What Looks Rare? How to claim your looks tokens?

Introduction

Since the beginning of 2021, when NFTs started to gain traction, Opensea has been the leading NFT marketplace for developing, purchasing, and selling digital assets. Other NFT markets exist; however, most still need to approach the Opensea trading volume in 2021.

That said, other NFT exchanges are trying to syphon off a portion of Opensea’s revenue. One of these marketplaces is called Looks Rare.

What is Looks Rare?

LooksRare is a community-focused NFT marketplace that actively compensates all platform users. You can get LOOKS tokens if you’re a creator, collector, or trader. Finally, the LooksRare platform aims to give back to its users and artists.

Furthermore, LooksRare’s smart contracts are designed on a modular structure that enables the addition of new functionalities over time. This is accomplished without jeopardising security, thanks to standardised signatures identifying the execution plan.

This means that LooksRare can introduce new features to users at any time.

LooksRare’s technological framework was built from the ground up to maximise scalability, performance, and security. Furthermore, LooksRare has ensured compatibility for future deployments on ETH scaling solutions.

Looks Rare platform fees

Except for private purchases, LooksRare imposes a 2% (in WETH) sales fee for all NFT sales. Each 6,500 Ethereum block interval (approximately 24 hours) ends with the distribution of all WETH earned from sales fees to LOOKS stakeholder for each block over the ensuing 6,500 block interval.

You can collect your WETH rewards as often as you want, but remember that you will have to pay petrol expenses each time.

It’s acceptable if you need to remember to claim your WETH or would rather wait till gas costs are lower. Even if you don’t collect every day, your WETH will continue to accrue as long as your LOOKS tokens remain staked.

How to Claim your LOOKS tokens?

It is straightforward to obtain your LOOKS tokens. To claim your LOOKS token airdrop, take the following steps:

1. Visit LooksRare.org.
2. Link your web3 wallet
3. To see if you’re eligible to collect your LOOKS tokens, click the Check Now icon in the banner at the top of the homepage.
4. If you qualify, put an NFT for sale on the LooksRare marketplace.
5. Select the Claim Tokens button in the banner to complete the transaction.
6. Stake your LOOKS cryptocurrencies on the Rewards page to begin earning trading fees, or exchange your LOOKS tokens for another cryptocurrency.

It’s that simple. Although claiming your LOOKS tokens is generally safe, remember to disconnect your wallet from the site once you have finished. In the top right corner, choose your wallet avatar. Scroll down and choose Disconnect.

Conclusion

Since NFTs became popular in early 2020, Opensea has been the primary NFT marketplace. However, some NFT marketplace consumers are dissatisfied with their services or products.

That is why Looks Rare has built its own community-based NFT marketplace, which pays back to the users and producers that utilise its platform.

Looks Rare might be beneficial if you want to test out a new marketplace and get rewards for doing so. You should post an NFT for sale to claim the LOOKS tokens if you are eligible.