buy or sell NFT from a collection which has 1K in trading volume on LooksRare (excluding private sales) would get $LOOKS tokens as trading rewards.
LooksRare LooksGreat has a terrific community-first strategy which is only two days away from launching.
LOOKS stakers are rewarded with the prior day’s collected protocol trading fees. Reward rates typically modified typically every 24 hours, depending on trading activity during the previous 24 hours.
LooksRare platform fees
With the exception of private purchases, LooksRare charges a 2% (in WETH) sales fee for any and all NFT sales. Just at the end of each 6,500 Ethereum block interval (roughly 24 hours), all WETH earned from the sales fees is consolidated as well as distributed to LOOKS stakers each block throughout the next 6,500 block span.
You could collect your WETH rewards as many times as you want, but keep in mind that each time you do, you’ll have to pay a gas fee.
It’s fine if you remember to claim your WETH or prefer to wait till gas prices are lower until claiming. Although if you don’t claim each day, your WETH would continue to accrue as soon as your LOOKS tokens are staked.
How to purchase LooksRare token?
On decentralised exchanges, certain cryptocurrencies, such as LooksRare, could only be acquired with another cryptocurrency. To acquire LooksRare, you should first buy Ethereum (ETH), then just use ETH to buy LooksRare. And you’ll need what’s known as a self-custody wallet to do so.
$Looks is not available on any Indian crypto website. You can buy on international exchanges.
|Buy $LOOKS on|
|Huobi||Buy $LOOKS||Click here|
|Kucoin||Buy $LOOKS||Click here|
|Gate||Buy $LOOKS||Click here|
|FTX||Buy $LOOKS||Click here|
Binance has not yet listed $LOOKS, however, it is a strong contender for Binance listing.
LooksRare Price Prediction for 2022
When considering a LOOKS price prediction, or even any crypto coin price prediction, keep in mind that as they can be useful as a guide to where the price might go, they will be seen as possibilities instead of absolutes. This really is especially true when glancing at long-term forecasts, which can be entirely inaccurate at times. This is due to the cryptocurrency market’s inherent instability, as well as the numerous unknowns that could influence future values.
LooksRare’s price projection for 2023 is $5.32, rising to $5.61 in 2024, according to DigitalCoinPrice. The LooksRare price prediction for 2025 is $6.7, according to the webpage.
PricePrediction believes LOOKS would appreciate in value over time, with a LooksRare price prediction of $125.07 for 2030.
Experts appear to believe that the coin would continue to climb, with a few predicting that this will rise quite quickly.
It’s important to note, though, that forecasts, particularly long-term ones, must be seen as indicators instead of absolutes.
Is it wise to invest in LooksRare?
To appeal to OpenSea sceptics, the coin had done well enough in garnering substantial market momentum, developing robust trading volume early on again and presenting itself with a community-first marketplace. Nevertheless, the coin is still in its infancy. It’s also important to understand that the cryptocurrency market is quite volatile, as well as the price of all tokens as well as coins could go up and also down.
Investing is a very personal experience. And do your own study as well as try to stay on top of any changes in the LooksRare ecosystem that could help or hurt its chances. Understand that investing is a hazardous business, and that you should never invest the money that you can stand to waste.
How to Set Up Your Collection on LooksRare?
- Link to looksrare.org using the wallet which contains the smart contract for your collection by clicking the wallet symbol in the top right corner of the screen.
- To access the menu, select the profile symbol in the top right corner of the screen, then select “My Collections.”
- To change or create a collection, go to “Manage” and select it.
- Decide on the royalties: Royalties have been paid instantaneously in WETH at the point of sale, and there’s no need to wait or gather them manually.
- Create a collection profile.
Name: This really is the name of your LooksRare collection, and also how it will display on your collections page and also be accessible.Collection description –
Collection description: Whenever anyone sends a link to your collection or an item from that too, this description would show on your collections page as well as in the metadata.
At last, Create social media links for your collections.
Since NFTs became widespread in early 2020, Opensea has always been the primary NFT marketplace. Nevertheless, some NFT marketplace consumers are dissatisfied with their services or the products they provide.
LooksRare has responded by creating its own community-based NFT marketplace, which rewards consumers and artists who want to use its platform.
LooksRare might be worth a try if you’re seeking to try out a new marketplace as well as earn prizes in the process. Whether you’re qualified, you might want to sell an NFT for sale just to claim the LOOKS tokens.