What is LooksRare (LOOKS)? A Project Overview
LooksRare (LOOKS) represents the native token for the NFT marketplace known as LooksRare. Holding the 226th spot in the cryptocurrency market capitalization ranking, it acts as a reward for its users and confers upon them the right to vote.
Project mission
LooksRare is designed as an NFT marketplace that compensates creators and collectors for their engagement on the platform. Crafted as a decentralized alternative to OpenSea, it prides itself as being developed “by NFT people, for NFT people.”
The primary objective of the project is to foster a sense of community and enhance the user experience. This is why the platform incentivizes both buyers and sellers with LooksRare (LOOKS) tokens for every transaction they make. To date, the cumulative bonuses that the users have earned on the platform exceed $1.3 billion.
The Co-founders of LooksRare Platform Source: https://docs.looksrare.org/
The dynamic duo at the helm of the LooksRare marketplace, Zodd and Guts, remain somewhat mysterious, known only through their usernames and lively avatars.
Important insights into the LooksRare (LOOKS) token
Purpose
LooksRare (LOOKS) is the native utility token of the LooksRare protocol, which operates on the Ethereum network. Possessing LOOKS gives holders the ability to engage in the decentralized governance of the protocol and community. This involvement entails suggesting and casting votes on various management ideas, especially concerning potential features, updates, and other protocol parameters.
The LooksRare token is employed for staking and offers users access to exclusive drops. Moreover, it is awarded as incentives to active participants within the ecosystem. For instance, both the buyers and sellers of collectible items receive trading rewards in LOOKS. The amount of these rewards hinges on the trading volume and does not factor in private sales. These incentives are doled out on a daily basis.
Issuance and distribution
Token Allocation Source: https://docs.looksrare.org
The total supply of LooksRare (LOOKS) stands at 1 billion tokens, which are distributed in the following fashion:
- 75% are allocated to the community (44.1% offered as volume-based rewards, 18.9% set aside for staking rewards, and 12% reserved for airdrops)
- 10% belong to the treasury
- 10% are reserved for the founders
- 3.3% are set for strategic sales
- 1.7% are committed to liquidity management.
The up-to-date market landscape
As per the data from gagarin.news, at the time this article was written, LooksRare (LOOKS) held the 226th position in the virtual currency ratings. The token's trading value stands at $0.05871. The asset's market capitalization amounts to $52,031,925, with a circulating supply of 886,144,522, and the 24-hour trading volume of $1,013,349.
