What is LooksRare? Is LooksRare safe

LooksRare (LOOKS) is a community centered NFT market that actively rewards all platform users. Supported by the huge network of Ethereum blockchain, LooksRare's smart contract allows users to access new functions, including a set of NFT collections. Whether you are a creator, collector or trader, you are eligible for LOOKS tokens. The platform aims to give back to users and founders of the platform.

What is LooksRare?

LooksRare is a community initiated NFT market. This platform is famous for airdropping wallets, which generate at least 3 ETH transactions on OpenSea. More than 110000 wallets can claim LOOKS, accounting for 60% of all qualified wallets.

Its community first approach is defined by three key pillars:

Reward users: Users who purchase or sell NFT on the platform will receive LOOKS rewards;

Redistributing platform expenses: 100% of the expenses incurred belong to the shareholders;

Instant Creator Payment: The creator receives royalties at the time of sale.

LooksRare is built with modular smart contracts, allowing the platform to introduce new functions over time. The roadmap is expected to further innovate, such as bidding options for all NFTs in the selected set, bidding NFTs with specific characteristics, and canceling multiple orders in one transaction.

Is LooksRare safe?

LooksRare is launched on Ethereum, which is protected by the workload proof consensus mechanism. A group of decentralized nodes verify transactions and protect the Ethereum blockchain. The protocol uses EIP-712, ERC-2981 and other standards on the chain to achieve scalability, high speed and security. It emphasizes in its documents that the network retains the compatibility of deploying extended solutions on Ethereum.

LooksRare stands out from OpenSea and other platforms for the following reasons:

First, it is different from OpenSea in that it provides a culture different from the top-down approach of competitors to NFT. OpenSea faces criticism in its business strategy, while LooksRare tries to compete with a more democratic and user oriented culture. This is reflected in its token economics, where 75% of the total supply is reserved for the community.

Secondly, unlike other community oriented projects, LooksRare provides a more professional platform. Users on LooksRare can trade NFT directly from their wallets (such as MetaMask). Once connected to the site, they can customize their profile and start buying and selling individual NFTs or entire collections. NFT is either offered at a fixed price or sold by auction. All transactions are paid by ETH or WETH.

LooksRare has lower transaction costs, providing a 2% fixed fee for all transactions, while OpenSea is 2.5%. In addition, traders can get rewards in native LOOKS tokens.