$LOOKS is the native token of the Looksrare NFT marketplace. It functions as the utility token of the platform. Holders can earn rewards for dedicating their LOOKS tokens to the Looksrare Staking platform.
To stake your $LOOKS tokens, you must first fund your wallet with LOOKS tokens. Then, navigate to the Looksrare Staking platform on the Looksrare NFT marketplace. Finally, connect your wallet to the staking platform, choose the preferred staking option, and stake your tokens.
Are you looking to stake $LOOKS tokens? This article is a detailed guide on earning passive yield rewards by staking your $LOOKS tokens. However, before we go deep into the details, let’s review the Looksrare NFT marketplace.
What is Looksrare?
Non Fungible Tokens have gained massive recognition, a trend that has birthed innovative changes in the crypto space.
Due to its rise in popularity, several marketplaces continue to emerge and provide a suitable platform for trading and minting NFTs.
One of the NFT marketplaces leading the forefront to bring a revolutionized way of buying and selling digital assets is Looksrare.
Looksrare is a relatively new open and decentralized NFT trading marketplace that has risen to prominence with its excellent NFT trading service.
Launched in January 2022, Lookrare has earned a top spot among NFT enthusiasts with its massive social media presence, positioning itself as a viable competitor of leading NFT marketplaces like Opensea and Rarible.
In fact, the platform has grown so wide that it has amassed a daily trading volume of more than $400 million.
Looksrare’s mouthwatering and attractive bonuses are one of the features boosting its mainstream adoption. The platform is a community-driven marketplace that incentivizes and rewards investors, traders, creators, collectors, and other participants.
Looksrare ecosystem economy is powered by the LOOKS token, an ERC-20 native token of the platform. Earning and trading on Looksrare is possible with the LOOKS token. It enables Looksrare users to earn actively by trading NFTs or passively by staking for yield rewards.
Unique Features of LooksRare
Looksrare’s community-driven approach to providing a seamless NFT trading platform is a force boosting its adoption. Basically, Looksrare’s approach focuses on:
- Rewarding the community: Looksrare rewards any users, including buyers and sellers, with LOOKS tokens for using the platform, a feature that other marketplaces do not offer.
- Redistributing revenue: Another exciting feature of the platform is the redistribution of accumulated trading fees to stakers.
- Instant payout on Royalties for creators
Another unique feature of this marketplace is its transparent and top-down approach to digital representation and NFT trading. Unlike Opensea, Looksrare is a marketplace created solely for users.
Meanwhile, the intuitive and professional approach that Looksrare has brought to NFT trading cannot be overlooked. Users can easily connect their wallets, customize profiles and start trading anyhow they want.
Apart from these, Looksrare features an innovative framework that allows the platform to implement and roll out more intuitive features hassle-free without compromising the platform’s security.
This is possible because the platform is built on modular smart contracts that easily allow for further innovative changes, for instance, open bids for NFTs, multi-cancellation orders, and bidding for traits in an NFT.
Meanwhile, the overall interface of Looksrare is well established with adequate security frameworks, faster speed, and higher scalability.
LooksRare Staking Rewards
Staking your LOOKS tokens is an alternate way of earning rewards from the Looksrare marketplace. This allows you to lock your tokens away in a time-based DeFi contract for APY yields.
Staking your LOOKS is only possible via the Looksrare Staking platform. The platform provides various staking options that allow stakers to earn more than 70% APY yield in $LOOKS or more than 50% APR yield in $WETH and $LOOKS.
The amount of earning with LOOKS staking generally depends on your staking amount and duration.
When you stake your LOOKS in the staking platform, you can earn with the LOOKS COMPOUNDER staking option that multiplies your LOOKS token by staking and auto-staking your LOOKS earning.
The Standard Staking option gives you LOOKS and WETH reward for staking your asset.
Users can earn LOOKS staking reward in 4 phases with a different reward rate based on stake duration and a daily schedule of 6500 Ethereum blocks. The allocated reward is distributed as follows:
| Phase | Duration | LOOKS Per Block | LOOKS Per Day |
|---|---|---|---|
| 1 | 195,000 blocks (30 days) | 189.00 LOOKS | 1,228,500.00 |
| 2 | 585,000 blocks (90 days) | 89.775 LOOKS | 583,537.50 |
| 3 | 1,560,000 blocks (240 days) | 35.4375 LOOKS | 230,343.75 |
| 4 | 2,346,250 blocks (361 days) | 18.90 LOOKS | 122,850.00 |
Once users stake their LOOKS tokens, there is an auto-compounding option that allows stakers to auto-stake their LOOKS to reduce fees incurred from gas fees and opportunity costs.
