{"data":{"id":17081,"name":"LooksRare","symbol":"LOOKS","slug":"looksrare","category":"token","description":"## What Is LooksRare (LOOKS)? \n\n[LooksRare](https://looksrare.org) is a decentralized, community-first NFT marketplace. The protocol was released on the [Ethereum blockchain](https://coinmarketcap.com/alexandria/article/an-intro-to-ethereum-eth) with an ERC-20 utility token — LOOKS — in January 2022.\n\nThe LooksRare platform enables individuals to trade non-fungible tokens, with an emphasis on rewarding users for their participation.\n\nThe LOOKS token serves a handful of functions within the LooksRare ecosystem:\n\n* 100% of trading fees are earned by users who ‘commit’ their LOOKS in the form of Protocol Rewards\n* Every (non-private) trade incurs a [Trading Reward](https://docs.looksrare.org/about/rewards/trading-rewards), which acts as a LOOKS rebate for the fee paid on LooksRare trades (currently 0.5%, collected in ETH)\n* It can be used to participate in exclusive drops and other token-gated applications\n\n## Who Founded LooksRare?\n\nLooksRare was launched by pseudonymous founders Guts and Zodd as a decentralized alternative to OpenSea. \n\n## How Many LOOKS Tokens Are There?\n\nLOOKS has a maximum supply of 1,000,000,000 tokens. Over 90% now form part of the circulating supply.\n\nUpon launch, 75% of the maximum supply was earmarked for the community:\n\n* 12% was issued in an airdrop\n* 18.9% was reserved for those who commit LOOKS\n* 44.1% was reserved for volume rewards — incentivizing participation on the platform\n\nAccording to its [emission schedule](https://docs.looksrare.org/about/looks-tokenomics), LOOKS will reach its maximum supply two years from its release. The platform collects a 0.5% transaction fee in [WETH](https://coinmarketcap.com/currencies/weth/) on all NFT sales. Each 6,500 Ethereum blocks (approximately 24 hours), the collected fees are linearly redistributed to LOOKS committers over the next 6,500 blocks.  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