LooksRare: How to buy and sell NFTs

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NFTs, or non-fungible tokens, are digital assets – including artwork or avatars – that are unique. They can be bought, sold or traded, but each one is individual and has no other digital asset exactly like it. If you are interested in buying and selling NFTs, you may have heard of NFT exchange LooksRare.

LooksRare describes itself as a “community-first NFT marketplace.” It is different from some other NFT marketplaces because you can earn tokens for NFTs you buy and sell. NFT creators collect royalties the moment they sell an NFT. The platform is designed to be scalable, fast and secure.

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How to buy an NFT on LooksRare

If you’re interested in getting started investing in NFTs, LooksRare makes it easy. You don’t even need to create an account. First, visit LooksRare.org and connect your crypto wallet from Coinbase, MetaMask, WalletConnect or Rainbow.

If you don’t have a wallet, you can get one through the LooksRare website. You can then access your wallet via the Chrome browser or via your smartphone. You need to fund your wallet with ethereum to buy LOOKS tokens, which you can then use to buy NFTs on the LooksRare market.

Search for NFTs based on their name or token ID or the collection you want. You can also choose a minimum or maximum price range in ETH for the NFT you want to buy.

Once you’ve found an NFT or collection you like, make an offer. When the NFT reaches that price, the platform will initiate the purchase. You can also hit the “buy now” button and if your offer is accepted, the deal will go through immediately.

When you buy NFTs on LooksRare, you will earn LOOKS tokens as a reward.

How to sell an NFT on LooksRare

When you want to sell an NFT, go to LooksRare.org and click the “sell” button. Again, you need to connect your crypto wallet. You can then list the NFT you want to sell.

You will earn LOOKS tokens every time you display an NFT, as long as that NFT meets certain popularity and price criteria. Users receive points, which are converted into LOOKS tokens, every 10 minutes as long as the listing meets certain criteria, according to the LooksRare website.

What is LooksRare NFT Marketplace?

The LooksRare NFT Marketplace is a place to buy, sell or trade NFTs based on the Ethereum blockchain.

That means having a LooksRare account gives you access to NFTs in popular collections like Mineable Punks, Mutant Ape Yacht Club, Cyberpunks, and PudgyPenguins.

The LooksRare marketplace allows you to bid on a whole collection of NFTs. You can also make offers to buy NFTs that have a specific property in a specific collection. The characteristics of an NFT contribute to its rarity, which helps determine its value. For example, if a limited number of NFTs in a collection have the ability to wear a hat, those with hats may be more valuable.

The LooksRare NFT marketplace also differs from some competitors because the platform allows you to earn LOOKS tokens when you buy or sell NFTs on LooksRare. This helps offset the 2% fee collected in WETH, or packaged ethereum, for every NFT sale you make.

What is LooksRare Crypto?

LooksRare has its own form of cryptocurrency: LOOKS tokens. These can be exchanged for WETH and stored in your crypto wallet. You can also buy LOOKS tokens on the following crypto exchanges:

• Uniswap
• Huobi
• KuCoin
• OKX
• Gate.io

You need ETH or WETH to buy LOOKS tokens.

What are LOOKS tokens?

LOOKS tokens are the cryptocurrency associated with the LooksRare platform. LOOKS tokens are currently worth around $0.15, according to Crypto.com.

Can you make an NFT on LooksRare?

LooksRare allows creators to create NFTs through the third-party service Manifold Studio. Once in your crypto wallet, click on “Create a collection” and look for the “Manifold” tab opened in your browser. Use Manifold to import images, videos and sounds, create your NFT and then list it on LooksRare.

You will earn royalties as soon as your NFT sells.

How to insert LOOK chips

You can also stake LOOKS tokens on the platform to earn more rewards. To do so, connect to your wallet and go to the LooksRare Rewards dashboard. From there, you can choose the amount of LOOKS tokens you want to bet.

You can set LOOKS to auto-composite, which means that any LOOKS tokens you earn will be deposited automatically. This helps save energy by automating the process and reduces the Ethereum gas fees you pay for each transaction. You can also earn a higher return on your investment.

When you redeem your tokens, you will withdraw the compounded rewards plus the initial investment.

Reports on Wash Trading

Due to the way LooksRare allows users to earn LOOKS tokens for buying and selling NFTs, the platform was previously associated with “wash trading”. Wash trading occurs when sellers manipulate the market to increase the price of NFTs and, in the case of LooksRare, to earn LOOKS tokens. In wash trading, traders buy and sell to themselves on different accounts. Wash trading is illegal under the US Commodity Exchange Act. However, it is difficult to regulate or track crypto exchanges.

LooksRare has developed its system to discourage traders from washing trades to farm LOOKS tokens by limiting the number of LOOKS rewards distributed for trading each day and sharing them between traders. So if you wash trade, you will still receive a fixed number of LOOKS tokens, not a higher number. When you factor in the 2% platform fee, which includes the 0.5% Creator discount, there is little profit in wash trade, according to LooksRare.

Last note

If you are looking to buy or sell your NFT collection or make money minting and selling your own NFT creations, LooksRare is an intuitive platform to use. You will need a crypto wallet that supports LooksRare, such as Coinbase Wallet, and an investment in ethereum to begin.

LooksRare allows you to earn rewards when you buy or sell NFTs based on the Ethereum blockchain.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, assessments or recommendations expressed in this article are the author’s alone and have not been reviewed, approved or otherwise endorsed by any entity mentioned in this article.