LOOKS staking rewards are also auto compounded into the staking pool so that stakers can maximize their earnings and increase their staked asset. Once the staking duration is over, stakers can seamlessly retrieve their compounded reward in their account.
Steps to Stake $LOOKS
Looksrare is an Ethereum-based decentralized marketplace for minting and trading Ethereum NFTs. Each sale on the platform attracts a 2% fee which is accumulated every 24 hours and then redistributed to stakers.
Apart from this, stakers earn their reward from other revenues generated within the platform. Therefore, as a community-focused platform, Looksrare rewards all users within its platform with 100% generated revenue.
Staking LOOKS tokens is flexible with Looksrare. Therefore, stakers can easily claim their rewards and unlock their tokens freely and easily.
Here’s a step-by-step guide on how to stake $LOOKS tokens on the Looksrare Staking platform:
- Fund your Wallet with $LOOKS and ETH (for gas fee)
- Go to Looksrare Staking platform
- Connect wallet to Looksrare Staking platform
- Dedicate your LOOKS token for staking
1. Fund your Wallet with $LOOKS and ETH (for gas fee)
Before you can stake LOOKS, you need to fund your wallet with enough LOOKS.
You can simply buy ETH and swap it with LOOKS. Meanwhile, ensure you have ETH to cover transaction fees.
Here’s how to buy LOOKS tokens from Uniswap:
1. Buy ETH from a CEX
Ether tokens are available on almost every centralized exchange, especially Binance. You can easily buy ETH with Binance by creating and verifying a Binance account.
If you have an existing account, simply navigate to the BUY CRYPTO section and complete the purchase with a Bank Transfer or debit/credit card.
Once you’re done, transfer the assets to your crypto wallet, preferably Metamask, since it has multi-platform support.
2. Connect wallet to Uniswap
After funding your wallet with ETH, navigate to Uniswap DEX at app.uniswap.org to change some of your Ether tokens to LOOKS tokens.
On the top right corner of the Uniswap home screen, tap CONNECT WALLET. Approve connection by signing Metamask prompt.
3. Swap ETH for LOOKS
Once you’re connected, choose ETH as the token you’re swapping from in the first field.
In the next field, search for LOOKS token and tap IMPORT to manually add the tokens in the second field.
Input the amount of ETH you’d like to swap for LOOKS.
Finally, tap SWAP to fund your wallet with LOOKS tokens
2. Go to Looksrare Staking platform
Once you’ve funded your wallet with LOOKS tokens, you can now head to the LooksRare Staking platform to lock up your asset for rewards.
3. Connect wallet to Looksrare Staking platform
One of LooksRare’s staking platform’s important features is its easy-to-use and intuitive user interface that is beginner friendly.
Therefore, you don’t have to worry about any technical know-how.
To stake your tokens, simply navigate to the Looksrare Staking platform at looksrare.org/rewards.
Click the WALLET icon from the top right corner of the staking platform.
Ensure you sign the approval in the Metamask prompt that pops up to link your wallet to the staking platform.
4. Dedicate your LOOKS token for staking
After connecting your wallet, choose between the available LOOKS COMPOUNDER or STANDARD STAKING option.
Input the number of LOOKS you’d like to dedicate and tap STAKE.
Approve the transaction in your Metamask wallet to complete the transaction.
Conclusion
Looksrare is worth the hype and attention it is getting at the moment. Therefore, if you’re looking to trade NFTs while enjoying trading rewards, Looksrare is worth the shot.
The marketplace provides a platform that features open and decentralized revenue-generating opportunities that can benefit every user, including stakers and traders.
As long as the unwavering interest in NFTs remains the same, Looksrare is a promising ecosystem of permissionless and incentivized NFT trading. Meanwhile, doing your own research (DYOR) is still important before investing in any NFT asset on Looksrare.
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