LooksRare NFT Marketplace: The Ultimate Review

OpenSea has dominated the global NFT trade as the sole marketplace for years. This is why when LooksRare was launched as a promising competitor to OpenSea back in 2022, everyone became excited to see what new changes these two marketplaces will be introducing in the near future. Today, LooksRare has secured its place as a viable and stable NFT marketplace with a major focus on its users and what they actually expect from it. If you’re new to the global NFT trading space, this LooksRare NFT marketplace review is going to help you understand how such platforms actually work.

Why is LooksRare NFT Marketplace hyped this much?

Visiting LooksRare’s marketplace will feel familiar if you’ve used OpenSea before. The website is very user-friendly, and all you need to start trading NFTs is an NFT wallet. Setting up a wallet is quick and easy, but if you’re new to this, don’t worry; we’ll cover the supported wallets later.

Despite initial appearances, LooksRare isn’t just an OpenSea clone. It offers unique features that set it apart, such as its native token, $LOOKS, which allows for user incentives like trading rewards or staking to earn a share of transaction fees. Additionally, artists benefit from instant royalty payouts, receiving their royalties as soon as an NFT is sold, rather than waiting for recurring payments. In the next section, we’ll explore more unique features for trading NFTs on the LooksRare marketplace.

Multiple buying and selling options to choose from!

In addition to the classic options of instant buy and offer, LooksRare allows users to make offers on entire collections. For instance, if a user wants to enter a project without a preference for a specific NFT, they can send an offer to all wallet addresses holding an NFT from that collection, with LooksRare covering the gas costs.

LooksRare charges a 2% fee for every trade on the marketplace, which is drawn in wrapped Ether (WETH) and distributed back to wallets staking the platform’s LOOKS token. At the time of writing, users in the staking program receive a partial refund of the paid fees. Buyers can purchase NFTs using ETH or WETH, and if their balance is insufficient, they can combine both currencies for the transaction. These features, among others, make the LooksRare marketplace highly attractive for artists and buyers, potentially positioning it as the best NFT minting platform due to its compelling incentives.

Supporting your favorite wallets and blockchains

LooksRare supports a vast array of Web3 wallets through the “wallet connect” service, with over a hundred different wallets available for trading NFTs on the platform. For users uncertain about which wallet to choose or those setting up a wallet for the first time, MetaMask is recommended, as it does not require a KYC process.

Currently, the LooksRare NFT marketplace only facilitates buying and selling NFTs linked to the Ethereum blockchain. This allows for easy importing of listings from OpenSea without the need to create new ones, as the NFTs remain connected to the same smart contract. While this provides a low entry barrier for users, it may challenge LooksRare’s ability to compete as the best NFT marketplace in the future.

Final Note

Allowing multiple transaction methods, facilitating Ethereum blockchain trades, and integrating more than a hundred different wallets, LooksRare NFT market is surely an all-around package for any NFT enthusiast. The platform is still expanding with a vision to focus on user-centric features and upgradations in the near future.

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Ruby Rodriguez

Ruby Rodriguez is a highly experienced crypto content writer from the United States, with eight years of expertise in blockchain, DeFi, and NFTs. She excels at simplifying complex topics, delivering insightful, well-researched content. Passionate about Web3, she helps readers stay ahead of trends in the fast-evolving cryptocurrency landscape.

Disclaimer: The information presented here may express the authors personal views and is based on prevailing market conditions. Please perform your own due diligence before investing in cryptocurrencies. Neither the author nor the publication holds responsibility for any financial losses sustained.