Education

What Is LooksRare And Should You Care?

There s much excitement regarding the launch of LooksRare, and the associated $LOOKS airdrop. NFT enthusiasts who spent over 3 ETH on OpenSea in the previous half-year will be eligible for an airdrop. However, there is much more to this project than just free coins. 

LooksRare Brings Competition

Despite the growth of non-fungible tokens throughout 2021, there are still a few shortcomings in the industry. A severe lack of competitive marketplaces is the biggest drawback. Outside of OpenSea and KnownOriign, there is little interest for most people to explore alternative solutions. LooksRare may fill that gap, as it has a very marketable name and provides another NFT marketplace for users to experiment with.

The project has apparently been in development for months, and the marketplace is still rather barebones. However, much will change in the future, assuming the platform can gain significant traction. Whether that will happen or not is a different matter, although excitement is building regarding the in-development NFT marketplace.

Claim A Username Quickly

One of the things people who see merit in LooksRare should do is register their username. More specifically, it will be the same username as one uses on OpenSea. However, claiming a username before January 15th is of the utmost importance. The team also advises using a profile pic of NFTs the user owns, rather than stealing images from social media and claiming you are the owner.

Airdrop Requirements And Earning $LOOKS

One crucial aspect of the LooksRare launch is the $LOOKS token airdrop. Users who spent over 3 ETH on OpenSea between mid-2021 and late 2021 will be eligible for tokens already. Users need to create an account, check their eligibility, and list an NFT for sale to claim those tokens. Any ERC-721 or ERC-1155 token will be supported and will count toward the airdrop.

It is unclear if there will be further airdrops to early adopters of the platforms. Rewarding the community will prove essential, although it is good to have an alternative solution for trading NFTs and to find a more competitive marketplace. Even so, the lower trading fee of 2% is a good alternative to OpenSea, and the fees are distributed among $LOOKS stakers. 

One option to explore is trading eligible NFT collections to earn rewards in $LOOKS token. The eligible locations will change over time, incentivizing users to explore specific market opportunities. At the time of writing, the eligible collections include PUNKS Comic 2, Alien Frens, WinterBears, Frontier Game, Art Blocks, and many others. Collections will become eligible for $LOOKS once it surpasses 1,000 ETH volume on LooksRare.


CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: contact@cryptomode.com None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. No reviews should be taken at face value, always conduct your research before making financial commitments.

JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

Share
Published by
JP Buntinx

Recent Posts

RACA on CoinMarketCap’s Top 10 Among All Play-To-Earn Projects and Announced Exclusive Deal With Johannes Ludwig

The three-time Olympic Gold Medalist, Johannes Ludwig, has entered an exclusive ambassador partnership with Radio…

7 hours ago

Why Is a Gold-Backed Cryptocurrency So Important Today?

The global economy has been struggling with the effects of the COVID-19 pandemic and now…

8 hours ago

Fashion in the Metaverse: How NFTs are Poised to Bring a Myriad of Opportunities

With a market value of over $1.55 trillion, the global fashion industry is not only…

8 hours ago

Whydah Celebrates One-Year Anniversary of My DeFi Pet Game

Join the birthday celebration as the V2 Pet collection is unveiled along with new features…

10 hours ago

What is PulseChain?

PulseChain is the first hard fork with the full system state of Ethereum which means…

10 hours ago

MetaBlaze Initial Coin Offering Raises $2.1M: Announces ICO Round 2 Opens May 31st

MetaBlaze is heating up this week. With its NFT mint ongoing, the Gaming firm is…

11 hours ago