LooksRare is a community-focused NFT marketplace that actively pays traders and creators for engaging, and LOOKS is the token that powers it.
LOOKS token holders gain 100% of LooksRare's platform trading fees, a reward mechanism developed in reaction to the previous generation of NFT markets, which rewarded a single company with the majority of the fees. LooksRare's model was designed in direct response to the previous generation of NFT marketplaces, with the goal of fostering the NFT community by rewarding user participation.
LooksRare collects a sales fee of 2% (in WETH) on all NFT sales except for private sales. All WETH collected from the sales fees are then combined at the end of each 6,500 Ethereum block period (approximately 24 hours) and then dispensed to LOOKS stakers per block over the next 6,500 block span.
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