LooksRare Metaverse AMA Really Looks Rare and Fun!
On July 20th, 2022, Superhero NFT Wars (SNW) held another Metaverse MAMA with LooksRare, the community-first NFT marketplace that actively rewards traders, collectors, and creators for participating. We were honored to have our dear guest from LooksRare on our metaspace and share his/her own experience and some answers to the most asked questions from the community members.
Preheat part
In the gleam and the preheat part, we have already received 1514 entries from community members who are ready and excited for the upcoming Metaverse AMA (MAMA).
We selected 10 raffle winners and sent 100 $SNGold to each. Let us give a good round of applause for all the contestants!
During the MAMA
The audiences have anticipated for a long time for a great marketplace like LooksRare to come to answer all the questions.
The MAMA consists of 7 very thoughtful questions about LooksRare. For those who want to recap and for those who have missed this great panel, the script is attached in the appendix.
Wonder how cool the mechas are in the LooksRare logo? Check this video out!
Thank you so much for everyone’s participation, looking forward to seeing you guys again!
About LooksRare
LooksRare is the community-first NFT marketplace that actively rewards traders, collectors and creators for participating.
“By NFT people, for NFT people. ”— LooksRare
About SNW
SNW is a Web 3.0 Social Metaverse Aggregator Platform for all live NFT projects by providing three unified tools, for instance, tokens, avatars, and social space, for all participants, investors, partners, and collaborators. Adhering to the belief of “from the players, by the players and for the players’’, SNW endeavors to become the first and fore-mostly stunning community-driven NFT Infrastructure SocialFi on Web3.0 by empowering all JPGs with more interactive use, application, liquidation, and Social Gaming case scenarios.
SNW — The Layer 0 Metaverse that connects all live Web 3.0 Projects.
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Appendix
For those who missed the MAMA, here is a full list of questions to go through!
Q1. What are the main advantages of LooksRare?
LooksRare’s strengths are mainly: community-centric, great product experience, and a shared economic model.
Community-centric means that we respect the opinions of the community, respond positively to the needs of our users, and constantly iterate and update our products.
We will add whatever opinions users put forward in the community that we think are good for the product.
Our token economy model is shared from the beginning, and all participants, stakeholders, can get the revenue of the platform.
For example, 12% of our tokens are airdropped to os users, and more than 70% of our tokens are shared to community pledgers and users who trade on looks. This is where we excel. Together with the community, we create value and share it.
Q2. As a decentralized NFT trading platform, the community often compares LooksRare with X2Y2. In terms of token market cap, LooksRare is currently performing much better, what is the reason behind this? What do you think are the differences between the two platforms?
LooksRare is the first project to propose a decentralized NFT exchange, the first NFT exchange to propose community sharing of platform revenue, and the first project to use an economic token model to engage the community.
LooksRare clearly proposes “By NFT people, for NFT people”, airdrops to senior NFT users and shares all the platform’s fees (WETH denominated) with users. This is an innovative move in the NFT trading market, the development of the NFT trading market track, has pioneering significance. These measures, in turn, have been copied by other NFT exchanges.
In terms of spirit, LooksRare will uphold the concept of community building and benefit sharing. From the product, LooksRare will uphold the spirit of innovation, continue to iterate the product, push the new, and bring more good experience to NFT users.
In terms of marketing, LooksRare will also uphold the spirit of openness, actively promote a variety of cooperation, and promote the prosperity of the NFT trading market.
Q3. What do you think are the advantages of LooksRare compared to OpenSea and other exchanges in terms of product?
First, a reasonable token economy model. LooksRare designed the token economy model by airdropping to senior NFT users, giving rebates to senior users, gaining early users and completing a cold start.
It also subsidizes users’ transaction fees through token trading rewards and pledge rewards to encourage trading. And the entire platform fee income is shared with the token pledger.
This is an innovation in the NFT market. opensea has no token model, no rewards for NFT trading users, and all platform fees go to the company and cannot be shared by users.
