LooksRare Review

Are you searching for a reliable NFT marketplace? Well, this LooksRare review might just offer the insight you need! With so many options out there, like the well-known Binance NFT marketplace, it's essential to know what makes LooksRare stand out.

Discover critical details such as: what is LooksRare? How do its fees and features stack up against other platforms? And most importantly, is LooksRare safe and trustworthy for your NFTs?

Explore everything, from LooksRare's price and fees to the process of buying NFTs on the platform. Dive right in and see if LooksRare is the right marketplace for you!

Verdict at a glance: LooksRare is a well-established NFT marketplace focused on high-quality digital art. It offers a curated platform, a vibrant community, and innovative features like a unique royalty system and an NFT aggregator. However, its exclusive reliance on the Ethereum blockchain can be a limitation for those seeking a more comprehensive range of NFT options. Plus, LooksRare does not give out any royalty to its artists and instead shares its protocol fees.

What is LooksRare?

Before I actually talk about “Is LooksRare safe?”, let's start our discussion to discover how this platform manages to stand out in this LooksRare review.

So, what is LooksRare? It’s a decentralized NFT marketplace built on the Ethereum blockchain. This platform is the one-stop shop for buying and selling NFTs, allowing users to rake in potential rewards with the LOOKS token.

LooksRare NFT marketplace was founded in 2022 by anonymous guys who go by the name Zodd and Guts. It's a bit like a mystery novel – their identities remain hidden, but their creation has made a splash in the NFT world. Unlike other NFT marketplaces, LooksRare had a specific mission from the start: to offer users more than just a digital storefront.

To achieve that, the team added some innovative features and compelling incentives to attract people to the platform. One of the most notable features is the trading rewards program. However, as of September 2023, the reward system has been discontinued and replaced with a new strategy. Now, the entire trading fees are allocated as rewards to LOOKS token creators and stakers.

LooksRare rewards are distributed daily, giving users flexibility in how they distribute their earnings. Users can hold LOOKS tokens and stake them for potential returns of up to 25% annual percentage yield (APY). Alternatively, they can sell LOOKS tokens instantly on various cryptocurrency exchanges like Bybit and KuCoin.

	BYBIT	KUCOIN
Overall Score	8.0	7.9
Best For	More Advanced Users	Best for Buying & Selling Crypto with Small Fees
Operating Countries	South Korea, United Kingdom, Ukraine, Turkey, +160 more	United Kingdom, India, Russia, Mexico, + 150 more
Latest Coupons	See All Coupons of Best Exchanges	See All Coupons of Best Exchanges
Verdict	A popular crypto derivatives exchange with some super-low trading fees.	A reliable and well-established cryptocurrency exchange platform.
	See TOP10 Brands Read review	See TOP10 Brands Read review

Table: Bybit VS KuCoin comparison.

If you're new to crypto, staking is the process of locking up your crypto assets in a special wallet to support the blockchain network. In return, you can earn rewards like transaction fees. By staking your LOOKS tokens, you're also contributing to the security and operations of LooksRare's network, which is Ethereum.

After understanding what is LooksRare, let's shift our focus back to the platform's community-focused approach. Different from many NFT marketplaces, which are centralized and controlled by corporations, LooksRare is decentralized and owned by its users.

In other words, LOOKS token holders have a say in the platform’s decisions, which creates a sense of ownership and alignment of interests. This strategy has gained the platform substantial traction, positioning LooksRare as one of the most popular decentralized NFT marketplaces. 

That concludes our exploration of what is LooksRare! Now, to give you a better idea if the NFT marketplace is the right fit for you, let's discuss the advantages and disadvantages of using this platform, shall we?

LooksRare Review: PROS

After trying out the platform myself, I have to say that LooksRare offers several promising features. Its up-and-coming V2 protocol shines through, and the platform features attractive earning opportunities to boot. No worries, I'll unfold all of them in this LooksRare review, so fasten your seatbelt!

