LooksRare is a community-first NFT (non-fungible token) marketplace that aims to reward traders, collectors, and creators. The platform focuses on building a community of NFT enthusiasts and promises to offer various features that cater to the needs of its users. It was launched with an airdrop to wallets that had generated a minimum of 3 ETH transaction volume on OpenSea. Over 110,000 wallets were able to claim LOOKS, amounting to 60% of all eligible wallets.
About $LOOKS token
$LOOKS is the native cryptocurrency of the LooksRare NFT marketplace. It is an ERC-20 token that runs on the Ethereum blockchain. The token is designed to facilitate transactions and incentivize users to participate in the LooksRare ecosystem. One of the primary uses of $LOOKS is to reward users for trading NFTs on the platform. Buyers and sellers of NFTs on LooksRare receive LOOKS tokens as a reward, creating an incentive for users to use the platform and contribute to its growth.
How to buy $LOOKS with a payment card
1. Enter the amount of $LOOKS and fiat currency that you wish to purchase.
2. Verify your phone and email.
3. Enter or create $LOOKS wallet
You are given the option to enter your $LOOKS wallet address or create one using the Swipelux widget.
4. Pass KYC flow
This verification process helps protect you from fraud and other malicious activities.
5. You're now ready to buy $LOOKS with a credit and debit card.
Market Position and Adoption: LooksRare (LOOKS) is a cryptocurrency token that powers the LooksRare NFT marketplace. It currently has a market ranking of #337 with a market capitalization of $70,342,068 USD and a 24-hour trading volume of $4,876,032 USD. The platform has gained popularity for its community-first approach, rewarding users for buying or selling NFTs on the platform in LOOKS tokens. The platform launched with an airdrop to wallets that had generated a minimum of 3 ETH transaction volume on OpenSea. Over 110,000 wallets were able to claim LOOKS, amounting to 60% of all eligible wallets. LooksRare's modular smart contracts allow for the platform to roll out new features over time, which the roadmap promises to deliver.
Technology and Platform: LooksRare is built on the Ethereum blockchain, utilizing smart contract technology to execute transactions and provide functionality to its users. The platform's modular smart contracts allow for the deployment of new features over time, such as bidding for all NFTs in a selected collection, bidding for NFTs with a certain trait, and canceling multiple orders in one transaction. The platform's community-first approach also allows for instant creator payouts, with creators receiving royalty payments at the moment of sale.
Team: LooksRare lists a total of 14 team members on its site, with all their identities hidden behind pseudonymous accounts. The project was launched by Zodd and Guts, two unidentified founders.
Competition: The NFT marketplace space is highly competitive, with many established players such as OpenSea, Rarible, and SuperRare. However, LooksRare's community-first approach and reward system for users and creators may allow it to differentiate itself from competitors and gain traction in the market.
Supply: LooksRare has a circulating supply of 469,539,052 LOOKS tokens, which is 47% of the total supply of 622,247,000 LOOKS tokens. The maximum supply of LOOKS tokens is 1,000,000,000, with a fully diluted market capitalization of $149,810,900 USD. The platform's reward system and modular smart contracts may provide a mechanism for controlling the token supply and distribution over time.
1. Market volatility: As with any cryptocurrency or token, the value of LOOKS can be highly volatile, and can fluctuate rapidly in response to market trends and other factors. This can lead to rapid gains, but also to significant losses for investors.
2. Regulatory risk: Cryptocurrency and token markets are often unregulated or subject to evolving regulations, which can create uncertainty and risk for investors. Changes in laws or regulations could negatively impact the adoption and use of LOOKS token, or lead to legal challenges and other issues.
3. Technology risk: Blockchain technology is still evolving and can be subject to various technical risks, such as bugs, cyber attacks, and other vulnerabilities. These risks can result in loss of user funds or other damages, which can have a negative impact on the value of LOOKS token.
4. Adoption risk: The success of LOOKS token depends on its adoption and use by the wider community of collectors, traders, and creators. If adoption is limited or fails to gain traction, the value of LOOKS could decline over time.
5. Competition: The NFT marketplace is highly competitive, with many other projects and tokens vying for market share. If other projects gain wider adoption or offer more attractive features or incentives, it could negatively impact the value of LOOKS token.
6. Liquidity risk: The liquidity of LOOKS token can be affected by a variety of factors, including trading volumes, market depth, and exchange listings. If liquidity dries up or trading volumes decline, it can become difficult or costly for investors to buy or sell LOOKS token, which can negatively impact its value.
Potential market development triggers
Expansion of the LooksRare platform: As LooksRare continues to expand its offerings and attract more users to its platform, demand for the LOOKS token may increase. For example, if LooksRare introduces new features or partnerships with other NFT projects, this could increase the visibility and usage of the platform and subsequently drive up the value of LOOKS.
Increased adoption of NFTs: As more people become interested in NFTs and start buying and selling them, the demand for LOOKS may increase. This is because LooksRare is an NFT marketplace that rewards users with LOOKS tokens for trading on its platform. Therefore, as NFTs become more popular and more people start using LooksRare, the demand for LOOKS tokens may increase.
Integration with DeFi: If LooksRare were to integrate with decentralized finance (DeFi) platforms, such as lending or staking protocols, this could potentially increase demand for the LOOKS token. This is because DeFi users could use LOOKS as collateral for loans or earn rewards by staking their tokens.
Partnerships and collaborations: LooksRare could potentially increase demand for LOOKS by partnering with other NFT projects or popular influencers in the space. For example, a collaboration with a popular artist or musician could attract more attention to the platform and increase the number of users and buyers.
Increased marketing and promotion: Finally, increased marketing and promotion of LooksRare and the LOOKS token could attract more users and buyers to the platform, driving up demand and ultimately the value of the token. This could include advertising campaigns, social media outreach, and other forms of targeted marketing to reach potential users and buyers.