LooksRare (LOOKS)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: 10-1-2022
• NFT marketplace

History

• LooksRare is the second major attempt at a vampire attack on OpenSea (the former being Infinity).

Audits & Exploits

• Bug bounty program can be found [insert here].
• Launched without an audit and without a public GitHub repository (10-1-2022).

Token

Token Allocation

• From The Block (10-1-2022):

"LooksRare is built around the newly launched LOOKS token, which is being used to reward users of the platform — and attract existing users from OpenSea. Anyone who traded more than 3 ether (ETH) ($9,400) on OpenSea between June 16 and December 16 can claim a portion of tokens."

Utility

• From Kerman Kohli (4-8-2022):

"I decided to drill down into their protocol revenue and then their incentives. Guess what, they’re perfectly correlated and incentives always trump revenue. We can basically call this a failed business that spends a ton on customer acquisition and has very little retention to show for it. Anyone who props this thing up is getting rekt. Highly unprofitable business, no path to profitability and slowed down growth."

Technology

• Whitepaper or docs can be found [insert here].
• Launched without an audit and without a public GitHub repository (10-1-2022).

Implementations

• Built on: Ethereum

How it works

• From The Block (10-1-2022):

"The marketplace explained in a blog post that it indexes all NFTs that exist on the Ethereum blockchain so that they can be traded straightaway — and offers can already be made on them. It also lets users buy and sell NFTs with ether or wrapped ether (WETH), or a mixture of both, and they can make offers using WETH."

Fees

• From The Block (10-1-2022):

"The maketplace also charges a 2% fee on all trades, which are all handed out to those staking LOOKS tokens."

Staking

• From The Block (10-1-2022):

"Currently the platform is offering an extremely high rate of 30,400% APR to those staking the token. However, this does mean the current supply is likely increasing at a rapid clip."

Roadmap

• Can be found [Insert link here].

Usage

• From Kerman Kohli (4-8-2022):

"I decided to drill down into their protocol revenue and then their incentives. Guess what, they’re perfectly correlated and incentives always trump revenue. We can basically call this a failed business that spends a ton on customer acquisition and has very little retention to show for it. Anyone who props this thing up is getting rekt. Highly unprofitable business, no path to profitability and slowed down growth."

Pros and Cons

Cons

• From Kerman Kohli (4-8-2022):

"I decided to drill down into their protocol revenue and then their incentives. Guess what, they’re perfectly correlated and incentives always trump revenue. We can basically call this a failed business that spends a ton on customer acquisition and has very little retention to show for it. Anyone who props this thing up is getting rekt. Highly unprofitable business, no path to profitability and slowed down growth."

Team, Funding and Partners

Team

• From The Block (10-1-2022):

"LooksRare was launched by two anonymous co-founders, known as Zodd and Guts. It also has a small team of nine, mostly made up of engineers."

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