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.
