LooksRare

LooksRare is a decentralized NFT marketplace that puts the community first. Launched in January 2022 on the Ethereum network, it features an ERC-20 utility token known as LOOKS.

This platform allows users to buy and sell non-fungible tokens (NFTs) with a focus on incentivizing user engagement.

The LOOKS token plays several roles within the LooksRare ecosystem:

* Users who stake their LOOKS tokens earn 100% of the trading fees as Protocol Rewards.
* Every trade (except private ones) generates a Trading Reward, which serves as a rebate in LOOKS for the fee paid on LooksRare transactions (currently 0.5%, collected in ETH).
* It allows participation in exclusive drops and other token-gated features.

The platform was created by the pseudonymous figures Guts and Zodd to offer a decentralized alternative to platforms like OpenSea.

The total supply of LOOKS tokens is capped at 1,000,000,000, with over 90% currently in circulation.

When the platform launched, 75% of the total supply was allocated to the community:

* 12% was distributed through an airdrop.
* 18.9% was set aside for users who stake LOOKS.
* 44.1% was reserved for rewarding trading volume, encouraging active participation on the platform.

According to the emission schedule, LOOKS will reach its full supply within two years of its introduction. The platform charges a transaction fee of 0.5% in WETH on all NFT sales, which is redistributed linearly to LOOKS stakers every 6,500 Ethereum blocks, roughly once every 24 hours.