Commitment to Transparency and Security

The first thing that caught my attention was LooksRare's commitment to transparency and security, which turned out to be a frequent highlight in other LooksRare reviews. As proof, on their official website, LooksRare has a dedicated page where they share updates on new tools, resources, and improvements.

They also offer incident reports on their “Developer Documentation” page. Those reports provide you with details about any security issues that might have occurred on the LooksRare NFT marketplace. By making such information public, LooksRare shows that they're committed to transparency and accountability.

On that same page, you can find the subgraph and software development kit (SDK) documentation. For developers who want to build applications and integrate them on top of LooksRare, such toolkits can come in handy. Plus, LooksRare's open communication helps developers and users build stronger trust and confidence, whether they're using or creating on the platform.

Answering the initial question about "Is LooksRare safe?", the platform surely demonstrates determination in maintaining openness and user safety. LooksRare's audit page alone gives you insights into the security inspections conducted by reputable firms. From my observation, not a lot of NFT marketplaces do this, so LooksRare's transparency is refreshing to witness. And, as a user, you can rest assured that your assets are in safe hands.

LooksRare's audits typically focus on identifying flaws that could lead to the compromise of a smart contract, loss of funds, or malicious activities. If you're curious as to how the audit works, well, the security firms conducting these audits will have a peek into LooksRare's source code and limited documentation. Afterward, they perform static analysis and manually review LooksRare's Solidity smart contract components.

Advanced Flexibility With the V2 Protocol Update

LooksRare's security is not only upheld by its regular audits and developer's kits but also by the platform's specialized V2 protocol. What it is, exactly? Simply put, the V2 Protocol is a hybrid off-chain/on-chain system that powers LooksRare's NFT trading capabilities.

Unlike fully on-chain exchanges, the V2 protocol initially stores orders off-chain before executing and validating them later on the Ethereum blockchain. This architecture streamlines transaction processes and reduces gas fees—up to 50% compared to V1. The reason for such impressive savings in gas fees lies in the efficient off-chain order storage, which minimizes costly on-chain interactions.

At the core of the V2 Protocol is the non-custodial system, where users maintain full control over their funds. To execute a trade, users must first approve the transfer of tokens—whether fungible (ETH or ERC-20) or non-fungible (ERC-721 or ERC-1155)—on the marketplace.

On the other hand, off-chain orders, also known as Maker orders, are stored as EIP-712 signatures. When a Taker order (the counterparty in the trade) is placed, it will be approved on-chain, after which the system will match the orders to execute the trade. As you can see here, Ethereum's robust security protocols ensure and protect all on-chain transactions, optimizing both speed and security.

Another area where the V2 protocol shines is its flexibility in order types. Users can create bundled orders, allowing multiple NFTs from the same collection to be sold in one transaction. Moreover, the multi-purchase functionality enables users to execute several trades simultaneously, so long they're within the same currency. For NFT collectors, this means that you can cut down on both LooksRare fees for gas and the time spent finalizing individual transactions.

Furthermore, the protocol is supported by several key components that work together, ensuring that everything runs smoothly:

• Currency Manager. Ensures only approved currencies can be used for trading.
• Execution Manager. Directs orders to the appropriate strategy for efficient trading.
• Nonce Manager. Prevents replay attacks by managing nonce logic for invalidating off-chain Maker orders.
• Transfer Selector. Handles asset transfers based on asset type and supports non-compliant asset types or new standards.
• Creator Fee Manager. Manages creator fees and supports ERC-2981 (NFT Royalty Standard).
• Affiliate Manager. Manages partnerships and rewards for the LooksRare protocol.

To top it all off, the V2 protocol operates on a modular design–a structure that enables specific components of the marketplace (such as order types) to be upgraded or adjusted without major disruptions. Thus, new features in the marketplace can be rolled out easily while discontinuing outdated functions. As such, fee adjustments can also be instantly made without complex updates.

