LooksRare Review – How to Buy NFTs on LooksRare
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
If you’re looking for an online marketplace to buy and sell NFTs – you might be considering LooksRare.
But, is LooksRare the right NFT marketplace for you?
In this LooksRare review, we look at how this NFT platform compares to other marketplaces in this space in terms of its collections, commissions, supported payment types, and more.
Table of Contents
LooksRare – A Quick Overview
To begin this LooksRare review, let’s summarize what we found.
LooksRare calls itself a community-first NFT marketplace. It was launched in January 2022 with the aim of becoming the top provider of non-fungible tokens in the crypto industry.
In order to achieve this, LooksRare has come up with a reward-based business model and has already managed to attract thousands of users to its NFT marketplace in a very short period of time.
In a nutshell, LooksRare offers incentives to all its users for their participation in its NFT marketplace. These benefits are offered in the form of LOOKS coins – which is the native digital token of the LooksRare ecosystem.
Here is a gist of how the reward system works on LooksRare:
- You can earn trading rewards whenever you buy or sell NFTs on LooksRare.
- You can also collect points for listing NFTs from selected eligible collections.
- In addition to this, LooksRare also shares the commissions it collects with those who stake LOOKS tokens on its platform.
The rewards are distributed once every day, and you can retrieve the coins into your private wallet as needed. This LooksRare review covers the platform’s rewards system in more detail shortly.
LooksRare Architecture
LooksRare is an NFT platform developed on the Ethereum blockchain. As such, it requires you to hold ETH tokens in order to buy NFTs. You can also use WETH tokens (Wrapped Ethereum) or a combination of the two to trade an NFT on LooksRare.
To facilitate purchases of non-fungible tokens, LooksRare connects with digital wallets such as MetaMask, Coinbase, and WalletConnect. You will also be able to list any NFTs that you own on LooksRare and sell them on the secondary marketplace.
LooksRare Features
When compared to other prominent NFT marketplaces – LooksRare has a few attributes that sets it apart.
This section of our LooksRare review takes a closer look at the many different features of this platform, which will help you gain a better understanding of what makes it unique.
Buy and Sell NFTs
As an NFT marketplace, the primary function of LooksRare is to let you buy and sell non-fungible tokens. The NFTs available on LooksRare are categorized based on collections.
In the future, the platform plans to roll out a feature that will let you buy an entire collection of NFTs via a single purchase, rather than having to purchase non-fungible tokens individually.
That said, at the time of writing, it isn’t possible to mint your own NFTs on LooksRare. If minting was something that you were planning to do, you might want to check out the Crypto.com NFT marketplace.
Nevertheless, you will still be able to deposit NFTs that you already own and list them on the LooksRare platform. Moreover, LooksRare also lets sellers collect royalties of up to 10% on NFTs that they sell.
LOOKS Token and Reward System
The LooksRare ecosystem runs with the help of its native token – LOOKS. Our LooksRare review found that these digital tokens are available to purchase on decentralized platforms such as Pancakeswap and Uniswap.
There are a few different ways that you can earn rewards using LOOKS tokens – which we discuss below.
LOOKS Token Staking Rewards
You can stake LOOKS in the Compounder and collect WETH as rewards. In this staking plan, the WETH tokens you earn will be compounded automatically to help you generate more LOOKS tokens.
According to the LooksRare website, you can earn up to 161.01% APY by staking LOOKS tokens in this manner.
The next option you have is to stake LOOKS without compounding the rewards that you receive.
With this strategy, you will earn a combination of both WETH and LOOKS. LooksRare offers an APR of 107.45% for users who opt-in for this plan.
LOOKS Trading Fees Rewards
If you already own LOOKS tokens and have staked them on LooksRare, then you are also eligible to earn a part of the trading fees collected by the platform. In fact, 100% of the trading fees generated by LooksRare are distributed among LOOKS stakers.
The fees collected are consolidated every 24 hours and paid out to LOOKS stakers on a daily basis. You will be able to claim the rewards any time you want, as long as you have the LOOKS tokens staked on the platform.
LOOKS Trading and Listing Rewards
Every time you buy or sell an NFT on LooksRare, you are eligible to collect trading rewards. There is no need to fulfill any minimum trading volume requirement to obtain these incentives.
As long as the NFTs are hosted on Ethereum, you will be able to earn rewards in the form of LOOKS tokens.
On top of this, LooksRare also offers users rewards for listing NFTs from eligible collections. The points you earn can be converted to LOOKS tokens once per day. However, remember that when you claim your LOOKS rewards, you might have to pay gas fees.
