Plain English
LooksRare launched in January 2022 as a vampire attack on OpenSea — airdropping LOOKS tokens to OpenSea users to incentivize migration. Captured significant volume initially before dwindling as the airdrop incentives normalized. Still operates with reduced market share.
How it actually works
2% trading fee with revenue distributed to LOOKS stakers. Subscribers (LOOKS stakers) earn protocol fees in ETH. LooksRare V2 reduced gas costs and improved UX. The marketplace has consolidated as a niche venue for specific collections rather than competing as a primary destination.
What it means for you
LooksRare is mostly a watchlist item now — interesting historically as one of the first major vampire attacks, but not a primary venue for most users. For HNW exposure to NFT marketplace tokens, LOOKS is a smaller play than Blur or Tensor.
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Educational content only. Not investment, tax, or legal advice.