LooksRare

Halal Rating :
Comfortable
Last Price $0.07 Last updated:
Rank 591
1D Change 28.57 %
Market Cap $72.56m
Circulating supply 999,941,673
Maximum supply 1,000,000,000

Crypto Overview

Categories
  • Collectibles & NFTs

Overview

LooksRare is an NFT marketplace launched in January 2022 that allows users to buy, sell, and trade non-fungible tokens. The LOOKS token serves as the platform's native cryptocurrency, primarily used for governance and rewards distribution.

Intended Utility

The LOOKS token was designed with several key utilities: governance rights over the platform's development, staking rewards for token holders, and trading rewards for active platform users. Token holders can stake LOOKS to earn platform trading fees and receive additional LOOKS tokens as rewards.

Actual Utility & Adoption

The platform has maintained consistent functionality aligned with its intended purposes. Users actively engage in NFT trading, staking, and governance activities. The marketplace continues to process substantial trading volume, though lower than its peak in 2022. Development activity remains steady with regular updates and improvements to the platform.

Token Distribution & Governance

The token distribution includes allocations for the team (10%), treasury (21.3%), and trading rewards (68.7%). Team tokens have vesting periods extending over two years. The project maintains transparency in its operations and token economics.

Revenue Model

LooksRare generates revenue through trading fees (2% on all trades), which are distributed to LOOKS stakers. This model creates a direct correlation between platform success and token holder benefits without involving interest-based mechanisms.

Crypto Impact

To assign a comfort level investing in LooksRare from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to LooksRare.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

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Justification for our Halal Rating