LooksRare Types of NFTs
It is common for NFT marketplaces to display non-fungible tokens based on their category – such as gaming, art, music, and more. However, on LooksRare, you will find that NFTs are listed based on the name of the collections.
You will also be able to sort NFTs based on ascending and descending prices, as well as trading activity. However, this might make it difficult to find an NFT to buy, especially if you do not know which one you are looking for.
Upon browsing the marketplace, our LooksRare review found that the majority of NFTs listed belong to the category of artwork. You can also find audio and video formats, however, there is no way to filter for these specifically.
When you click on an NFT, LooksRare displays additional details about the specific non-fungible token. This includes the token standard, transaction history, and description of the collection.
LooksRare Fees
LooksRare charges a flat fee of 2% on all transactions that take place on its NFT marketplace. Moreover, you might also have to pay royalty charges set by the creator of an NFT when you resell digital tokens.
LooksRare Security
LooksRare does not hold any of your personal information on the platform. Instead, you will be gaining access to its marketplace by connecting your private crypto wallet. That said, this means that there will be a bit of a learning curve involved when using this platform for the first time.
In this regard, LooksRare is best suited for those of you that already know your way around NFTs and have a good idea of how to store digital assets safely and securely.
However, in order to prevent loss of user NFTs and funds, LooksRare has set up a bug bounty program on ImmuneFi, hoping to encourage developers to spot vulnerabilities in its ecosystem.
LooksRare Customer Service
In terms of customer service, LooksRare lets you engage with the community via Discord. However, this requires you to create a separate account on Discord as a LooksRare user.
LooksRare also offers a Help Centre, where you can find some basic information about the features of the platform. You can also refer to this section to learn how you can buy and sell NFTs on the LooksRare marketplace.
How to Buy NFTs on LooksRare
Now that you know everything about what LooksRare has to offer, let us discuss how you can get started with the platform.
As we discussed earlier, you can buy NFTs on LooksRare only by using ETH or WETH tokens.
So, the first port of call is to make sure that you have sufficient cryptocurrencies in your wallet.
We suggest that you consider using eToro to buy Ethereum since this online broker is heavily regulated and accepts multiple payment methods.
Step 1: Open an Account on eToro
To buy cryptocurrencies on eToro, you need to create an account with the brokerage platform. Once you navigate to the eToro website, you can get started using the ‘Join Now’ button.
You can then enter the required personal information, such as your full name, email address, and phone number. You will also have to decide on a username and password for your account.
After registering your account, you will have to get verified. This is an unavoidable step because eToro is regulated and takes the security of the platform and its users seriously.
To do this, you can submit a copy of your passport or driver’s license. You will also need to provide verification for your address, which can be in the form of a utility bill or bank statement.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Step 2: Deposit Funds to eToro
After completing the verification step, you can deposit funds into your eToro account to buy cryptocurrency. eToro accepts payments via bank transfer, debit/credit card, and e-wallets like PayPal.
The minimum deposit required is just $10 when you’re from the US or the UK. Furthermore, when you fund your account in US dollars, you do not have to pay any transaction fees.
Step 3: Buy Cryptocurrency on eToro
With a sufficiently funded account, you can search for Ethereum on eToro. When the correct result pops up, use the ‘Trade’ button to load the order box.
In the order box, you can enter the amount you wish to use to buy Ethereum. The minimum investment required is only $10 when buying cryptocurrencies on eToro. When you are ready to make the purchase, click on the ‘Open Now’ button to execute the order.
The ETH tokens you bought will be added to your eToro portfolio once the trade is carried out.
It is also worth pointing out that eToro also supports stocks, ETFs, commodities, and forex. Moreover, the platform is home to social trading features and is extremely user-friendly for beginners.
Step 4: Transfer Ethereum From eToro to eToro Money App
Once you have completed the purchase of Ethereum tokens on eToro, you can use the eToro Money app to transfer them to a digital wallet.
Here is what you can do to transfer the ETH tokens:
- Visit your eToro account’s portfolio section.
- Choose the Ethereum trade you want to close and transfer to the eToro Money App.
- Click on the ‘Edit Trade’ option.
- When the edit screen appears, select the ‘Transfer to Wallet’ option, and confirm the transfer.
As soon as the transaction is complete, you will be able to see Ethereum in your eToro Money App.
