LooksRare (LOOKS) is a community-oriented NFT marketplace that focuses on rewarding traders, collectors, and artists. 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 volume of 3 ETH transactions on OpenSea. Over 110,000 wallets could claim LOOKS, representing 60% of all eligible wallets.

The community-oriented approach of LooksRare is based on three pillars:

1. Rewarding users: Users who buy or sell NFTs on the platform receive rewards in LOOKS.

2. Redistribution of platform fees: 100% of the generated fees go to the stakers.

3. Instant payout to artists: Artists receive immediate royalty payments at the time of sale.

LooksRare is built with modular smart contracts, which allows the platform to introduce new features over time. The roadmap promises further innovations such as the ability to bid on all NFTs in a selected collection, to bid on NFTs with specific features (e.g., a Bored Ape with golden fur), and to cancel multiple orders in one transaction.

LooksRare is an Ethereum-based NFT marketplace that utilizes blockchain technology to enable the trading of unique digital assets. The platform allows users to trade NFTs directly from their wallets. After connecting with the website, they can customize their profile and buy and sell individual NFTs or collections. NFTs are offered at fixed prices, or users can bid on them if the owner has listed an NFT for sale. All trades are paid in ETH or WETH.

A key difference from other NFT marketplaces like OpenSea is that LooksRare offers a lower trading fee of 2% compared to OpenSea's 2.5%. Additionally, traders receive rewards in the form of the native LOOKS token. This has led to allegations of so-called "wash trades" to boost the platform's popularity and exaggerate trading volume compared to other marketplaces.

The trading rewards follow a tiered emission schedule divided into four phases. In each phase, a specific number of LOOKS tokens are issued and distributed to users.

LooksRare was launched by two anonymous founders named Zodd and Guts. The platform is similar to the SushiSwap DEX, founded by an anonymous account called "Chef Nomi."

Just as LooksRare competes with OpenSea, Sushi faced a larger and more resource-rich platform called Uniswap, which it tried to displace. LooksRare has also adopted Sushi's approach of challenging the established market leader through a "vampire attack," free tokens are distributed to users to draw liquidity away from the competition.

The founders of LooksRare have deliberately chosen to remain anonymous and not disclose any further information about their backgrounds. This approach reflects the tendency often found in crypto and NFT, where pseudonymity and decentralization are highly valued.

There are several reasons why the LooksRare project could be a promising investment opportunity:

Community-oriented Approach

LooksRare focuses on a democratic and user-centric culture, setting it apart from the top-down, corporate-oriented approach of other NFT marketplaces. The community plays a central role and is rewarded through various incentives, such as trading rewards and staking premiums.

Professional Platform

Unlike other community projects, LooksRare offers a professionally designed trading platform. Users can trade NFTs directly from their wallets and have access to features such as profile customization and buying and selling individual NFTs or entire collections.

Lower Trading Fees

LooksRare aims to offer lower trading fees than other NFT marketplaces. With a fixed fee of 2%, traders can reduce their trading costs and potentially achieve higher profits.

Potential Appreciation of the LOOKS Token

As the governance token of the platform, the LOOKS token could gain value if LooksRare continues to grow in popularity and more users utilize the platform. Limiting the token supply and distribution to the community could increase demand and lead to an appreciation in value.

These unique features make LooksRare a project with the potential to be successful in the long term and attract investors. However, as with any investment, conducting thorough research and understanding the risks associated with the crypto and NFT market is essential.

Several factors or features of the LooksRare project could positively impact the price forecast of LOOKS:

User Growth of LooksRare Platform

If LooksRare can expand its user base and build an active community, it could increase demand for the LOOKS token. A growing user base could also result in higher trading volume on the platform, which could positively affect the price.

Platform Usage

The more users utilize the LooksRare platform, the greater the demand for LOOKS tokens for trading and staking. If the platform offers attractive features and a seamless user experience, this could lead to more users wanting to hold and use LOOKS tokens.

Development of New Features

LooksRare has announced plans to introduce new features, such as bidding on NFTs in selected collections and canceling multiple orders in one transaction. If these new features are well-received and improve the trading experience, this could lead to increased activity on the platform and a higher price for LOOKS.

Market Acceptance of NFTs

The entire NFT market is still in an early stage, with significant potential for growth and acceptance. If NFTs continue to gain popularity and are adopted by a broader audience, this could also lead to increased demand for NFT platforms like LooksRare.

The tokenomics of LooksRare are based on the LOOKS token, which represents governance and utility on the platform. The total supply of LOOKS amounts to 1,000,000,000 tokens. The tokenomics of LOOKS are divided as follows:

1. Airdrop: 12%

2. Strategic Sale: 3.3%

3. Liquidity Management: 1.7%

4. Volume Rewards: 44.1%

5. Staking Rewards: 18.9%

6. Founding Team: 10%

7. Treasury: 10%

To use LooksRare, you need to follow some basic steps:

1. Create an account: Visit the LooksRare website and create an account by providing your information and signing up.

2. Connect your wallet: Connect your wallet to the LooksRare platform. LooksRare typically supports wallets like MetaMask, which allow you to manage your NFTs securely.

3. Explore the marketplace: Browse the LooksRare marketplace for various NFTs and collections. You can search by categories, artists, or specific NFTs.

4. Buying and selling NFTs: If you want to buy an NFT, you can accept the listed price or place a bid if the seller allows it. If youre going to sell NFTs, you can list your NFTs for sale and set a price.

5. Participate in staking: If you hold LOOKS tokens, you can participate in staking to earn additional rewards. Connect your wallet to the staking pool and stake your LOOKS tokens according to the provided instructions.

LooksRare allows the staking of LOOKS tokens to earn rewards. The staking model of LooksRare is based on staking LOOKS tokens in a staking pool.

Here are the steps to stake LOOKS tokens:

1. Buy LOOKS tokens on BYDFi or other supported exchanges, or participate in reward programs or airdrops.

2. Connect your wallet containing the LOOKS tokens to the LooksRare platform.

3. Choose the desired staking pool in which you want to stake your LOOKS tokens. Review the available pools and their corresponding rewards.

4. Enter the desired amount of LOOKS tokens to stake and confirm the transaction. The LOOKS tokens will then be staked in the selected pool.

5. Depending on the staking pool and the set rewards, you will regularly receive rewards in the form of additional LOOKS tokens.

Staking allows you to generate passive income while holding your LOOKS tokens and contributing to the security and stability of the network.