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What is LooksRare (LOOKS) coin and how does it work?

by Financial Economy

LooksRare project is a decentralized, community-first NFT marketplace that rewards creators, collectors, bookmakers and traders for participation on the platform. Unlike OpenSea, LooksRare is a fully decentralized entity that honors the fundamental principle of blockchain technology. Information about some topics that what is LooksRare (LOOKS) coin, how it works, how to buy it, on which exchange, how much is it, etc. is in continuation of the article. You can browse here for information about NXT coin.

 What is LooksRare (LOOKS) coin and how does it work?

The main purpose of the LooksRare project is to encourage the NFT community by rewarding user engagement. It was designed in direct response to previous generation NFT markets for this purpose. The native cryptocurrency of the LooksRare project is the LOOKS coin.

LOOKS token advantages and disadvantages!

LooksRare (LOOKS) Token benefits include:

  • Users can stake LOOKS on the platform to get over 700 percent APR on LOOKS and wETH.
  • With more user engagement and increased stakers, APR will decrease over time.
  • Users must trade eligible NFTs to earn LOOKS tokens as a trading reward. When an NFT is traded on the eligible collection, both the buyer and seller will be rewarded for their trading volumes.
  • LooksRare provides advantages to its users with low transaction fees per project.
  • Stakers can receive additional LOOKS coins in addition to the transaction fee reward in wETH. Rewards give users extra passive returns as they are automatically combined
  • Stakes are earned in 4 tiers, each with a different reward rate.

The disadvantages of LooksRare (LOOKS) Token are:

  • With the development of other NFT projects, LOOKS coin may fall behind the competition.
  • Due to its high volatility, LOOKS coin is a risky investment choice.

Which exchange is LOOKS coin on?

LooksRare coin is listed on some cryptocurrency exchanges such as BTCEX, MEXC, XT.COM, OKX, Bitrue, etc.

How to buy LOOKS coins?

LooksRare coin can be purchased from listed some cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

LOOKS token supply!

Total supply of LooksRare token is 622.247.000 LOOKS.

LOOKS token price!

As of November 1, 2022, at the time of the writing, 1 LooksRare coin price is around $0,2263 (because of the volatility on crypto market the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency

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