Non-fungible token (NFT) platform LooksRare has officially launched its native token LOOKs. The token launch is accompanied by an airdrop for NFT traders with trading volume over a 6 month period. Also, the startup has released its marketplace for Ethereum-based NFTs.
LooksRare Token Airdrop and NFT Exchange Goes Live
According to a blog post published on Monday, January 10th, 2020, NFT company LooksRare has released its native token LOOKS along with an airdrop for existing NFT traders. The token launch also paves the way for the LooksRare NFT marketplace, a possible competitor for industry leader OpenSea.
Based on the tokenomics released, LOOKS has a set total supply of 1 Billion tokens. 75% of this supply has been allocated to the NFT community. 18.9% and 44.1% of the community allocation have been set aside for staking rewards and trading rewards respectively.
The platform has earmarked 12% for an ongoing airdrop. This amounts to 120,000,000 tokens available for NFT traders to claim. As of the time of writing this report, over 22 million tokens have been claimed by 19,036 addresses according to on-chain data aggregator Dune Analytics.
To qualify for the airdrop, users must have recorded at least 3 ETH in trading volume on OpenSea between Ethereum Block 12642194 to Block 13812868 (16th Jun 2021 to 16th Dec 2021). However, the volume calculations also take into account trades made in Ether (ETH), Wrapped Ether (WETH), USD Coin (USDC), DAI, The Sandbox (SAND), GALA, and Decentraland (MANA) on OpenSea over the stated six months.
Finally, users hoping to claim their LOOKS airdrops must list an ERC 721 or ERC-1155 NFT on the LooksRare marketplace.
An excerpt from the blog post reads:
“We’re building something better. Something that rewards empowers, and gives back to you – the platform’s users and creators. We’ll be taking your suggestions, your feedback, your crazy ideas, and smooshing it all together into something glorious.”
Also, the announcement reveals that all existing NFTs on the Ethererum blockchain has been indexed for users to list, buy, and sell with support for offers in ETH as well as WETH.
NFT Activity Leading the Way in the Crypto Space in Early 2022
LooksRare is the latest NFT platform to launch a retroactive airdrop targeting OpenSea users as OpenDAO did something similar in December with the release of its SOS tokens.
As previously reported, gamified yield farming dApp ZooKeeper launched its NFT marketplace dubbed OpenZoo with its native ZOO token as the sole trading currency supported. According to the report, OpenZoo recorded over 630,000 in trading volume in the first 36 hours alone.
Also, Solana-based NFT game Starbots raised $2.4 million in a private funding round. The battle game project also plans to launch its own token called BOT with a triple IDO event later in January 2022, as per the report.