LooksRare is a new NFT marketplace that has it's sights set on being a truly community-owned NFT platform.
Staking rewards/liquidity mining
ETH & WETH compatible
2% platform fee
No fee on private sales
Collection offers allow traders to bid on an entire NFT collection at once. This means anyone who owns an NFT from the collection receiving the offer is able to accept it. It's a bit like setting a limit order on an exchange. Collection offers are important because they give traders a whole new way to bid on a collection's floor assets.
Trait offers are similar to collection offers but instead of bidding on an entire collection, traders are able to set bids on the floor of specific traits. Want to put an offer on all Gold fur Bored Apes at once? Now you can.
This allows users to cancel multiple open orders at once. It's a small feature but differs from OpenSea in that OS only allows users to cancel one listing at a time.
$LOOKS is the native token of the LooksRare ecosystem. These tokens can be earned through staking, providing liquidity, or simply trading NFTs on LooksRare. LOOKS has a total supply of 1 Billion tokens, the distribution percentages are below.
100% of trading fees on LooksRare are rewarded to people staking $LOOKS. Staking rewards are paid in both LOOKS & WETH. LOOKS staking rewards auto-compound while the WETH rewards do not.
There is clear and obvious potential with LooksRare. I like the platform. I like the coin.
To me, LooksRare feels a lot like when SushiSwap was created. SushiSwap was originally made to give the DeFi community a cut of the fees generated by the exchange they used. This ended up stealing a lot of market share from Uniswap practically overnight.
I can see a similar scenario happening with LooksRare but if you replace Uniswap with OpenSea. OpenSea gets a lot of negative attention because it's community feels like their voices aren't being heard when it comes to platform upgrades, excessive fees, and a variety of other issues. OpenSea's community has never been given ownership of the NFT marketplace they've been loyal to which presents a compelling narrative for LooksRare.
Opportunity + Community ✅
The LOOKS token incentives are solid. Staking rewards during Day 1 haven't dropped below 1000% APR yet so this should draw in plenty of liquidity into the system. With trading rewards at 44% of the total supply (441 million tokens), this should keep traders coming back to LooksRare to grow their ownership of the platform while using it for their regular activities.
I think the two main things to watch over the next months are:
How well can LooksRare capitalize on OpenSea not having a token?
How much value can LooksRare deliver to it's community that OpenSea does not provide?
I received the LOOKS airdrop and have added even more tokens to my position since claiming. It's important to stay vigilant when new projects like this drop so I'll be watching LooksRare closely over the next few weeks to see whether it'll be a quick flip or if it's worth playing the long game.
The best way to decide which crypto products you like is by actually using them, so I highly recommend trying this platform out to come to a conclusion on your own. Cheers.