Have you heard about LooksRare? The newly minted NFT marketplace has opened its doors for public trading as of early on Monday morning and with it, the claiming period for $LOOKS, the platform's native token, has gone live.
Moving forward, 100 percent of the trading fees earned by the LooksRare platform will be distributed to $LOOKS token stakers. The more activity on the platform, the more stakers are rewarded.
To be eligible for the $LOOKS claim, users must have traded at least 3 ETH in volume on OpenSea between June 16 and December 16, 2021 (Block 12642194 to Block 13812868)
If you believe you are eligible, you can use the process outlined below to claim your $LOOKS tokens!
1. Connect Your Wallet
Like most other decentralized applications, the first step towards claiming your $LOOKS is to connect your wallet to the LooksRare platform. Click the wallet icon in the top right corner of the page. If you're using a MetaMask wallet, you can select the MetaMask option, or choose Wallet Connect for other wallet providers or mobile use.
2. Check for $LOOKS Claim Eligibility
After you've connected your wallet, head to the homepage of the site and find the $LOOKS banner.
After clicking, "Check Now" you'll be notified whether or not you have any $LOOKS to claim as a result of your activity on OpenSea from June 16 to December 16, 2021.
If you are eligible, congratulations! You have ten days to list an NFT and claim your rewards.
Editors Note: The LooksRare team released a statement the morning of January 10, 2021 explaining that they have experienced issues with users connecting/claiming with hardware wallets (Trezor) on the site - stay up the loop via @LooksRareNFT twitter for up-to-date news.
3. List One NFT for Sale to Claim
After verifying and connecting, all eligible users will then be asked to list an NFT on the LooksRare exchange in order to claim $LOOKS token airdrop.
It's important to note, to sell an NFT on LooksRare, users will once again need to send through an approval transaction that allows LooksRare to list and transfer their NFTs upon sale.
Once users have successfully listed an NFT on the exchange, head back to the main homepage to claim your tokens via the banner at the top of the page. Users have a ten day window to claim their airdrop. The LooksRare team created nine different tiers for the airdrop, with each wallet able to claim corresponding amount to total trading volume in ETH. Unfortunately, transactions on the Polygon blockchain (MATIC) were excluded from total volume.
Upon claim, holders now have the option to stake their $LOOKS token or swap it via a supported decentralized exchange like Uniswap. While OpenSea transaction fees go back to OpenSea, LooksRare gives holders the ability to passively earn tokens by recirculating 100% of trading fees on the exchange back to $LOOKS stakers.
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