LOOKS token is a medium to give back to active participants such as users and creators. So what is the LOOKs token contract address and how does LOOKsRare earn money. If you want to know that, let’s take a look at the article below.
What is the LOOKS token contract address?
According to Etherscan, the contract address for LOOKs is 0xf4d2888d29D722226FafA5d9B24F9164c092421E with the decimal of 18. Max total supply is 783,351,650 LOOKS.
How Does LooksRare Work?
LooksRare is built on top of the Ethereum blockchain, allowing participants to trade Ethereum NFTs available on OpenSea. The platform charges a 2% sales fee (in WETH) on all NFT sales, excluding private sales.
All WETH fees accumulated from the sale are consolidated at the end of every 6,500 ETH block period (roughly 24 hours) and distributed to LOOKS token stakers on a block-by-block basis for the next 6,500 block span.
Users can claim their WETH rewards as often as they want, but must pay a gas fee with every withdrawal. If they forget to claim their WETH, or prefer to wait until gas fees are reduced, their WETH will continue to accumulate as long as their LOOKS tokens remain staked.
As a community-first project, 100% of the revenue generated is distributed to stakeholders in LOOKS tokens. The team does not directly benefit from the project, and will only be rewarded if the project is done well.
How does LooksRare earn money?
LooksRare is an Ethereum-based NFT marketplace that allows users to buy and sell NFTs for rewards in the form of their native utility token, LOOKS. The platform charges a standard sales fee of 2 percent on all NFT sales, slightly lower than OpenSea’s 2.5 percent.
The LOOKS token is at the heart of the LooksRare ecosystem and can be staked to earn a share of daily transaction fees, received in LOOKS and wrapped Ether (wETH).
To attract new users during launch, LooksRare is airdropping 120 million LOOKS to anyone who trades more than 3 ETH on OpenSea between June and December 2021. To claim their LOOKS, users must list at least one NFT on LooksRare. This led to a flood of new listings on the site, with $105 million in first-day trading volume. In addition, nearly $2 million in platform fees was generated and distributed to LOOKS stakeholders.
I hope this article will help you to learn what is the LOOkS token contract address and how does LooksRare earn money. If you want to buy and sell NFTs in the near future, LooksRare is worth looking at. As a community-first NFT trading platform, LooksRare has a comprehensive reward system that benefits everyone from platform traders to token holders.