Multi-Purchases in One Transaction

Earlier in this LooksRare review, I already talked about how LooksRare lets you buy and sell multiple NFTs in one go. Let me spill the beans on who is the hero behind this major pro. It's called LooksRare's aggregator!

So, what is it exactly? The LooksRare Aggregator is a powerful tool that simplifies the process of buying NFTs from supported marketplaces . Imagine it as a one-stop shop for NFT trading. You can browse external listings on OpenSea, compare prices, and buy NFTs–all in one place.

Well, how does the aggregator work, exactly? Theoretically, the main aim of this functionality is to minimize gas consumption associated with executing multiple orders. So, the system takes a batch of orders at once and delegates the execution to the source-specific proxy.

As a result, LooksRare's aggregation system enables users to access a wide range of orders in a single platform. This allows for batch orders and partial fills in a gas-efficient way, further streamlining the trading experience.

Opportunities to Earn More

If you're looking for a way to earn more from your NFT-focused audience, LooksRare offers two ways to earn additional income: affiliate and raffle programs. 

Kicking things off, the affiliate program allows you to earn ETH rewards by referring people to LooksRare to trade NFTs. As a LooksRare affiliate, you can earn up to 50% of the fees generated by the users you refer to the platform.

To become an affiliate, you'll need to fill out a Google Form. Tell LooksRare a bit about yourself, who your audiences are, and what your activities are. Once submitted, the LooksRare team will review your application and decide if you're a good fit.

To increase your chances of getting in, take note that the LooksRare NFT marketplace currently focuses on the following types of affiliates:

• Individuals. Influencers and creators with at least 5,000 followers or subscribers on social media.
• NFT communities or alpha groups. Discord, Telegram, and other groups with 200+ members.
• Platforms. News and media sites, data or analytics platforms, aggregators, and more.

As the affiliate program is relatively new, the marketplace is in the process of refining it. Plus, incoming affiliate applications are considered on a case-by-case basis, as of writing. In the future, though, LooksRare plans to open the affiliate program to the broader public.

Don't worry if you're not eligible to become an affiliate, there's still hope from the platform's raffles program! There are two types of raffles: platform-wide and community-wide. The former program is hosted by LooksRare itself and features top-tier NFTs as well as cryptocurrency prizes.

On the other hand, Community Raffles are a special type of event you can create yourself. As a community member, you can set the rules, pick the prizes, and keep the proceeds. This is a great way to reward your community and give away some of your best NFTs.

Anyone can participate in both types of raffles, regardless of their affiliation with the platform. Whether you're a frequent trader, a casual collector, or simply a fan of NFTs, you have an equal chance to win. To participate in a raffle, simply visit the Raffles page and purchase entries. The cost of entries varies depending on the raffle, but they are typically priced in ETH.

Once you've purchased your entries, you'll be automatically entered into a raffle. The winners will be selected using a random number generator (RNG). This generator uses Chainlink Verifiable Random Function (VRF) to ensure that the numbers generated are truly random and cannot be manipulated or tampered with.

When the raffle concludes, the winners of the top prize are usually announced on LooksRare's official X account. However, you can also check the official Raffles website page to see if you've won.

Did you know?

Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

Yes! Show me the Comparison Chart

LooksRare Review: CONS

While LooksRare offers many advantages, there are a few areas where improvements can be made. Let's explore some potential drawbacks of the platform in this LooksRare review.

Ethereum-Only Focus

LooksRare's operation on the Ethereum blockchain, backed by the secure V2 protocol, does offer some excitement. That said, operating exclusively on the Ethereum blockchain can be a double-edged sword.

For one, you won't find NFTs from other blockchains on LooksRare, which can be a problem if you're looking to diversify your NFT collection. With more and more NFTs minted on emerging blockchains like Solana and Binance Smart Chain, LooksRare users may potentially miss out on some hidden gems.

Another thing to consider is that Ethereum can be expensive to use. As a result, you will have to pay a higher LooksRare price for each transaction, especially during busy times on the network. Even if you're purchasing lower-value NFTs, your LooksRare fees may add up, making the platform less cost-effective despite the breakthroughs I've covered in my LooksRare review.

Sure, operating on Ethereum certainly has its advantages, yet it also limits LooksRare's appeal to a broader audience. As the NFT market continues to evolve, I would say that having multi-chain support becomes increasingly important for NFT marketplaces.

No Direct NFT Minting

Even though LooksRare offers a robust platform for buying, selling, and trading NFTs, it lacks direct NFT minting features. For those new to NFTs, minting is essentially the process of creating a unique digital asset on a blockchain.

So, why is the lack of direct minting a potential drawback in this LooksRare review? To put it simply, artists and creators looking to mint their own NFTs on LooksRare must use a third-party platform called Manifold.

While using a third-party platform isn't necessarily a major issue, it can add an extra step to the process. Some users may prefer a more streamlined experience, where they can create and list their NFTs directly on the same platform.

Not to mention the LooksRare fees associated with using a third-party minting platform, which may require more investment on your end. So, consider LooksRare's price and other factors when you're about to create or sell NFTs, especially if you're on a tight budget.

LooksRare Fees and Pricing

With the pros and cons all covered, it's time to look into the fees and pricing details in this part of my LooksRare review.

How much are LooksRare fees? I could say that they're on the more competitive side. As of April 2023, the platform managed to reduce the LooksRare price by a whopping 75% for each transaction. In mathematical terms, users have to pay transaction fees of just 0.5% from the previous 2%.

Aside from that, you also need to pay for ETH gas fees when trading on this marketplace. For those who don't know, gas fees are the mandatory fees for any transaction or smart contract on the Ethereum network. The amount of gas you pay varies, depending on network congestion and transaction complexity. However, since LooksRare is now moving to V2, you'll get to save up to 30% on gas fees.

Now, going into token staking. LOOKS token stakers are rewarded with a significant portion of the trading fees on LooksRare, earning between 75% and 100% of the total fees collected. These rewards are distributed in a linear format per block over a recurring 6,500 Ethereum block period (around 24 hours).

Do note that the rewards are split between Active and Passive stakers. Active stakers earn additional LOOKS tokens while their assets are being staked. Meanwhile, passive stakers receive a share of the previous period’s trading fees.

Overall, when considering LooksRare's price and other expenses, the platform does give a bit of flexibility. As you'll find in user LooksRare reviews, the fee structure is quite attractive due to the reduced transaction costs. 

What about LoooksRare's fee structure for sellers? You need to know that artists on LooksRare get paid in Ether (ETH) instead of Wrapped Ether (WETH) for most of their sales. I'd say that this is a huge improvement, as it eliminates the need for an additional conversion. When sellers receive ETH directly, they can use the coin immediately for other transactions or hold it for potential value appreciation.

That said, LooksRare charges 0% royalties but shares 2% of its protocol fees (on all trades) with artists. Mind that 1.5% of those fees are distributed to LOOKS token holders, effectively reducing the cost for traders. As for the rest 0.5%, those LooksRare fees go into the pocket of the creator. Just make sure to set up a receiving address on the LooksRare royalty registry.

How to Use LooksRare

Next up this LooksRare review: how to buy and sell NFTs on the platform? Let’s go into the step-by-step.

How to Buy Fixed Price NFTs on LooksRare

So, there are two ways to purchase NFTs on LooksRare: instantly or by adding them to your shopping cart.

If you're buying a single NFT, the "Buy Now" option offers the simplest checkout experience. On the flip side, if you plan to grab multiple NFTs from different collections, adding them to your cart is more convenient. I'll show you how to purchase NFTs with the first method:

Step 1: Start the process by clicking the [Buy Now] button on the NFT you want to purchase.

Step 2: To make your first purchase on LooksRare, you’ll need to connect an Ethereum wallet, such as the Coinbase Wallet.

