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Conversation with LooksRare: We hope to set a new industry standard for the NFT market

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By NFT people, for NFT people.

On January 11, Arya, the head of the NFT trading platform LooksRare China, had an online communication with users to "launch the Token LooksRare, which can Challenge the status of OpenSea?" as the theme, introduced the platform features of LooksRare, and interpreted the airdrop activities and the future development of the platform.

LooksRare, as an NFT platform, will allow users to trade NFT with ETH and WETH after launch, and use WETH to quote NFT. It provides a "one-click quotation" function that everyone can easily use. All open orders of LooksRare support one button to cancel the order. Additionally, LooksRare allows users to earn daily transaction rewards while earning platform transaction fees.

About the project introduction, you can click on related articles to learn more: LooksRare: Will the NFT trading platform that issues tokens be better than OpenSea? 》

The following is the text version of this online conversation

Rhythm BlockBeats: First Please introduce yourself and tell us about the LooksRare platform.

Arya: Hello everyone, I am Arya, the Chinese director of LooksRare. LooksRare is a community-first NFT marketplace where we actively reward traders, collectors, and creators for participation.

Like everyone, we are NFT users, and we build a better vision for our community—in fact, this is our motto: By NFT people, for NFT people.

Rhythm BlockBeats: OpenSea's new CFO said in an interview that he is preparing for OpenSea's IPO, which has caused dissatisfaction in the community. Many people hope that a new NFT trading platform can subvert OpenSea's monopoly on the market. In your opinion, is OpenSea really as easy to disrupt as people think? What is OpenSea's moat?

Arya:The success of OpenSea is due to the fact that it did the right thing at the right time, which is why OpenSea has gradually seized most of the NFT market share. In our opinion, OpenSea is not as easy to subvert as everyone imagines, because they occupy an absolute market traffic.

But for LooksRare, we are confident in proposing a truly decentralized NFT trading platform that is fully built with the community. We are seeking to set new industry standards for the NFT market.

Rhythm BlockBeats: Users value whether the Web3 project will be Skin in the game, that is, whether the project party will "share benefits" with users. For example, everyone criticizes OpenSea because OpenSea earns a lot of fee income but has no Sharing revenue with users, what is the difference between LooksRare and OpenSea in terms of "benefit sharing"? What are the ways to share revenue with users?

Arya:First, 100% of the platform transaction fees are earned by LOOKS Token holders: this reward model was created for the previous generation of NFT market fees that mainly rewarded a single entity of. Secondly, 75% of the total Token on the LooksRare platform is given back to the community. There are three ways for users to earn rewards: pledge Token to earn platform fees (WETH) and block rewards (LOOKS); trade specific NFT series to earn LOOKS Token; do ETH-LOOKS LP to earn Token.

Rhythm BlockBeats: As a trading platform, user experience is also the focus of people's consideration. What optimizations has LooksRare made in terms of user experience? What features have been added?

Arya: From the perspective of trading experience, Opensea's trading experience is very simple and intuitive, so LooksRare is similar to OpenSea in the basic operation interface. We We hope to retain their advantages, and we have also made some improvements to address some other pain points. In addition, there are also some innovative functions, which are mainly reflected in the following aspects:

Series quotation function: one-click quotation for a certain series, for example, I want to buy Boring Ape (BAYC), but I I don't care which one it is. At this time, I can use the serial quotation function to quote all holders of BAYC. Just enter the price once, and all holders of BAYC will receive my quotation. If there is a holder and If I make a deal, all other quotations will be canceled immediately.

Mixed payment function: we all know that we need to quote an NFT Use WETH, but you need to use ETH when buying immediately, which will cause you to often have a certain currency is not enough, you need to go to Uniswap to exchange, although the exchange ratio is 1:1, but the gas fee is not small over time Number of. But on the LooksRare platform, when you want to buy an NFT immediately, you can use ETH and WETH for mixed payment at the same time, which can be regarded as a detailed optimization.

In the future, we will also cancel all quotations with one click, and perform characteristic quotations on NFT. Please look forward to it!

Rhythm BlockBeats: Rarible also has a "trade mining" model, but it was plagued by wash trading in the early stage. What preparations has LooksRare made in this regard?

Arya: NFTs that enable transaction rewards on LooksRare Each transaction will generate a 2% platform fee and usually a royalty (usually 5-10% ), which makes wash trading quite expensive.

Besides, the daily total reward is fixed and distributed according to the contribution ratio to the total transaction volume, which does not guarantee how much reward you get every day.

For example, if multiple people try wash trading at the same time, they will compete with each other for daily rewards, and the result may be unprofitable.

Rhythm BlockBeats: Please talk about the details of Token economy, use cases and airdrop distribution in detail.

Arya:First of all, LooksRare does not have any institutional investors, we hope to do our best to distribute more Tokens to the community, and 75% of the Tokens will be fully returned to the community .

This includes 12% airdrops, 44.10% transaction rewards and 18.90% staking rewards. The remaining 1.7% will provide liquidity in the liquidity pool, and 3.3% will be given to some strategic partners. Because the platform fee is fully distributed to pledgers, the founding team only retains 10% of the Token portion.

Rhythm BlockBeats: NFT liquidity is not good, so users prefer to trade on trading platforms with a larger number of users, so how to get people to start placing orders on LooksRare when the number of users is not large at the beginning?

Arya:I said in the Token distribution just now, because we will airdrop 12% of LOOKS Token to users in the early stage of launch, one of the conditions for users to receive is that they need to first Only by placing an order at LooksRare can you receive the airdrop.

We also hope that in this way, more NFT collectibles can learn about the LooksRare platform and use it.

In addition, our series quotation function will also greatly increase the liquidity of NFT, because users can choose to quote the entire series instead of just quoting for a certain NFT. Trading rewards will also attract more collectors to place orders, because every time you buy or sell a specified NFT series, you can get LOOKS Token rewards.

Rhythm BlockBeats: Does LooksRare support everyone to mint their own NFT? Will creator thresholds be set to prevent dust attacks?

Arya:LooksRare is a community-oriented NFT trading platform, and we actively encourage creators to create. But within the team we have an NFT verification system, the main purpose is to make it easier for users to find genuine collections.

There are often crooks who create fakes to trick people, so verification marks help to avoid this behavior. Verified collectibles will have a blue badge after the name. Collectibles with this mark have been certified as authentic, highly traded or prestigious collectibles.

Rhythm BlockBeats: LooksRare currently only supports ETH, which chains do you plan to support in the future?

Arya: At present, most NFT collectors still trade on ERC20, so we hope to develop ERC20 first. In the future, cross-chain support will be added with the development of the market, but these are still unknown. After all, the market is unpredictable, and what we can do is to maximize the interests of users.

Rhythm BlockBeats: What are the plans for the platform in the future?

Arya: At the beginning of the launch, we only optimized some details that other platforms did not have, and it is only the MVP version. We will gradually add many functions to optimize the user experience.

LooksRare's architecture is also newly designed, everything is based on scalability, speed and security. Our technology stack: smart contracts, databases, APIs, frontends, search - all using the latest, safest, and most advanced technologies. We have also ensured that compatibility with the deployment of ETH L2 scaling is preserved when it is finally implemented. This is also a preparation for adding new features in the future.

The most recent plan is that we plan to release a distribution platform for creators. Creators only need to concentrate on creating their works, and do not need to spend extra energy to create their own web pages. Users can directly mint NFT on the LooksRare platform.