Latest LooksRare News
LooksRare tweeted a teaser that Season One is coming soon.
❗ Why It Matters
LooksRare said "gem hunting is about to take on a whole new meaning," and while it's unclear what that means exactly, the assumption is it relates to LOOKS tokens and some sort of sustained incentive to use the platform. After detailing the LOOKS buyback at the end of last week, LooksRare has also made it clear that there are a lot more "moonshot" projects in the works beyond Raffles.
It truly depends on what rewards or promotions LooksRare comes up with. But it comes at a time when there's been public frustration with how Blur has handled its own Season 2 airdrop, particularly after it delayed ending the season to launch Blend.
🎤 Community Quotes
👀
— dingaling (@dingalingts) May 30, 2023
🕳️ Go Deeper
- LooksRare Buying Back LOOKS Tokens (May 26, 2023)
- LooksRare Releases Portfolio Analytics (May 22, 2023)
- LooksRare Raffles Go Live (May 17, 2023)
- Uncut Gems: LooksRare Raffle Edition (May 16, 2023)
LooksRare announced that they are committed to regularly buying back LOOKS tokens with fees from Raffles as well as new, upcoming projects.
The Deets
- LooksRare has a lot of moonshots and fee-generating products coming up.
- If the moonshot succeeds, it'll be built out into a full product offering, and if it fails, then the team will learn and try something different.
- Most of those fees will be used to buy back LOOKS from the market.
- LOOKS tokens bought from the market will live in the LooksRare treasury for now.
- LooksRare Raffles is the Moonshot Team’s inaugural project.
📊 By the Numbers
LooksRare has been able to buy back over 550,000 LOOKS ($45k+), or ~0.1% of the circulating supply, using fees from the first five raffles. (Transactions can be viewed on Etherscan here.)
🎤 Founder Feedback
But we've put together a small, internal team of heavy hitters, locked them in a room with four pounds of Adderall, and told them to build moonshots: standalone projects that can be rolled out within four- to six-week sprints. It's a fail-fast, learn-fast kind of deal.Zodd and Guts, co-founders of LooksRare
❗ Why It Matters
As more LOOKS tokens get bought back from the market by LooksRare, the less LOOKS there will be in immediate circulation and the more valuable LOOKS will be for holders of the token.
Before there was $BLUR, there was $LOOKS. As with many things in the NFT space, people moved off LooksRare for the next best thing after the promotional staking and rewards period for $LOOKS tapered off. But with the intention to buy back LOOKS tokens with fees generated from Raffles and now the upcoming Moonshot projects, LooksRare is taking a refreshingly different approach to driving traffic to their platform.
🔜 What’s Next?
Going forward, LooksRare will give updates about buybacks that have occurred as well as their details.
🕳️ Go Deeper
LooksRare's portfolio analytics are live, providing comprehensive insights into your NFT collections.
The Deets
• Realized and unrealized profits
• Portfolio breakdown by collection
• Performance tracking over time
• Accessible through the Analytics tab
The Bulk
For most NFT collectors, tracking profits, portfolio diversification, and overall performance has been tedious, often requiring cumbersome spreadsheets. LooksRare's Portfolio Analytics feature is now available in the "analytics" tab, making it easier than ever to monitor your NFT portfolio.
With Portfolio Analytics, users can keep track of both realized and unrealized profits. This new feature provides a comprehensive overview of earnings from sold NFTs (realized profits) and potential earnings based on the market value of held NFTs (unrealized profits).
Furthermore, users can get a detailed portfolio breakdown by collection. This feature simplifies tracking which collections contribute the most to the portfolio's overall value, assisting in informed decision-making for future investments.
Lastly, Portfolio Analytics allows users to assess their performance over time. By visualizing growth trends, collectors can better understand their investment strategies' effectiveness, facilitating smarter, data-driven decisions for future acquisitions.
❗️Why It Matters
While Blur and OpenSea have been the most active participants in the NFT marketplace wars, the portfolio analytics feature marks the third notable announcement from LooksRare in the last week, proving to web3 users that its committed to competing and building.
📊 By the Numbers
Though down considerably from its all-time high, $LOOKS is up more than 10 percent in the last week to $0.09.
🎬 Take Action
Ready to ditch the spreadsheets and elevate your NFT portfolio management? Explore the analytics capabilities with Dingaling's account.
🧠 Learn More
LooksRare's provably fair raffle system went live today and the first raffle has begun.
The Deets
- The grand prize is BAYC #5368, and the five other NFTs that can be won are Azukis #8702, #5882, #3720, #3113, and #9957.
- The other 100 prizes are 100x bundles of 1,000 $LOOKS tokens, which are valued at 0.06 ETH (~$105 USD).
- Combined, today's 106 prizes are worth ~147 ETH.
- A single entry costs 0.00165 ETH (~$3 USD), and other possible denominations such as 100, 250, 500, and 1000 also include free entries.
- There is a minimum number of entries needed to trigger the draw. At the time of writing, about 30,000 entries have been purchased out of the 150,000 required, with 21 hours and 30 minutes remaining.
- Refunds will be provided if the raffle doesn't get enough entries. The raffle round will be canceled, and anyone who bought entries can claim a refund.
❗ Why It Matters
In a way, this appears to be the first NFT marketplace to run a lottery of this variety and scale. While MetaWin's platform was the first to make this NFT raffle mechanism mainstream, LooksRare has the advantage of also being a legitimate marketplace, which adds a built-in base audience to market to.
