{"id":"looksrare","hidden":false,"ipfs":"Qmf1rxfcj13BGM7pQwwWiQcSHdrXXbvHSFdNAhcLUpuT69","language":"en","transactionHash":"0x80f4402f0f0e94d8549bcd0c260b831dac414ccc7ef9bb617fa6e97947b49619","created":"2022-08-21T12:54:21.202Z","updated":"2022-10-27T17:00:52.895Z","title":"LooksRare","summary":"LooksRare is a community-first NFT marketplace on Ethereum that rewards users with LOOKS tokens and protocol fees for trading.","content":"**LooksRare** is a community-first [Non-Fungible Token (NFT)](https://iq.wiki/wiki/non-fungible-token-nft) marketplace on [Ethereum](https://iq.wiki/wiki/ethereum) that rewards traders, collectors, and creators with LOOKS tokens and a share of protocol fees for trading and other participation. Launched on January 10, 2022 with a token [airdrop](https://iq.wiki/wiki/airdrop), it was founded by anonymous co-founders known as Zodd and Guts.[[7]](#cite-id-i6k3dzwhyf)[[3]](#cite-id-c4f9fslrgtq) The marketplace aggregates listings from major NFT platforms, supports NFT raffles and on-chain games such as YOLO and Poke the Bear, and uses a Protocol Rewards system that redistributes platform fees to LOOKS committers.\n\n### Overview\n\nLooksRare is an [Non-Fungible Token (NFT)](https://iq.wiki/wiki/non-fungible-token-nft) marketplace on [Ethereum](https://iq.wiki/wiki/ethereum) that redistributes [trading fees](https://iq.wiki/wiki/trading-fee) and token incentives to users and creators.[[1]](#cite-id-v68uhos3rjd) \n \nUsers that buy or sell NFTs from eligible collections on the platform can earn LOOKS tokens. LOOKS committers earn Protocol Rewards, which consist of WETH-denominated platform fees and time-limited LOOKS emissions distributed according to a four-phase emission schedule. Creators receive royalty payments at the moment of sale.[[5]](#cite-id-j7f88xkk1r) \n \nThe platform has a 0.5% standard fee on all non-private NFT trades. 100% of these platform fees, collected in wrapped Ether (WETH), are distributed to users who commit LOOKS via Protocol Rewards, with fees consolidated every 6,500 [Ethereum](https://iq.wiki/wiki/ethereum) [blocks](https://iq.wiki/wiki/block) and distributed over the following 6,500-block period.[[5]](#cite-id-j7f88xkk1r)[[3]](#cite-id-c4f9fslrgtq) Users can also trade NFTs with Ether or wrapped Ether (WETH). \n \nThe team has indexed a large number of NFT collections on the [Ethereum](https://iq.wiki/wiki/ethereum) [blockchain](https://iq.wiki/wiki/blockchain), enabling users to trade many of the [Ethereum](https://iq.wiki/wiki/ethereum) NFTs that are available on [OpenSea](https://iq.wiki/wiki/opensea) as well as some that are not.[[2]](#cite-id-s4nkofpscy)[[1]](#cite-id-v68uhos3rjd) LooksRare also taps into listings from major NFT marketplaces, allowing users to access and purchase NFTs listed elsewhere through a single interface, and it supports NFT raffles and on-chain games such as YOLO and Poke the Bear.[[1]](#cite-id-v68uhos3rjd) \n \nIt was created by two anonymous co-founders, known as Zodd and Guts, with the motto “By NFT People, for NFT People\". The platform went live on January 10, 2022 with a token [airdrop](https://iq.wiki/wiki/airdrop).[[7]](#cite-id-i6k3dzwhyf)[[3]](#cite-id-c4f9fslrgtq) \n \nCoinTelegraph stated in a report: \n \n> \"Within just three days, the NFT marketplace has recorded a sales volume of $394 million\".[[2]](#cite-id-s4nkofpscy) \n \nThe top NFTs that stirred interest among buyers on LooksRare are the [Meebits](https://iq.wiki/wiki/meebits) collection, which comes from [Larva Labs](https://iq.wiki/wiki/larva-labs), the same creators behind [Cryptopunks](https://iq.wiki/wiki/cryptopunks) and [Autoglyphs](https://iq.wiki/wiki/autoglyphs). Other popular projects include [Loot](https://iq.wiki/wiki/loot) (for Adventurers), Purrnelopes Country Club and [Parallel](https://iq.wiki/wiki/parallel) Alpha.[[2]](#cite-id-s4nkofpscy)\n\n## History\n\nLooksRare launched on January 10, 2022 on [Ethereum](https://iq.wiki/wiki/ethereum), combining the debut of its NFT marketplace with a LOOKS token [airdrop](https://iq.wiki/wiki/airdrop) distributed to eligible users of competing platforms.[[7]](#cite-id-i6k3dzwhyf) The launch campaign framed the marketplace as a community-focused alternative that would redistribute protocol fees and token rewards to active traders and LOOKS committers.