LooksRare Marketplace: What is all the hype about?

LooksRare marketplace is an NFT marketplace where the community comes first and trading rewards are given for marketplace participation. Buy or sell NFTs to earn your rewards. And what’s more, is that trading fees are 20% lower than on OpenSea. Combine that with the generous trading rewards of up to 165% APR offered by LooksRare and why would you go anywhere else?

About LooksRare Rewards

Trading rewards are calculated and distributed daily on LooksRare when you buy or sell NFTs. At the time of writing, approximately 1.4 million LOOKS, which is the native token to LooksRare, are set to be distributed in the next seven hours. Currently, one LOOK is trading at $1.94.

In order to earn even more rewards, you are able to stake your LOOKS for a cool 165% APR. The breakdown of the APR is like this: 100% APR in WETH (Wrapped Ethereum) and 65% in LOOKS. These are the rewards at the time of writing but it’s important to mention that they do fluctuate according to different contributing factors, such as token prices, trading volume, liquidity, and the amount staked to name a few. Trading fees that are collected by LooksRare marketplace are re-distributed amongst LOOKS stakers as rewards, and rates are adjusted every 24 hours based on the previous day’s activity.

Here’s a Tweet posted by LooksRare marketplace on the 25th March 2022 about how much rewards were distributed among their community:

How to Trade NFTs on LooksRare Marketplace

LooksRare trades on the Ethereum network and therefore an Ethereum compatible wallet is needed. We recommend you set yourself up with a Metamask wallet. If you wish to download the Metamask wallet then click here for Apple; or here for Android; and finally, here for Chrome.

In order to buy NFTs, you will need to have sufficient amounts of ETH or WETH in your wallet to cover the cost of the NFT plus the gas fees. In order to buy or sell LOOKS, you will need to trade them via Uniswap.

One great feature of LooksRare marketplace is the ability to be able to bid on a whole collection. This means you can enter a bid for a particular NFT which may have multiple sellers depending on how many of those NFTs are available to mint and a bid will go out to all of the sellers at the same time. By doing this you will be almost certain to get the best possible price for your new NFT with the least amount of leg work.

LooksRare VS OpenSea

If you are thinking about trading NFTs and are not sure which platform to use then let us shed some light on the differences between using LooksRare and the current leading platform OpenSea.

On the 14th January 2022 Bored Ape Yacht Club (BAYC) #4937 sold for 91 ETH on Looks Rare marketplace.

The buyer earned a massive $3.5k in trading rewards; whereas, on Opensea, they would have earned approximately zero rewards. On top of this, the seller saved $1.5k in fees and earned $3.5k in trading rewards. In total that seller made $5k+ more than they would have by trading on LooksRare and not OpenSea. 

Hopefully, this article has provided a good insight into trading NFTs on LooksRare marketplace, and good luck NFT trading!

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