🎬 Take Action
Those feeling lucky can follow these three steps:
- Buy entries at looksrare.org/raffle. You'll need a Web3 wallet like MetaMask and enough ETH to cover the cost of your entries plus gas.
- Wait for the draw. When the required number of entries is reached, the draw will begin.
- Check for prizes. Come back to see if you've won, and @LooksRare will announce the winners on Twitter as well.
🧠 Learn More
LooksRare announced LooksRare Raffles, a chance to win a big prize while risking very little.
The Deets
- Low entry costs and high-value prizes
- The prize pool is filled with NFTs and LOOKS tokens
- Fixed amount of entries for sale
- The top prize every day for the next week will be a BAYC NFT
The Details
How does it work? "Like every other lottery you’ve ever taken part in." Those interested can grab as many entries as they want (up to a maximum limit that LooksRare sets, to keep things balanced). Once the minimum threshold of entries is reached, the smart contract picks the winners.
On day one, there are five Azukis up for grabs and 100 bundles of 1,000 LOOKS. And for just 0.01 ETH, you could potentially take home a BAYC worth 5,000 times that.
Raffles are random, but LooksRare invites users to check out the contract here as well as the Peckshield audit.
❗ Why It Matters
Yes, LooksRare is still alive and well, and they even launched a mobile app less than a week ago. This development is of a different nature, though.
LooksRare appears to be taking a page out of MetaWin's entry system, inviting gamblers to take a seat in the LooksRare casino.
Interestingly, at least two of the apes pictured in the LooksRare raffle banner, #872 and #5152, are owned by legendary NFT investor dingaling (@dingalingts). The fire Azuki #5010 and the Spirit Azuki #9914 as well. Dingaling was LooksRare's first investor, and the potential involvement of NFTs from his collection is an intriguing subplot.
🎤 Founder Feedback
The raffles will begin tomorrow apparently.
🧠 Learn More
LooksRare launched its mobile app beta, offering users portfolio insights, hot collections, and reward tracking on both iOS and Android.
The Deets
- Track your NFT portfolio and $LOOKS rewards
- Explore NFT collection rarities
- Investigate analytics on top collections
❗️Why It Matters
While LooksRare has fallen behind in the marketplace wars, its still pushing forward, now making it easier for users to monitor their portfolios and stay active with NFTs on mobile devices.
🎤 Founder Feedback
In NFT land, you've got to be plugged in. All the time. Like the platform itself, the app was built for degens, by degens. Those who need real-time data on the hottest collections. Their realized and unrealized profits. And their LOOKS rewards.Zodd, LooksRare Co-Founder
🎬 Take Action
Users can download the beta version of the app here.
LooksRare is set to update its listing rewards for platform users tomorrow, Dec. 2, at 4 a.m. ET, according to a recent tweet from the team.
The update changes the amount of time it takes for a listing to become "valid" and start accruing rewards. That time frame will change from 10 minutes to 30 minutes.
"It is expected that this should reduce the incentive and increase the costs of people trying to game the listing rewards program," the team said. "As a result, it should also reduce the number of failed transactions from people trying to buy NFTs (due to being front-run by bots)."
The team will continue to innovate its listing rewards program.
"We know Listing Rewards aren’t perfect by a long shot, but this is another step in the right direction," LooksRare continued. "As always, we will keep a close eye on how the update plays out, and keep making positive changes wherever possible."
LooksRare is sending about 58,000 $LOOKS to 465 users affected by a recent issue with trading rewards, the marketplace said Saturday.
"Trading rewards were recently updated to be 95 percent to sellers and 5 percent to buyers. Due to an edge case, sellers got less rewards when accepting offers," the marketplace tweeted.
$LOOKS is at $0.1376 — down around 35 percent in the last month and down more than 97 percent from its all-time high of $6.69 from January.
NFT Marketplace LooksRare has announced it is getting rid of creator royalties by default and will instead share 25 percent of its protocol fees, in a tweet from this morning.
Buyers will still have the option to opt-in to pay the creator royalties at the time of NFT purchase.
Other notable changes from today's announcement include:
- Trading Rewards: 95 percent to sellers, 5 percent to buyers
- Listing Rewards: Ranked by OpenSea rolling 24-hour volume
- Protocol Fees: Still 2 percent but now 1.5 percent go to $LOOKS stakers and 0.5 percent to creators and collection owners
Traders with existing listings are impacted as they will face a 2.5 percent fee (2 percent protocol + 0.5 percent to creators), though royalties will be removed at the time of sale. They are also free to cancel and relist to switch to the updated 2 percent model.
The LooksRare team touted this change as one addressing the race to zero-royalty marketplaces, where they intend to "lead the charge" while "creating a competitive solution that still benefits creators." They elaborate in a blog post on their site, stating they are not taking a stand on the royalty argument but taking action to address the reality they are facing in the market.
Early community feedback has applauded LooksRare for taking a hit on their own bottom line, while others are not happy with the progress to a zero-royalty model.
This announcement comes at a contentious time for marketplaces, as other competitors X2Y2 and Magic Eden have made major royalty announcements in the past few weeks, to the chagrin of their user base. Meanwhile, OpenSea still commands the lion's share of marketplace volume, capturing over 60 percent of sales volume.
LooksRare started a new initatitive Wednesday, paying users a share of $LOOKS for putting items from specific collections up for sale. Users will receive points for listing NFTs from a rolling list of the top 25 collections which have done the most volume on OpenSea and LooksRare. The NFTs must be listed within 1.5 times the floor price. See more here: https://looksrare.org/rewards/trading