[[7]](#cite-id-i6k3dzwhyf) Within three days of going live, reports citing CoinTelegraph stated that LooksRare had recorded approximately $394 million in trading volume, driven in part by aggressive token incentives that encouraged high-value trades.[[2]](#cite-id-s4nkofpscy) \n \nEarly activity on the marketplace focused heavily on prominent NFT collections such as [Meebits](https://iq.wiki/wiki/meebits), [Loot](https://iq.wiki/wiki/loot) (for Adventurers), Purrnelopes Country Club, and [Parallel](https://iq.wiki/wiki/parallel) Alpha, which featured heavily in coverage of LooksRare’s initial growth.[[2]](#cite-id-s4nkofpscy) In October 2022, LooksRare announced that it would make creator royalties optional on secondary sales, allowing buyers to opt in to paying royalties while allocating 25% of protocol fees to creators instead of enforcing royalties by default.[[8]](#cite-id-6mp06y2z22) This change aligned LooksRare with a broader industry trend in which several NFT marketplaces reduced or removed mandatory royalty payments. \n \nIn February 2023, LooksRare announced a partnership with [MoonPay](https://iq.wiki/wiki/moonpay) aimed at integrating [MoonPay](https://iq.wiki/wiki/moonpay)’s NFT Checkout product, enabling users to purchase NFTs on LooksRare using credit cards for both primary and secondary sales.[[9]](#cite-id-qk345ivwyy) On April 6, 2023, LooksRare released V2 of the marketplace, which introduced a fixed 0.5% protocol fee and updated [smart contracts](https://iq.wiki/wiki/smart-contract) intended to offer more gas-efficient trading.[[10]](#cite-id-5tllxa1rvq) V2 continued the platform’s focus on combining marketplace features with a Protocol Rewards system that redistributes platform fees to LOOKS committers.[[10]](#cite-id-5tllxa1rvq) \n\n## Governance\n\nLooksRare is developed by a core team led by pseudonymous co-founders known as Zodd and Guts, who are presented as the marketplace’s co-founders in launch materials.[[7]](#cite-id-i6k3dzwhyf)[[3]](#cite-id-c4f9fslrgtq) The LOOKS token functions primarily as a utility and reward token for trading, committing, and liquidity incentives, rather than as a formal [governance token](https://iq.wiki/wiki/governance-tokens) that confers on-chain voting rights over protocol upgrades.[[6]](#cite-id-q0k8jry7oh) \n \nMajor protocol decisions to date, such as the introduction of a fixed 0.5% protocol fee in V2, the structure and adjustment of reward schedules, and changes to creator-royalty policy, have been announced as initiatives undertaken and implemented by the LooksRare team.[[10]](#cite-id-5tllxa1rvq)[[8]](#cite-id-6mp06y2z22) Announcements describing these changes attribute the decisions to the team and do not describe an on-chain DAO voting process by LOOKS holders for these specific protocol-level modifications.[[7]](#cite-id-i6k3dzwhyf)[[10]](#cite-id-5tllxa1rvq)\n\n## Tokenomics\n\n### LOOKS Token\n\nThe LOOKS token is the native [ERC-20](https://iq.wiki/wiki/erc-20) [utility token](https://iq.wiki/wiki/utility-token) of LooksRare on the [Ethereum](https://iq.wiki/wiki/ethereum) [blockchain](https://iq.wiki/wiki/blockchain). Its main utility is committing LOOKS to earn Protocol Rewards, which include WETH-denominated platform fees and time-limited LOOKS emissions, as well as participating in liquidity provision and trading-related rewards on the marketplace.[\\[6\\]](#cite-id-q0k8jry7oh)​[\\[3\\]](#cite-id-c4f9fslrgtq) There is a total and maximum supply of 1,000,000,000 LOOKS.[\\[3\\]](#cite-id-c4f9fslrgtq)​\n\n| ​                                                | Percentage of Supply | Total         |\n| ------------------------------------------------ | -------------------- | ------------- |\n| ​[Airdrop](https://iq.wiki/wiki/airdrop)​        | 12%                  | 120,000,000   |\n| Strategic Sales                                  | 3.3%                 | 33,083,003    |\n| Liquidity Management                             | 1.7%                 | 16,916,977    |\n| Volume Rewards                                   | 44.1%                | 441,000,000   |\n| ​[Staking](https://iq.wiki/wiki/staking) Rewards | 18.9%                | 189,000,000   |\n| Founding Team                                    | 10%                  | 100,000,000   |\n| Treasury                                         | 10%                  | 100,000,000   |\n| Total Supply                                     | 100%                 | 1,000,000,000 |\n\nProtocol Rewards were designed to follow a four-phase emission schedule (Phases A to D), with differing LOOKS-per-block rates based on periods of 6,500 [Ethereum](https://iq.wiki/wiki/ethereum) [blocks](https://iq.wiki/wiki/block) per day. As the scheduled emissions have largely completed, the WETH-denominated platform-fee component makes up the dominant share of ongoing Protocol Rewards to LOOKS committers.