LooksRare
LooksRare is a community-first NFT marketplace that rewards users for participating.
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- Documentation
- Auditors
- Please see our FAQ on experienced auditors
- Website
- Token: LOOKS
- Tags: Other
- TVL: $0 (Rank #262)
- TVL Ranking by Other: #0
- Blockchain: Ethereum
- Chain TVL
- Ethereum: $0
- Code reviewed by at least one experienced auditor; PeckShield audited in January 2022
- Anonymous team reduces transparency
- No documented protocol hacks since launch
- Core protocol launched in 2022; maturity over one year minimizes technical risk as smart contracts are well battle-tested
- Top 5% by total value locked reduces risk
- Multisig wallet controls protocol upgrades
- Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
- Timelock is at least 48hrs, which provides users with sufficient time to exit if any malicious upgrades are approved
- No governance token and/or contracts are fully immutable
- No death spiral concerns
How LooksRare works
LooksRare is a decentralized NFT marketplace that actively rewards traders, collectors and creators for participating in the ecosystem. The platform allows participants to buy and sell Ethereum NFTs. The protocol redistributes all of its platform fees to users staking its native LOOKS token. LooksRare is built with modular smart contracts that allow the platform to rollout new features over time.
How LooksRare makes money
LooksRare charges a 2% fee (in ETH) on all NFT sales, excluding private sales. All accumulated ETH fees are distributed daily to LOOKS stakers. The team does not earn revenue directly from the protocol itself but rather is rewarded through staking LOOKS (to earn platform fees) like everyone else.
How you make money on LooksRare
You earn a share of platform fees proportional to the amount of LOOKS you have staked. You can also earn LOOKS rewards by simply trading qualified NFTs. Both the buyer and seller of a NFT earn incentives for their trade volume. Trading rewards are computed daily and distributed two hours after the end of the day. The rewards are calcualted based on each user's trading volume in eligible collections, proportional to the total platform transaction volume for qualifying collections. NFT collections that reach a trading volume of 1,000 ETH will automatically be added to the list of eligible collections earning rewards.
