Looks token is available on Uniswap, but you'll 1st need ETH from an exchange like Uphold to swap for Looksrare!
A new non-fungible token (NFT) marketplace called LooksRare has launched on the Ethereum network, and its revenues are open to anyone involved in the NFT ecosystem: NFT buyers, artists, collectors and traders.
With a community-first approach, the platform aims to use LooksRare token rewards to empower users and creators. Merging decentralized finance (DeFi) and NFT collecting by offering rewards to popular collections on the platform keeps the community engaged with its platform and hopes to steal market share from OpenSea. But first things first, what is an airdrop?
In essence, an airdrop is similar to any promotional giveaway to a community. Crypto projects often offer free tokens in return for community engagement, exposure or participation in a project. Airdrops have become a popular marketing strategy for blockchain projects searching for new users of their platform or tokens. Users who take part in an airdrop are often asked to complete a number of tasks such as register on a platform or share updates. Each project may have different requirements for participation.
How To Claim LOOKS Tokens
As part of LooksRare’s launch, it is distributing 120,000,000 LOOKS tokens (12% of the total supply) to the NFT community. To be able to claim LOOKS tokens, a user needs to meet two criteria. First, they needed to have bought or sold at least 3 ETH worth of NFTs on OpenSea between June 16, 2016, and Dec.16, 2021. They also need to list an NFT for sale on the platform, LooksRare.
The minimum airdrop per eligible wallet is 125 LOOKS tokens, with the most active traders receiving 10,000 tokens.
To claim the airdrop, users need to connect a cryptocurrency wallet to the LooksRare site. Once eligibility is confirmed, you will be invited to list an NFT on the platform. After listing the NFT or several NFTs, you can click on the homepage banner to claim your LOOKS tokens. An airdrop usually lasts between 7 to 10 days.
Any LOOKS that aren't claimed by the end of the airdrop period will go to the treasury for use in ecosystem development.
What Is LooksRare?
LooksRare is a community-first NFT marketplace that actively rewards traders, collectors and creators for participating in the world of NFTs. LooksRare’s smart contracts are custom-built within a system that enables new features to be rolled out over time – without compromising security. It is fast becoming a go-to marketplace for NFT traders to buy and sell highly valuable NFTs.
LooksRare is positioning itself as an alternative to OpenSea for passionate NFT collectors who want to buy and sell from their collections. It is a leading platform for collectibles and has amassed over $235 million in Ethereum NFT trading in its first day.
How Do You Receive the LOOKS Airdrop?
Airdrops involve a transfer of crypto, meaning that users will need to set up a cryptocurrency wallet before they can receive any tokens. However, as the LooksRare platform is planning to tap into the existing NFT community, all users should have some form of wallet set up already. Remember that claiming airdrops costs a gas fee, so be sure to have Ether ready in your wallet to claim the airdrop.
Staking LOOKS Tokens
Users can also earn LOOKS by staking or trading on the site. LooksRare charges a 2% fee on trades (0.5% lower than on OpenSea), and all of those fees go to LOOKS stakers, which means anyone can get in and earn a share of the marketplace’s revenue.
The platform is also introducing new features that are useful for people in the NFT space. For example, a buyer can make an offer specific to a collection of NFTs (one user recently offered to buy any Bored Ape Yacht Club NFT for 78 ETH). Making the same offer on OpenSea would require the user to place a separate bid on every item in the collection.
LooksRare is not the only contender challenging OpenSea to capture a slice of the booming NFT market. Other markets include Zora and OpenDAO.
LOOKS Token Airdrop Tiers
The LooksRare platform has set up nine different tiers for the airdrop. Each eligible wallet will be able to claim an amount of LOOKS corresponding to their total trading volume in ETH on OpenSea. The volume calculation for each user includes both buy and sell trades made in ETH, WETH, USDC, DAI, SAND, GALA and MANA over the six-month period.
How To Be Eligible for LOOKS Token
To claim the designated airdrop, an eligible user must first successfully list any ERC-721 or ERC-1155 NFT on the LooksRare exchange. They also need to have transacted at least three Ether on OpenSea from June to December 2021.
How to Buy LOOKS Token
You can buy LOOKS on FTX Exchange, and it’s likely it’ll get listed on other major exchanges in the weeks to come. Make sure to do your own research before buying cryptocurrencies. You can also buy ETH on any exchange, such as Gemini or Coinbase Global Inc. (NASDAQ: COIN) and swap for LOOKS token on Uniswap.
- Open an online account.
The first step to buying a token is to open an account with an exchange that offers access to cryptocurrency trading, such as FTX, eToro or Coinbase. Most exchanges offer access to Ethereum.
Be sure to conduct research before you open your account. Assess the types of cryptocurrencies the exchange offers access to, learn how easy it is to set up an account and what is required and research the security features, account maintenance and fees. Exchanges need to collect personal information before setting up your account, including full name, address, phone number, email address and government issued-identification.
Decentralized exchanges (DEXs) are great for coins like LOOKS, since they support almost every Ethereum-based asset. The leading DEX is Uniswap, and it’s powered by Ethereum’s blockchain. To use a DEX, you’ll need a software wallet like MetaMask or Coinbase Wallet. These crypto wallets are free to use, and they let you own your cryptocurrency unlike centralized exchanges. - Download or purchase a crypto wallet.
Before you buy LOOKS tokens, you should consider where you’ll be storing your digital assets. You can choose either a software wallet such as Coinbase Wallet or Metamask.
For the most secure option when storing your assets, use a hardware wallet like Ledger. Hardware wallets are physical devices that store your cryptocurrency offline, making it impossible for your funds to be hacked. - Make your purchase.
If you are using eToro, you’ll connect your bank account after verifying your identity. Once this is done, find the LOOKS token and place your order.
DEXs like Uniswap don’t use order books. Instead, Uniswap uses liquidity pools to calculate the price of crypto assets. Once your wallet is connected to Uniswap’s website, you can swap your Ethereum tokens for LOOKS tokens.
Best Crypto Wallet for LOOKS Token
To buy the LOOKS token, you open an account with an exchange using official identification and choose a wallet where you will store your tokens. Ledger is a popular hardware wallet option, or you can choose to store crypto in a software wallet on your computer or mobile device. A hardware wallet is also a safe place to store NFTs. Metamask is one of the most popular software wallets. This decentralized mobile software wallet does not hold your funds, so everything is on the blockchain. Both offer a good level of security.
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
Is Claiming the LOOKS Token Airdrop Worth It?
DeFi is only beginning to take shape, and the innovative ways in which NFTs can be traded, shared and collected are providing valuable use cases for the future. Airdrops are one way to gain attention for a project that is offering something new to the existing NFT community. It is easy to understand why this method has become one of the key ways to promote a project in the crypto community.
If you qualify for the airdrop, it’s certainly worth claiming. The tokens are worth upwards of $1,000, depending on how much Ether you’ve traded on OpenSea. Also, the high staking rewards on LooksRare make the token an enticing investment for risk-tolerant investors.
Frequently Asked Questions
How do LooksRare rewards work?
Users who trade NFTs on LooksRare earn rewards in the form of LOOKS token. Both the buyer and seller can earn rewards based on their trading volume.
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