What You Need to Know About LooksRare NFT Marketplace: A Complete Guide

What is LooksRare NFT Marketplace

LooksRare is a community-first NFT marketplace that allows users to buy, sell, and collect non-fungible tokens (NFTs) on the Ethereum blockchain

Launched on the Ethereum blockchain in January 2022 with an ERC-20 utility token called LOOKS, its initial features such as novel mechanisms like LooksRare Offers and Flash Loans (borrowing NFTs for trading) gave it its initial hype and significant user base.

How Does The LooksRare NFT Marketplace Compare to Other Marketplaces?

Here are some of the main aspects that differentiate LooksRare from other NFT marketplaces:

Fees:

LooksRare: 0.5% platform fee, reduced from 2% in October 2023.
OpenSea: 2.5% platform fee.
Blur: 0% platform fee (except for specific vault transactions).
X2Y2: 1% platform fee.
Rarible: Varies depending on the creator’s royalty fee (minimum 2.5%).

Rewards:

LooksRare: Users can earn LOOKS tokens through staking, trading, and listing NFTs. 100% of platform fees are distributed to LOOKS stakers.
OpenSea: No native token rewards.
Blur: Users can earn BLUR tokens through specific trading activities.
X2Y2: No native token rewards.
Rarible: Users can earn RARI tokens through specific activities like curation and governance.

Other Features:

LooksRare: Focuses on bulk buying, collection-wide bidding, and anonymity.
OpenSea: Largest NFT marketplace with diverse features like fixed-price listings, auctions, and social functionality.
Blur: Geared towards professional traders with features like private sales, flash loan minting, and NFT data aggregation.
X2Y2: Emphasizes community governance and lower fees.
Rarible: Focuses on curated collections and creator royalties.

The Best and Most Popular NFTs on LooksRare NFT Marketplace

Some of the best and most popular NFTs on the LooksRare NFT Marketplace are:

Meebits

Meebits is a collection of pixelated avatars with unique traits and wearables, similar to CryptoPunks. It was developed by the popular gaming company, Larva Labs.

As of February 21, 2024, its floor price is around 5.79 ETH. The collection is highly recognized for its association with a well-established gaming company and potential integration into future games.

Bored Ape Yacht Club (BAYC)

BAYC is a collection of 10,000 unique and randomly generated NFTs that depict apes with different traits and accessories.

BAYC is one of the most sought-after NFTs in the market, as it grants access to exclusive benefits and events for the owners, such as the Bored Ape Kennel Club, the Mutant Ape Yacht Club, and the BAYC Comic.

Lil Pudgys

Lil Pudgys is a collection of 10,000 cute and colorful NFTs that represent baby penguins with different traits and accessories. Lil Pudgys is one of the most adorable NFTs in the market, as it appeals to the fans and collectors of Pudgy Penguins and other animal-themed NFTs.

Lil Pudgys has a floor price of 1.99ETH and a 24-hour trading volume of 485.39 ETH as of the time of writing.

These are some of the best and most popular NFTs on LooksRare, but there are many more to discover and collect. You can browse the NFT collections on LooksRare NFT marketplace and find the ones that interest you.

How To Get Started on LooksRare NFT Marketplace

Here is a short guide on getting started with the Looksrare NFT marketplace:

Set Up Your Wallet

You’ll need a crypto wallet compatible with LooksRare. Popular options include MetaMask, WalletConnect, and Coinbase Wallet. Make sure to download your chosen wallet from the official website and ensure you have strong security measures in place.
Fund your wallet with enough ETH or other supported cryptocurrencies to cover NFT purchases and gas fees.

Connect to LooksRare

Visit the LooksRare website.
Click on the “Connect” button at the top right-hand corner and select your preferred wallet. Follow the on-screen instructions to grant LooksRare access to your wallet.

Explore and Discover NFTs

You can browse NFTs by:
- Collections: Explore popular collections or search for specific ones.
- Explore: Filter NFTs by various criteria like price range, rarity, and blockchain.
- Marketplaces: Use the “Marketplace Aggregator” to search listings from other platforms.
Click on an NFT to view its details, including description, ownership history, and transaction history.

Buying NFTs

On Looksrare NFT marketplace, NFTs are purchased in three ways namely:

Fixed-Price NFT
- This is the most straightforward way to buy an NFT. To do this, simply navigate to the desired NFT and click on the “Buy Now” button.
- Then, review the details of the purchase, including the price, royalties, and gas fees.
- Confirm the transaction using your connected wallet.
Making a Collection Offer
- A collection offer allows you to place the same offer on every item in a whole NFT collection with one click.
- Anyone holding an item in the collection can accept your offer.
- Once your offer is accepted, it is automatically withdrawn from all other items in the collection.
  Note: You can only use WETH to make a collection offer on the LooksRare NFT marketplace. Also, keep in mind that your offer may not be accepted by all holders, and you may end up paying more than the lowest asking price for some items.

Making an Offer on an NFT
Almost similar to making a collection offer but with a little difference. Here’s how to make an offer on an NFT:
- Browse the platform and find the specific NFT you want to purchase.
- Look for the “Make Offer” button on the individual NFT page.
- Enter the amount of WETH (Wrapped Ethereum) you’re willing to pay for the NFT.
- Consider adding a message to the seller explaining your offer or interest.
- Double-check all details and confirm the offer using your connected wallet.
- The seller has the option to accept, reject, or counteroffer your proposal.
- If accepted, the NFT is transferred to your wallet, and the WETH amount leaves your wallet.

Selling NFTs

Here’s a simple way to sell your NFTs as a creator/collector on the LooksRare NFT Marketplace

Ensure your Ethereum wallet (e.g., MetaMask) is connected to LooksRare.
Navigate to the specific NFT you want to sell within your wallet.
Click the “Sell” button associated with the chosen NFT.
Define the desired selling price in WETH and the listing duration (up to 30 days).
Double-check all information and confirm the listing using your wallet.

Final Words

These are the basic steps on how to make use of the LooksRare NFT Marketplace as an artist or buyer. If you have any questions or feedback, please leave your queries in the comment section below:

To find more details on how to get started with the LooksRare interface and the native marketplace, visit their official guide published via their website