LooksRare

FAQ's

What is LooksRare?

LOOKS is the token powering LooksRare, the community-focused NFT marketplace that actively rewards traders and creators for participating.

100% of LooksRare’s platform trading fees are earned by LOOKS token stakers: a rewards model created in direct response to the previous generation of NFT marketplaces whose fees mostly reward a single entity.

Users earn LOOKS tokens by trading NFTs on LooksRare, staking LOOKS (which also earns WETH fees), and more.

LooksRare’s trading experience is intuitive for experienced NFT traders, while also providing new and innovative features like collection-wide offers, instant royalty payouts for creators, and flexible purchases using mixed tokens (WETH +ETH).

Behind the simple user experience lies an innovative, modular smart contract design and a full-stack built from the ground up for scalability, security, and speed.

LooksRare’s model was designed in direct response to the previous generation of NFT marketplaces, with the goal of fostering the NFT community by rewarding user participation.

How to Stake LOOKS?

To stake LOOKS go to the LooksRare Rewards Dashboard.

You will need to have some LOOKS to stake, and some ETH in your wallet to pay for Ethereum network gas fees.

Connect your wallet (Metamask Wallet) and enter the number of LOOKS that you want to Stake and click “Stake”. Confirm the transaction in your wallet.

Once the transaction is confirmed on the blockchain you will officially be staking LOOKS.

You can monitor, Collect, and Unstake all via the dashboard area.

 

How much can I earn Staking LOOKS?

100% of LooksRare’s trading fees are redistributed proportionally to LOOKS stakers.

Stake LOOKS via the LooksRare Rewards Dshboard to earn:

• WETH trading fees
• Extra LOOKS

Trading fees collected by the protocol are distributed to LOOKS stakers as rewards. Reward rates are adjusted roughly every 24 hours, based on the past 24 hours’ trading activity.

With the currently engaged balance and incentive structure, we see an APY of around 1,000% and higher. Consider this rate could fall with the more LOOKS tokens being Staked or the volitility of Trading Fees generated on the platform.

Any risks to Staking LOOKS?

There are normal smart contract risks associated with staking LOOKS.

Consider the inflationary risks along with any gas fees required for Ethereum network transactions as risks.

There are currently no public audits published for the staking contract.

What is the LOOKS Airdrop?

As part of LooksRare’s initial launch, the team is distributing 120,000,000 LOOKS tokens (12% of total supply) to the NFT community.

If you’ve traded NFTs on Opensea in the period detailed below, you might be able to claim LOOKS on https://looksrare.org.

In short, anyone with a combined 3 ETH trading volume or more on Opensea over a six month period (from Ethereum Block 12642194 on 16th Jun 2021 to Block 13812868 on 16th Dec 2021) is eligible to claim LOOKS, once they list an ERC-721 or ERC-1155 NFT for sale on LooksRare. Before you list an item, however, make sure you are eligible by going to https://looksrare.org, connecting your wallet, and clicking “check now” in the big green banner at the top of the page.

If it says “No tokens to claim”, you don’t meet the eligibility criteria.

Another tip when checking to see if you should qualify is the make sure your OpenSea volume is within the specified time period as shown above.

You’ll only be able to claim LOOKS from the airdrop during a short window of 7-10 days (exact time TBD).

Any LOOKS that aren’t claimed by the end of the airdrop period will go to the treasury for use in ecosystem development.

How to Claim Your LOOKS?

Head to https://looksrare.org during the airdrop period detailed above.

• Connect your wallet to the site.
• Click the button in the banner at the top of the page, to check whether you’re eligible for the airdrop.
• If you’re eligible, you’ll see a message inviting you to list an NFT.
• Head to your account, view your items, and list one or more of your NFTs for sale.
• Once you successfully list your item, you can claim your LOOKS via the banner on the homepage!

If you’re not eligible, but you think you should be, make sure you’ve connected to the right wallet, and check again to make sure you’ve met all the above criteria precisely. The team can’t add or remove anyone at this point.