Blog / Coins / What Is Looksrare

What Is LooksRare?

Nov 16, 2022
4 min read

This blog post will cover:

  • About LooksRare (LOOKS)
  • Where did LooksRare (LOOKS) come from?
  • What are the advantages of LooksRare (LOOKS)?
  • What are the disadvantages of LooksRare (LOOKS)?
  • How to buy LooksRare (LOOKS)?

About LooksRare (LOOKS)

LooksRare is a platform where members can receive rewards. Let's get into this in more detail.

LooksRare was built on the Ethereum blockchain. Users can create, sell and buy non-fungible tokens here and receive rewards for this. Customers can also stake (active and passive staking) to earn.

LOOKS is the native token of the platform, in the form of which users receive rewards. Those who are engaged in staking also get a percentage of all transactions in LOOKS tokens.

Where did LooksRare (LOOKS) come from?

The developers launched the LooksRare platform on January 11, 2022. The creators write about it: "by NFT people, for NFT people".

The real names of the team members are unknown since even on the official website only their pseudonyms are listed.

What are the advantages of LooksRare (LOOKS)?

  1. All rewards are for users
    The team claims that 100% of the trading fees are sent to the holders of LOOKS tokens, unlike the NFT marketplaces of the previous generation, where the profit went to reward the organization and not its users.
  2. Low commission
    All sales (excluding private) of NFTs are subject to a 2% commission. Some direct competitors of LooksRare have a commission of 2.5%.
  3. Collection bets
    A new feature that sets LooksRare apart from the competition is the ability to bet not just on one specific item, but on the entire collection at once. But the goods are sold also at auctions or just at a fixed price.

What are the disadvantages of LooksRare (LOOKS)?

  1. The lack of information about the team
    A team of developers hides under nicknames, and users cannot see their photos and personal data.
  2. The lack of functionality
    LooksRare does not have its own application and only works in the browser. And the user interface is not completely convenient, for example, the ability to filter NFTs by certain categories is missing.
  3. Impossible to buy NFT for fiat
    The user can only purchase NFT when using ETH or WETH. This greatly complicates the task for beginners.

How to buy LooksRare (LOOKS)?

Although the functionality of the platform is quite limited now and it does not have the goal of attracting large investors, it is great for those who want to get some rewards. If you are one of those people, you can start your way right now by purchasing LOOKS tokens on SimpleSwap:

  1. For example, you want to swap BTC for LOOKS. Select the currency you want to exchange (BTC) in the first drop-down list. Then enter the amount you want to swap.
  2. Select LOOKS in the second drop-down list. You’ll see the estimated amount that you will get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address, where LOOKS will be sent. Please, be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You should transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

Don’t miss our new articles!


Share on: