How To Buy LooksRare (LOOKS)?
A common question you often see on social media from crypto beginners is “Where can I buy LooksRare?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports LooksRare (LOOKS)
First, you will need to open an account on a cryptocurrency exchange that supports LooksRare (LOOKS).
We recommend the following based on functionality, reputation, security, support and fees:
1
MEXC
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1500+
Sign-up bonus
10% reduced trading fees & up to $170 in USDT vouchers*
Available in
North America, South America, Europe, Asia, Oceania, Africa
2
Gate.io
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1000+
Sign-up bonus
Up to $100 in USDT vouchers*
Available in
North America, South America, Europe, Asia, Oceania, Africa
3
Kucoin
Fees (Maker/Taker) 0.1%*-3%*
Cryptocurrencies
Available for Trade 250+
Sign-up bonus
Up to $500 in USDT vouchers*
Available in
North America, South America, Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase LooksRare (LOOKS) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy LooksRare (LOOKS)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for LooksRare (LOOKS) or LooksRare (LOOKS) trading pairs. Look for the section that will allow you to buy LooksRare (LOOKS), and enter the amount of the cryptocurrency that you want to spend for LooksRare (LOOKS) or the amount of fiat currency that you want to spend towards buying LooksRare (LOOKS). The exchange will then calculate the equivalent amount of LooksRare (LOOKS) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of LooksRare (LOOKS) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
How to create a Gate.io account
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Step 1: Go to the Gate.io website.
Step 2: Choose your username, your email address and your password. Then check “I certify that I am 18 years of age or older, and I agree to the Gate.io User Agreement Privacy Policy” and click “NEXT”.
Step 3: Set your fund password and click “Create account”.
Note: Your fund password must contain at least 6 characters and can not be the same as your login password.
Step 4: An activation email will be sent to your email address. Complete the rest of the registration process by following the instructions in the email to activate your account. Once this is done done, click “Email activated, please log in”.
How to complete KYC (ID Verification) on Gate.io
In order to ensure the safety of your assets, and to reduce fraud, money laundering, blackmail, and other illegal activities, Gate.io makes it mandatory that all users obtain KYC ID Verification. Only after your account has obtained KYC ID verification, can you withdraw funds or use credit cards or debit cards to buy cryptocurrencies.
Step 1: Log in to your Gate.io account.
Place your cursor on the top-right profile icon and go to “KYC (ID Verification)”
Step 2: Click “Individual (Verify now)”
Step 3: Select your country, input your full legal name (twice), fill in your ID information, upload photos of both sides of your ID card, and a photo of you holding your ID together with your User ID (UID) for Gate.io. You will see your User ID by placing the cursor on the top-right profile icon on the main page. Make sure everything is filled in correctly and then click on “Confirm and Submit”.
Step 4: After you have submitted all the requested information, you will see the pending approval.
Approval can take anywhere from a few hours to a few days to complete.
Once the KYC is approved, you’re ready to make your first cryptocurrency purchase.
How to buy cryptocurrency on Gate.io
Step 1: Log in to your Gate.io account.
Then in the Menu Bar at the top of the page, click “Buy Crypto” and select “Credit Card”.
Step 2: Enter the amount you wish to spend in the “Buy with Fiat Currency” tab and select the cryptocurrency that you want to buy under the “Currency Purchased” field. Then select one of the “Service Providers” below and click the “Place Order” button to enter the confirmation page.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: On the confirmation page, select “Buy Crypto” or the “Create Order” button to complete the payment.
Note: To ensure a quick and secure way of receiving the order, users might need to conduct an additional Identity Verification (KYC) with a third-party service provider. Once successfully verified, the service provider will immediately transfer the cryptocurrencies to your Gate.io account.
How to Conduct Spot Trading on Gate.io
Step 1: Log in to your Gate.io account.
Click on “Spot Trading” under “Trade” on the top navigation bar.
You can either choose “standard” or “professional” version. This tutorial uses the standard version.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can click on the last prices on the order book to set the buying/selling price automatically.
Step 5: Confirm the price and amount. Then click on “Place Order” to place the order, followed by “Confirm Order” to confirm it.
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For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
Simplecryptoguide.com
What Is LooksRare (LOOKS)?
LooksRare is a community-first NFT marketplace that actively rewards traders, collectors, and creators for participating.
Founded by two pseudonymous entrepreneurs going by the names Zodd and Guts, LooksRare is an NFT marketplace where users can earn token rewards for trading verified NFT collections. The organisation also says that it will reward users on an ongoing basis. Holders of the token can also receive a 2% trading fee out of any transactions that take place. In other words, there is a 2% tax applied to all transactions. All of this 2% is distributed out to holders.
Another key point about the LooksRare marketplace is how it is handling derivative NFT projects. That is to say, NFTs that are clearly based on existing NFT collections. LooksRare is taking the stance that it will not take down or withhold verified status from derivative projects, “as long as their actions aren’t malicious”.
OpenSea has infamously taken down derivatives of high-profile NFT projects in the past. To be sure, the NFT community is split on how they feel about derivatives. Some people agree that they shouldn’t exist, while others believe that trying to prevent derivative NFTs goes against the tenants of web3. NFT traders have also been requesting for OpenSea to release a token so that trading fees (2.5% cut from every transaction) can be distributed back into the community for a long time. OpenSea has up until now refused such requests, putting LooksRare in a strong position to cater to this need.
What is the LOOKS token?
LOOKS is the native token of the LooksRare NFT marketplace. Users can earn it by trading NFTs from certain collections. Not only that, but users can also earn $LOOKS from buying or selling an NFT from a collection with over 1,000 ETH in trading volume.
LooksRare charges a 2% sales fee (in WETH) on all NFT sales, except for private sales. All WETH collected from sales fees are then combined at the end of each 6.500 block period on Ethereum (approximately 24 hours) and is then dispensed to the LOOKS stakers per block for the next 6.500 blocks.
You can claim your WETH rewards as many times as you like, however please be aware that you will need to pay fuel fees every time you claim your rewards.
If you forget to claim your WETH or prefer to wait until gas rates are lower before claiming, that’s fine. As long as your LOOKS tokens remain staked, your WETH will continue to accumulate even if you don’t claim every day.
At the time of writing, the annual percentage rate (APR) for staking $LOOKS is 619%. While that will likely go down in the next few days, that is a major return for a staking reward.
What is LOOKS airdrop?
The airdrop of the LOOKS token is an attempt to take some of the attention away from the most popular NFT market, Opensea. If you traded 3 ETH or more on Opensea between June 16, 2021 and December 16, 2021, you are eligible to claim the LOOKS token airdrop based on the following tier schedule.
| Tier | ETH Volume in time period | LOOKS Tokens Per Wallet | Total Tokens in Tier |
|---|---|---|---|
| 1 | >=1000 | 10,000 | 4,520,000 |
| 2 | >=250 to 1000 | 4,540 | 18,918,225 |
| 3 | >=120 to 250 | 2,450 | 16,709,000 |
| 4 | >=60 to 120 | 1,500 | 17,967,000 |
| 5 | >=35 to 60 | 1,200 | 17,175,600 |
| 6 | >=20 to 35 | 800 | 16,461,600 |
| 7 | >=10 to 20 | 400 | 14,311,200 |
| 8 | >=6 to 10 | 200 | 6,787,000 |
| 9 | >=3 to 6 | 125 | 7,150,375 |
| 10 | <3 | 0 | 0 |
| – | – | Total: | 120,000,000 |
You can choose to stake your LOOKS token or exchange it for a different cryptocurrency of your choice. Remember that all trading fees are earned by LOOKS token punters, so the more people transacting on LooksRare, the more WETH can be earned.
How to claim your LOOKS tokens
Claiming your LOOKS tokens is super simple. Follow these steps to claim your LOOKS Token Airdrop:
- Visit LooksRare.org
- Connect your web3 wallet
- Select the Check Now button on the banner at the top of the homepage to see if you are eligible to claim your LOOKS tokens (you will have to sign for this)
- If you are eligible, please list an NFT for sale on the LooksRare marketplace
- Choose the Claim Tokens button on the banner and confirm the transaction
What Is LOOKS Used For?
LOOKS is used for the following purposes:
Staking
LooksRare users can stake their LOOKS tokens on the platform to receive over 700% APR in WETH (wrapped Ether) and LOOKS. The APR will decrease over time with an increase in onboarding and number of stakers.
There are two types of staking: active and passive.
Most token stakers are active stakers, whose LOOKS tokens are fully unlocked.
For passive stakers, their LOOKS tokens are locked for trading but unlocked for staking — e.g., treasury, team and strategic sale tokens. Passive stakers don’t earn extra tokens when they stake LOOKS.
Daily LooksRare rewards are calculated at the end of each previous period, and split between active and passive stakers before being dispersed.
LooksRare Rewards
The LOOKS token is a medium for giving back to active participants, like users and creators, in the following manner:
Users who buy and sell NFTs from selected collections earn LOOKS tokens as rewards.
Users can earn LOOKS rewards simply by trading qualifying NFTs.
Both the buyer and the seller of an item earn incentives for their trade volume (other than for private sales). Trading rewards are computed daily and distributed two hours after the end of the day. They’re calculated according to each user’s trade volume in eligible collections, as a proportion of the total platform transaction volume for qualifying collections.
Claiming is halted for two hours each day, between 00:00AM and 2:00AM UTC, while processing trading rewards. These rewards can be claimed at 2:00AM UTC every day.
Only collections that reach a trading volume of 1,000 ETH will be automatically added to the list of eligible collections earning rewards. When a collection hits a trading volume of 1,000 ETH, rewards will be processed from the sales completed after 00:00AM UTC the following day.
Users who stake LOOKS tokens are rewarded with 100% trading fees.
The platform’s users can stake LOOKS and earn extra LOOKS rewards over and above the WETH trading fee incentives. In addition, the staked LOOKS tokens are compounded automatically for those who want to leave their LOOKS tokens staked.
Users must manually stake their pending rewards in order to maximize their portion of staked tokens. However, since this wastes gas fees and opportunity costs, LooksRare has facilitated auto-compounding for all LOOKS users.
LOOKS rewards obtained from the staked LOOKS balance are now re-staked (or compounded) into the pool immediately to increase the number of LOOKS staked. When users unstake their LOOKS, both the initial staked amount and the compounded rewards are withdrawn to the user’s wallet.
LooksRare development updates in 2023
LooksRare has introduced several significant developments in 2023, focusing on optimizing its tokenomics and enhancing the platform’s functionality. Below is a comprehensive overview of these key updates:
-
Emission Reduction and Phase 4 Introduction:
- As of January 2, 2023, LooksRare entered its final emission period, which will last approximately 12 months. This marks the beginning of Phase 4 for the LOOKS token.
- The number of new LOOKS per block decreased from 150 to 80, impacting protocol rewards, volume rewards, and team- and treasury-managed LOOKS.
- Total daily Trading Rewards were reduced from 437,468.75 to 236,650 LOOKS, and Listing Rewards from 100,000 to 50,000 LOOKS.
-
Tokenomics Update and Fee Redistribution:
- A significant update to LOOKS tokenomics was implemented, where 50% of fees from new initiatives like Raffles and YOLO games are used to buy back LOOKS from the market.
- The remaining fees are split between contributing to Protocol Rewards (10%) and being sent to the Treasury (40%). This change is part of a broader strategy to extend the commitment to the protocol beyond the end of the LOOKS emissions.
-
End of Trading Rewards and Future Plans:
-
LOOKS Rewards Migration and New Contract System:
- The original 24-month schedule of emissions concluded, leading to a new phase of rewards migration.
- Users are required to migrate their committed LOOKS to a new contract to continue earning rewards. This migration is pivotal as no more emissions will occur, and the platform is moving towards a deflationary model, where no new LOOKS will be created.
- The new contracts involve a conversion to wLOOKS, with options for either a Standard or Priority unwrap. The Priority unwrap allows immediate claims but incurs a 5% fee, which is burned.
These developments in 2023 indicate LooksRare’s dedication to evolving its platform, focusing on sustainable tokenomics, and enhancing user engagement. The shift towards a deflationary model and the restructuring of rewards and tokenomics reflect a strategic move to bolster the platform’s long-term viability and appeal in the competitive NFT marketplace sector.
Official website: https://looksrare.org/
Best cryptocurrency wallet for LooksRare (LOOKS)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for LooksRare (LOOKS)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).
Market Overview
Coinmarketcap.com
Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following:
Market Capitalization And Daily Trading Volume
Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
Circulating And Total Supply
Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
