New year, new paradigm for NFT marketplaces🍾🎉
It’s the moment you’ve been waiting for.
After months and months of tireless work, we are so, so stoked to reveal this beast to the world. It’s been a long road to get here, we’d like to thank our mothers, teachers, dogs, etc., etc. We can talk about that stuff another time. We’ve still got a lot to do.
First Things First
Before you get stuck in, please bear in mind that this is literally day one. There are a lot of features still in development, but we wanted to release ASAP so we can keep building together with the community right from the start.
Now it's your turn to get stuck in and start exploring.
🤳 Set up your profile
⏳Hurry and claim your username before January 15th: And don’t worry, we’ve reserved your Opensea username for you to get started easily, but only until then.
Only profile pics of NFTs that you actually own are allowed 😤
🛍 Check out the market
Scope out the market for these guys:
🖼 List an NFT for sale
List any ERC-721 or ERC-1155 NFT for sale from your account page, so that you’re eligible for the…
💸 LOOKS Token Airdrop! 🤑
🤑🤑🤑 If you traded 3 ETH or more on Opensea between 16th Jun 2021 to 16th Dec 2021, you’re eligible for an airdrop of LOOKS Tokens!
LOOKS is LooksRare’s native token. 100% of trading fees are earned by LOOKS token stakers, so the more people trade on the marketplace, the more WETH earned.
Here’s how to claim your LOOKS:
- Connect your wallet
- Hit the check button in the banner at the top of the homepage to see if you’re eligible
- If you’re eligible, list an NFT for sale
- Smash the Claim Tokens button in the banner and confirm the transaction
- Go stake your LOOKS on the Rewards page to start earning trading fees
⏳ Claim your LOOKS fast, because it’s only live for a few days!
So What’s LooksRare?
Let’s right-click copy + paste🖱 a bit from our first blog post.
LooksRare is the community-first NFT marketplace that actively rewards traders, collectors and creators for participating. Why do we need another marketplace? 👏 Because the NFT community deserves better. 👏
We, the NFT community, are tired of not being taken seriously by market leaders.
We’re tired of the deplatforming of creators, and the decision makers who value business over community, seeking IPO instead of benefiting the communities that got them there.
So we’re building something better.
Something that rewards, empowers, and gives back to you - the platform's users and creators. We’ll be taking your suggestions, your feedback, your crazy ideas, and smooshing it all together into something glorious.
LooksRare. By NFT People, for NFT People.
🏪 Marketplace Overview
The LooksRare marketplace indexes all NFT collections on the Ethereum blockchain.
That means you can trade all the Ethereum NFTs that are available on OpenSea… and some that aren’t 🤫
There’s a 2% standard fee on all NFT trades (lower than the competition), and all those fees are earned directly by LOOKS stakers.
Right now, at launch, you can already:
- Buy and sell NFTs in ETH, WETH, or a mix of both
- Make offers on NFTs in WETH
- Make an offer on all NFTs in a selected collection: “Collection Offers”
- Earn daily trading rewards
- Earn a share of the platform’s trading fees by staking your LOOKS
And there’s a bunch more coming soon, including stuff you’re used to on other marketplaces and more. We’re not half-assing this thing.
💸 How to Earn Rewards on LooksRare
Part of being community-first means that LooksRare rewards, empowers, and gives back to the platform's users and creators.
- Get rewarded for trading:
UPDATE:🎉 Trading rewards now apply to ALL NFTs traded on LooksRare! 🎉
When you buy or sell NFTs from eligible collections, you earn LOOKS tokens. To see which collections will earn you rewards right now, 1️⃣ Head to the Collections page, then 2️⃣ click “Rewards”. As volume increases, more collections will start generating rewards.
Note: trading rewards will start being calculated a day after launch, so trades on the first day won't contribute to your trading rewards allocation. More at the bottom of this article.
- Share all platform fees: 100% of trading fees are earned by LOOKS stakers. Stake your LOOKS tokens.
- Get extra LOOKS: We’re also providing additional rewards for loyal LOOKS holders! 💎🤲 Go stake LOOKS to earn more LOOKS!
👩🎨 NFT Creators & Collection Owners
Royalties are paid out instantly. With LooksRare, you don’t need to wait weeks to claim your royalty fees; you receive them as soon as someone trades an NFT from your collection.
We’ve assigned you a default royalty fee that you’ll collect whenever people trade NFTs.
Head to your collections page to set up your preferred royalties for your collections.
🦻 One more thing: note that royalties are paid in WETH only, not ETH.
Once a collection hits 1,000 ETH trading volume on LooksRare (excluding private sales), users who buy or sell NFTs from the collection (again, excluding private sales) will earn LOOKS tokens as trading rewards at the end of each day, claimable from the Rewards page.
UPDATE 🎉 From Jan. 29, 2022, trading rewards now apply to ALL NFTs traded on LooksRare! 🎉
We’ve added an initial list of collections that are eligible for trading rewards at launch: view them here.
You’ll wanna let your community know about this - might be a pretty powerful incentive to encourage your trading volume 📈🤔
Btw, the total amount of LOOKS earned as trading rewards each day is fixed, which makes it very expensive to farm tokens. These token farmers won’t have any guarantee over the amount of rewards they’ll receive, and will also need to pay at least a 2% fee on every trade, so it’s not going to be an effective strategy.
Check our full guide to Trading Rewards ->
📈 You need 250 ETH volume on LooksRare in order to apply for verification.
We verify collections that are legitimate and have high volume, or are otherwise notable. We also handle verification a little differently to some other marketplaces - see the note on derivatives below.
⚠️ Verification is not endorsement ⚠️ The blue checkmark is meant to make sure you’re buying the right version of the NFTs you want to buy (and not fakes).
Once your collection hits 250 ETH trading volume (excluding private sales), connect your collection’s owner wallet to the site and head to your collections page to start the application process.
Check our full guide to Collection Verification ->
A Note on Derivatives
Derivative collections occupy an unusual position in the NFT community, and some unauthorized derivative collections gain significant interest and trading volume.
In some cases like this, so long as their actions aren’t malicious, these collections may be considered “notable”, in which case LooksRare may grant the verified mark.
Again: verification is not endorsement.
👯 Community Members
If you’re not a creator yourself, you can still help: spread the word to your favorite collection creators and
ask tell them to get their collections set up.
Hell, send them this blog post.
- The creator will benefit from the royalty fees and volume
- You’ll earn trading rewards from trading the collection’s NFTs once it hits 1,000 ETH trading volume on LooksRare
Alright. That’s all for now.
We’re getting back to work, but we need your help: Please, please, give us your feedback.
Join our Discord and let us know what you think.
We are so excited to be starting this journey with you.
Note: trading rewards will start being calculated a day after launch, so trades you make on the first day won't earn you any LOOKS trading rewards. Here's the schedule:
Monday 10 Jan, 9AM UTC (approx): Emissions start. - The Stake LOOKS to Earn LOOKS function goes online - LOOKS for Trading rewards start accumulating in distribution address - Marketplace opens and starts accumulating WETH fees (we adjust the address to receive fees)
Tuesday 11 Jan, 0 AM UTC: 15 hours of emissions have gone by - WETH Fee sharing (earning trading rewards) will NOT start here. Instead it will accumulate into the next day. - Day 1 of trading for trading rewards start now
Wednesday 12 Jan, 0 AM UTC: 39 hours of emissions have gone by - Trading rewards are calculated for the past 24 hours then distributed at 2AM UTC - Fee sharing begins for the past 39 hours of WETH fees collected