[\\[6\\]](#cite-id-q0k8jry7oh)​[\\[5\\]](#cite-id-j7f88xkk1r)​\n\n### Staking LOOKS\n\nLOOKS token committers earn Protocol Rewards from the LooksRare platform. The protocol collects a basic sales fee of 0.5% (in WETH) on all NFT sales excluding private sales, and 100% of these WETH-denominated platform fees are distributed to LOOKS committers.[\\[5\\]](#cite-id-j7f88xkk1r)​[\\[3\\]](#cite-id-c4f9fslrgtq)​\n\nAll the WETH collected from these fees are consolidated at the end of each recurring 6,500 [Ethereum](https://iq.wiki/wiki/ethereum) [block](https://iq.wiki/wiki/block) period (roughly 24 hours) and then distributed to LOOKS committers over the next 6,500 [block](https://iq.wiki/wiki/block) period as part of Protocol Rewards. In addition to WETH, LOOKS emissions were distributed over four phases, with scheduled decreases in the LOOKS-per-block rate; these emissions were allocated between active and passive committers and are now largely completed, leaving WETH-denominated fees as the main ongoing reward component.[\\[5\\]](#cite-id-j7f88xkk1r)​\n\n![Screenshot-2022-04-27-at-12.21.49-PM.png](https://ipfs.everipedia.org/ipfs/QmYnPVeK6jA4gbCMmkHoyNtuAFVSi6Qd1o5qR2TB5rEVdG \"Screenshot-2022-04-27-at-12.21.49-PM.png\")\n\nCommitted LOOKS can remain committed and will continue to accumulate rewards even if they are not claimed every day, and rewards remain claimable until they are collected.[\\[5\\]](#cite-id-j7f88xkk1r)​\n\nActive committers are the majority of committers, whose committed LOOKS tokens are fully unlocked. Passive committers are committers whose LOOKS tokens are locked for trading but unlocked for committing: namely Team, Treasury, and Strategic Sale tokens. Passive committers do not receive additional LOOKS from user-facing emission rewards, although their committed tokens participate in WETH-denominated Protocol Rewards.[\\[5\\]](#cite-id-j7f88xkk1r)​[\\[4\\]](#cite-id-m5hn35gte4)​\n\n## Security and Incidents\n\nLooksRare’s marketplace and associated [smart contracts](https://iq.wiki/wiki/smart-contract) are deployed on the [Ethereum](https://iq.wiki/wiki/ethereum) [blockchain](https://iq.wiki/wiki/blockchain), and trading activity relies on Ethereum transactions and contract execution in line with other Ethereum-based NFT platforms.[\\[7\\]](#cite-id-i6k3dzwhyf)​[\\[3\\]](#cite-id-c4f9fslrgtq) As an Ethereum application, the platform’s operation depends on the security properties of Ethereum smart contracts and on users interacting with contracts and signing transactions through compatible wallets.\n\nShortly after launch, the LooksRare website experienced downtime attributed to distributed-denial-of-service (DDoS) attacks, with service subsequently restored after mitigation efforts.[\\[11\\]](#cite-id-1unfweul44) TronWeekly reported that the platform faced DDoS-related disruptions soon after going live and again in late January 2022, during which access to the marketplace interface was intermittently affected before returning to normal operation.[\\[11\\]](#cite-id-1unfweul44) Security considerations for users of LooksRare are similar to those associated with other Ethereum NFT marketplaces, including exposure to risks related to smart contract behavior and to phishing or malicious activity in the broader NFT trading ecosystem.","recentActivity":null,"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"categories":[{"id":"projects-and-protocols","title":"Projects & Protocols"}],"tags":[{"id":"Infrastructure"},{"id":"NFT"},{"id":"Ethereum"}],"images":[{"id":"QmWsYFDMSjYVDiSBy5tgKz9ZPjM6z177ze2Rma1SAgKUwb","type":"image/jpeg, 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