LooksRare is a decentralized, non-fungible token (NFT) marketplace on the Ethereum network. It was launched in January 2022 by anonymous creators to compete with OpenSea, one of the largest digital marketplaces for crypto collectibles and non-fungible tokens (NFTs).
LooksRare uses its native token LOOKS to reward participants in its marketplace. NFT buyers and sellers can earn LOOKS tokens as rewards for trading eligible NFT collections. A 2% fee is incurred on all transactions on the platform, which is then funneled back to platform users.
LooksRare claims to be community-first and distributes 100% of trading revenue generated by the platform among users who stake LOOKS tokens. The total supply of LOOKS is limited to 1 billion tokens.