Step 5: Add Cryptocurrencies from eToro Money App to Digital Wallet
LooksRare connects with multiple crypto wallets via WalletConnect. However, this does not include the eToro Money app.
Therefore, you will have to first transfer your ETH tokens from the eToro Money App to another wallet such as MetaMask.
To carry out this transfer, you can follow the steps outlined below:
- Login to your eToro Money App and go to the ‘Crypto’ tab.
- Select Ethereum as the crypto you wish to send.
- Copy-paste the address of the receiving wallet or scan the QR code.
- Finalize the transfer by clicking on the ‘Send’ button.
You will also be required to complete an SMS verification before the transfer commences. You can use the eToro Money App to check the status of your transfer.
Step 6: Connect Your Crypto Wallet to LooksRare
LooksRare does not require you to open an account. Instead, you can get started right away by connecting your digital wallet.
To do this, visit the LooksRare website and click on the ‘Connect Wallet’ button on the top right corner of the page.
Choose the wallet you want to use and log in with your credentials. You can then head to your profile on LooksRare and personalize it the way you want.
Step 7: Buy NFTs on LooksRare
LooksRare features tons of NFTs listed by its users. When you have decided which NFT you wish to purchase, you can use the ‘Buy Now’ button to start the process. This will load your wallet, from where you can select the cryptocurrency you want to use to buy your chosen NFT.
As noted earlier, you can use either WETH or ETH tokens as well as a combination of the two.
Next, a transaction will be prompted, and you can confirm this to finalize the purchase of your NFT. You will be to see the NFTs you purchased listed on your LooksRare profile page.
LooksRare vs. Crypto.com NFT Marketplace
Our LooksRare review found that the platform offers a number of unique features that make this NFT marketplace appealing to users.
With that said, while it offers plenty of rewards, LooksRare might not be the best platform for all NFT investors, especially beginners.
In this section, we offer a comparison of LooksRare against Crypto.com – a popular NFT marketplace that gives you access to exclusive non-fungible tokens.
at Crypto.com, the #1 NFT Marketplace for 2022
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Supported Blockchains
LooksRare only supports NFTs hosted on the Ethereum blockchain.
On the other hand, Crypto.com lets you access NFTs listed on three blockchains – Ethereum, Polygon, and Crypto.org chain. This gives you more flexibility in terms of payments as well as gas fees.
Features
Both Crypto.com and LooksRare let you buy and sell NFTs. However, Crypto.com also lets you mint NFTs on its Crypto.org Chain. On top of this, Crypto.com gives you free access to a DeFi wallet that you can use to send and receive NFTs.
User Experience
When it comes to the user experience. Crypto.com is miles ahead of LooksRare.
It clearly displays collections based on their categories and has plenty of filters for you to choose the NFT you want to purchase.
It also has clear how-to guides that will help you learn how to use its marketplace and get familiar with its features.
On top of this, Crypto.com also offers a long list of alternative services such as crypto loans, interest accounts, an exchange, and more.
Accepted Payment Methods
To buy NFTs on LooksRare, you need to have access to either ETH or WETH tokens.
In the case of Crypto.com, the platform lets you purchase NFTs using not only cryptocurrencies but also debit/credit cards.
Fees
LooksRare has a lower fee structure when compared to the likes of OpenSea. However, Crypto.com charges no fees at all for buying NFTs via its marketplace. Moreover, NFT selling fees on Crypto.com are set at 1.99%, which is lower than the 2% charged by LooksRare.
As is evident, Crypto.com comes out ahead as the better choice of the two NFT marketplaces, especially for those looking to find rare and exclusive non-fungible tokens at competitive fees.
LooksRare Review – Conclusion
LooksRare is an up-and-coming platform in the ever-growing NFT market. It has attractive features that let users earn rewards for buying and selling NFTs. Furthermore, you will also be able to stake LOOKS tokens and generate passive income in this manner.
That said, if you are looking for an NFT marketplace that gives you access to exclusive non-fungible tokens in a user-friendly manner, then you might want to consider Crypto.com.
This marketplace gives you access to NFTs without needing to pay any buyer fees and Crypto.com even supports debit/credit cards. We found that overall, Crypto.com is the best NFT marketplace for beginners.
at Crypto.com, the #1 NFT Marketplace for 2022
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
FAQs
Which blockchains are supported on LooksRare?
Which cryptocurrencies can you use to buy NFTs on LooksRare?
What fees do you have to pay on LooksRare?
Is there a LooksRare app?
How to buy NFTs on LooksRare?