Step 3: Review the details of your NFT purchase. If everything checks out, proceed by clicking the [Confirm and Pay] button.

Step 4: Finally, confirm the purchase in your wallet to finalize the transaction.

That's all it takes to purchase fixed-price NFTs on this LooksRare review.

How to Make Offers on LooksRare NFT Marketplace

In addition to buying NFTs at a fixed price, you can also place bids on artworks, which can be an alternative if you're looking to acquire NFTs that are currently not listed for sale or negotiate a lower price.

There are two types of offers on the LooksRare NFT marketplace: individual and collection offers. I'll first show you how to make an individual offer in this LooksRare review.

Step 1: Browse the marketplace and locate the NFT you're interested in. If the NFT is not listed for sale, there will be a [Make Offer] button. Usually, you will find the button when you come across rare NFTs. Hit the button to start the process.

Step 2: Input the amount of WETH you want to offer for the NFT.

Step 3: Review the details and confirm the offer with your wallet.

Conversely, the collection offers allow you to place the same bid on all items in a collection with a single click. If a seller accepts your collection offer, it will automatically be taken off the table for all other items in the collection.

These offers are similar to how limit orders work in cryptocurrency trading, where you can set the maximum price for a token or coin. However, as we're talking about LooksRare review, you'll decide on the maximum price for an NFT instead.

So, here's how you can make a collection offer:

Step 1: Navigate to the collection page of your choice.

Step 2: Click the [Make Collection Offer] button at the bottom of the page.

Step 3: Specify the amount of WETH you want to offer for each NFT in the collection.

Step 4: Remember to review the details before confirming the offer with your wallet.

It's also crucial to note that you can always withdraw your offers on LooksRare. This flexibility allows you to make multiple offers until you find the right price for your desired NFT. By understanding how to make offers effectively, you can increase your chances of acquiring your target NFTs.

How to Sell NFTs on LooksRare

Continuing this LooksRare review, I've shown you how to purchase an NFT as a buyer. What if you want to become a seller, though?

To sell an NFT on this marketplace, follow these simple steps:

Step 1: Click on the profile icon on the top right of the page. Choose the [Profile] option. Then, you will be directed to your account page.

Step 2: Open the [Created] tab and click on the [Make a Collection] button at the center of the page.

Step 3: Make sure to mint your NFT on Manifold before you list it on LooksRare.

Step 4: Go back to the LooksRare page and click the profile icon again to open the menu. 

This time, select the [Import Listings] option. There will be a pop-up window where you can pick the NFT you want to sell. Then, click the [Prepare to import] button to proceed.

Step 5: Enter the price of the NFT and the number of days you want to keep the sale active.

Step 6: If this is your first time selling an NFT from this collection, the platform will ask for you to approve the collection for trading. So, click [Approve]. Mind that this is a one-time process required for every collection. Once you've approved a collection, you can list any NFTs from that collection for sale (unless you revoke the approval later on).

Step 7: Confirm the listing with a transaction from your wallet.

That's it! Your NFT will now be listed for sale on LooksRare.

Conclusion

As we wrap up our LooksRare review, it's clear that the platform offers quite a compelling combination of features and benefits for both buyers and sellers of NFTs. Its focus on transparency, security, and developer support sets it head and shoulders alongside other marketplaces like Kraken and Binance NFT. 

While LooksRare's exclusive focus on the Ethereum blockchain can be a limitation for those seeking a wider range of NFT options, it also offers the perks of security and a strong developer community.

Ultimately, the best NFT marketplace for you will depend on your mileage. By carefully considering the pros and cons of each platform, you can make an informed decision and select the one that best aligns with your needs as an NFT collector or trader.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. T. Nguyen-Van, et al: ‘A system for scalable decentralized random number generation’;

2. C. Pinto-Gutiérrez, S. Gaitán, D. Jaramillo, S. Velasquez: ‘The NFT hype: What draws attention to non-fungible tokens?’.