Whether you’re buying or selling an NFT, you want to get the best deal possible.
Here’s a few creative strategies to get the most out of LooksRare.
Get a Refund on Your Sales Fees
When you sell an NFT on LooksRare, you basically get the 2% flat fee you pay refunded in the form of LOOKS tokens.
That means, after you collect your LOOKS token rewards, you’ve pretty much paid nothing in fees.
Get Paid While You Wait for a Sale
The Listing Rewards program enables you to earn LOOKS tokens just by listing NFTs for sale on LooksRare.
You read that right. You’ll earn points on your eligible listings every 30 minutes, which are then converted into LOOKS once per day. Whether your NFT sells or not, you’ll still benefit, simply from using LooksRare.
Get Rewarded for Buying NFTs
But why should the sellers have all the fun? On LooksRare, buyers earn LOOKS for every NFT they buy.
How much? It depends on a couple of things, like the volume the sale generated versus the total volume that day, which you can learn more about here.
The TL;DR is that you earn LOOKS every time you buy an NFT — which helps offset some of the cost.
Earn Even More Rewards
Commit LOOKS, earn WETH and even more LOOKS
The trading fees generated by the LooksRare protocol can be earned by LOOKS committers daily (on top of the protocol reward itself, which is denominated in LOOKS).
So instead of letting any rewards you’ve earned sit unclaimed, or stagnant in your wallet, put them to work for you!
Double down in pound town
If you believe in the future of LooksRare, and NFTs in general as we do, you may wish to commit your LOOKS in the LOOKS Compounder a.k.a. The Pounder.
The Pounder takes your WETH and uses it to buy LOOKS, before recommitting it to earn even more LOOKS.
It may sound a little confusing, but it's actually pretty simple, and comes at no additional cost or fee.
Here’s how you can commit LOOKS.
- Buy or earn LOOKS tokens
- Go to the Protocol Rewards page
- Pick Standard Method or LOOKS Compounder
- Input the amount of LOOKS you want to commit
- Hit the Commit button
- All done! Your LOOKS tokens are now working for you.
Note: if it’s your first time, you’ll need to approve the contract on your wallet.
Buy LOOKS
Maybe you’re looking at the last tip and thinking “damn, pound town sounds great, but I don’t have any LOOKS to commit, and there’s nothing from my collection I really want to buy or sell right now”. Don’t worry, we got you.
Using the Uniswap widget, you can pretty much swap any ERC20 token to LOOKS, all without ever leaving LooksRare!
Once you’ve got your LOOKS tokens, you’re all set to jump straight into protocol rewards, and either double down on LOOKS via pound town, or earn both LOOKS and WETH from trading fees at the same time.
Here’s where you can find the the Uniswap widget:
- Click your account menu
- Hit the big Buy button
That’s it!
If you’re a die-hard LooksRare user and you have tips you’d like to share, let us know on Twitter or Discord and we will get them added to the blog post.
