LooksRare is a popular NFT marketplace that launched in January 2022. A relatively new entrant in the NFT space, LooksRare calls itself a “community-first marketplace” and managed to overthrow leader OpenSea in terms of trading volume shortly after its launch.
LooksRare leverages its native token LOOKS to offer incentives to its platform users. LOOKS token holders receive a percentage of the revenues generated by LooksRare through trading fees.
NFT traders, collectors, and creators receive rewards for participating in the LooksRare platform. LooksRare operates on Ethereum, implementing on-chain standards such as EIP-712 and ERC-2981. It is also compatible with deployment on Ethereum scaling solutions in the future.
LooksRare announced an airdrop of its LOOKS token as part of its launch to any user with a combined trading volume worth 3 ETH or higher on OpenSea. One hundred twenty million LOOKS tokens, accounting for 12% of the token's total supply, were distributed during the LooksRare airdrop to the NFT community.