Secondly, it is the continuous optimization and iteration of the product features. LooksRare has developed various user-friendly features based on the feedback from the community users, including
1. Batch bidding
Batch bidding is a feature that allows users to make offers to all NFTs in a series. Once one of them is sold, the offer is closed. This helps users to quote quickly, save on fees and be able to bid to as many sellers as possible.
2. Batch pending orders
Batch pending orders, means that the user can choose to place multiple NFT pending orders at one time, the same sales price.
3. Conditional pending orders
Conditional pending orders, refers to the user can list two pending orders, if one of them is sold, then the other pending order will be canceled.
For example, the user has two monthly birds, the user only wants to sell one, and no matter which one to sell it can be. In this case, you can use conditional pending orders.
4. Pay attention to security tips
For some security matters, the second prompt to remind users to pay attention to. Including moving pictures NFT is open (moving pictures LooksRare involve Trojan horses), pending orders canceled in a timely manner, pending order price is lower than the floor price, NFT series is not verified (LooksRare be false series), etc.
5. cooperation with etherscan launch private chat function, buyers can use etherscan sellers contact.
6. One click to raise the pending order price
If you want to raise the pending order price, you only need to operate once to complete the price increase, and LooksRare will automatically help the user to cancel the pending order and list it at the new price. (OpenSea requires manual cancellation and re-listing, which requires two operations)
Q4. LooksRare has reached about 10% of Opensea’s real turnover since its launch six months ago, please introduce LooksRare’s development history and future plans?
LooksRare was launched in early January 2022, completing a cold start by airdropping tokens to NFT senior users. Users were then enticed to trade on the platform through trading rewards and pledge rewards.
As a result of the token rewards given, users were able to reduce their transaction fees and many blue-chip NFT users flocked to LooksRare to trade.
Within the past 6 months, LooksRare has also made a number of iterative updates to the product and has also expanded a number of external partnerships, including integration with the Rarity website and integration with the NFT trading aggregator.
For the future, the near-term plan is to launch LooksRareV2 soon, when more new features will be introduced, so stay tuned.
Q5. LooksRare gets a lot of its volume from Gem and Genie, how do you feel about Gem and Genie being acquired by Opensea and Uniswap respectively?
Gem and Genie are both NFT trading aggregators whose primary function is to aggregate liquidity across multiple NFT trading markets, providing buyers with more purchasable NFT. NFT trading aggregators and emerging NFT exchanges are, by their nature, mutually reinforcing and fulfilling.
The need for aggregation exists because of the emergence of multiple NFT exchanges. And because of the emergence of NFT aggregators, emerging NFT exchanges can also receive more traffic.
Opensea’s acquisition of Gem and Uniswap’s acquisition of Genie show that competition in the NFT exchange market circuit is becoming more stimulating. However, both Gem and Genie are currently operating independently and are not changing.
For LooksRare, we are actively preparing to launch V2 and gain more liquidity and users through a series of marketing campaigns.
Q6. We are concerned that many teams are laying off staff during the bear market, but the team at LooksRare is also expanding, how do you see the current and future development of the NFT market?
We believe that the NFT market has a huge scope for future growth, and the core of NFT technology is that it confirms the ownership of digital assets.
Along with the development of the data society, digital assets will become more common, and the application of NFT will be more extensive.
More types of NFT assets will emerge one after another, NFT will no longer be limited to artwork or avatars.
During the bear market, LooksRare will focus on product research and development, community building, partnership expansion, and good infrastructure to meet the next wave, which is the reason why the team continues to expand.
The team currently has a rich treasury and continues to take in great talent, also for better builds in the bear market.
Q7. With the recent rise in NFT volume on the Solana chain, does LooksRare have any plans for cross-chain follow-up?
At this stage, we will still base on Ether and do a good job to improve the traffic of Ether. Later, we will promote cross-chain construction according to community needs and product development progress.
