Projects listed: 276 |
BTC Dominance: 0.00% | Volume (24h): $42,642,616,474 | Market Cap: $2,607,615,706,044
Looks Rare
LOOKS
$0.05
Sector
NFT
Exchange Debut
2022-01-10
Market Cap
44,989,748
Maxim Supply
1,000,000,000
Circulating Supply
997,004,180
Circ. Supply(%)
99.70%
Looks Rare
LOOKS
Price
$0.05
Market Cap
Sector
Exchange Debut
Volume 24h
High 24h
Low 24h
2231681
0.046933198656
0.044176808556
Change 24h
Change 7d
Change 30d
-3.0734
-12.0771
-17.3124
Maxim supply
Circulating supply
Circulating supply(%)
1,000,000,000
997,004,180
99.70%
The opinion of artificial intelligence (AI), based on the fundamental analysis of the Looks Rare cryptocurrency:
Looks Rare is a unique community-driven NFT marketplace with the primary goal of rewarding traders, collectors, and creators. Founded „by NFT people for NFT people,” it’s particularly known for its community-centric approach, incorporating aspects such as user rewards, fee redistribution, and instant creator payouts. Despite scoring a moderate overall score of 6.43 out of 10, the project boasts several promising features, which will be highlighted in the subsequent fundamental analysis of the cryptocurrency Looks Rare.
SOCIAL & MASS MEDIA: Score 6 out of 10
Engaging social media activities and strong media presence propel Looks Rare forward, earning a respectable 6 out of 10 in the Social & Media category. Notably, the project excels in attracting followers and its social media administrator activities, each receiving perfect scores of 10. However, the limited community activity on social media platforms and a smaller-than-desired community size on chat groups curtail its full potential. The next phase in the fundamental analysis of the cryptocurrency Looks Rare would likely involve improving these areas.
AUDIT & SECURITY: Score 8 out of 10
In terms of Audit & Security, Looks Rare fares well with a score of 8. It showcases a strong audit result, indicating a secure and reliable platform. However, it falls short on the transparency of public information, undermining trust and engagement to some extent. Improvements in this area could significantly bolster Looks Rare’s audit and security standing.
TOKENOMICS: Score 7.4 out of 10
The token economy of Looks Rare exhibits potential, receiving a score of 7.4 out of 10. The project is mildly inflationary and exhibits a decentralized monetary mass. As part of its unique tokenomics, users are incentivized through LOOKS rewards for buying or selling NFTs on the platform, enhancing the utility and desirability of the token within the ecosystem.
ECOSYSTEM DEVELOPMENT: Score 7 out of 10
The Ecosystem Development for Looks Rare achieves a commendable score of 7 out of 10. The platform demonstrates a proactive approach towards reaching its objectives and bringing new developments to the project, both factors scoring a healthy 8.5 out of 10. Continuation in this vein could propel the project towards higher success.
TEAM & DEVELOPERS: Score 1.4 out of 10
One area of significant concern is that the team is not public which resulted in a low score of 1.4 out of 10 in this category.
PRODUCT & UTILITY: Score 8.4 out of 10
The product’s utility and its role within the ecosystem are key strengths of Looks Rare, earning a strong score of 8.4 out of 10. The platform, designed with modular smart contracts, has great potential to innovate and evolve over time.
PARTNERS & INVESTORS: Score 4 out of 10
In the Partners & Investors category, Looks Rare falls short with a score of 4 out of 10. The project could benefit from strengthening its partnerships and broadening its investor base to enhance credibility and stability.
Fundamental analysis of the Looks Rare cryptocurrency – The final conclusion
Looking at the fundamental analysis of the cryptocurrency Looks Rare, it’s clear that while there are areas of strength, such as product utility and security, there are also significant areas for improvement, particularly in the team’s experience and investor engagement. It indicates a moderate-risk investment opportunity. Potential investors must weigh the benefits of a community-centric NFT platform with strong product utility against the risks associated with an inexperienced team and limited investor involvement. However, with the right enhancements, especially in strengthening its team and fostering better community engagement, Looks Rare could leverage its existing strengths to create a highly successful platform.
One of the project’s core strengths is its unique focus on community engagement and rewards, a feature that differentiates it in the NFT marketplace. This is especially compelling for potential users or investors interested in a community-first platform. However, the project’s low score in the ‘Team & Developers’ category is a potential red flag. Investors should be aware that the project’s success heavily relies on the team’s ability to execute its vision, which is currently questionable given their lack of experience.
Despite this, the strong ‘Product & Utility’ score underscores the value and potential of the Looks Rare platform. Its rewarding system, immediate creator payouts, and planned future developments could result in increased adoption and growth of the platform, making it a worthwhile investment.
In conclusion, the fundamental analysis of the cryptocurrency Looks Rare presents a moderate-risk but potentially rewarding investment opportunity. Potential investors are urged to monitor its progress, especially in improving its team expertise and community engagement, before making a commitment. As with all investments, due diligence is crucial. Remember, investing in any cryptocurrency project involves risk, and past performance does not guarantee future results.
A Community-Centric NFT Marketplace: LooksRare (LOOKS)
Unveiling a fresh perspective in the NFT ecosystem, LooksRare emerges as a user-centric platform. Spearheaded by the unidentified duo Zodd and Guts, LooksRare promises an engaging environment for traders, collectors, and creators, upholding a mission of „NFT community serving the NFT community”. A robust launch featured an airdrop to wallets maintaining an OpenSea transaction volume of at least 3 ETH, enabling over 110,000 wallets to claim LOOKS tokens.
Fundamental Analysis of LooksRare Cryptocurrency: A Three-Pillar Approach
LooksRare establishes its community-first framework upon three significant elements. Rewarding users for buying or selling NFTs with LOOKS tokens, redistributing 100% of platform fees to stakers, and guaranteeing instant royalty payouts to creators. Built on adaptable smart contracts, the platform vows to roll out innovative features progressively, with its future roadmap teeming with enticing additions.
Comparisons and Differences: The Story of LooksRare’s Formation and Strategy
Drawn parallels with the SushiSwap DEX tell an intriguing tale of how LooksRare was modeled. Just like SushiSwap aimed to displace Uniswap, a larger and resourceful rival, LooksRare launched a „vampire attack” against OpenSea, its major competitor. They airdropped free tokens to drain liquidity from the competition, imitating SushiSwap’s strategic move.
Distinctive Traits: The Uniqueness of LooksRare
LooksRare sets itself apart with its democratic, user-oriented culture in contrast to OpenSea’s criticized corporate-centric strategy. With 75% of the total token supply allocated for the community, it echoes SushiSwap’s challenge to Uniswap. However, LooksRare manages to distinguish itself from similar community-focused projects by delivering a polished, professional platform. It provides users with an intuitive interface for trading NFTs directly from their wallets like MetaMask, offering both fixed price and auction-style sales, all payable in ETH or WETH.
Competitive Advantage: LooksRare’s Tokenomics and Fee Structure
Offering a lower trading fee of 2% compared to OpenSea’s 2.5%, LooksRare attempts to gain an edge over its rival. Along with this, they incentivize trades with LOOKS token rewards, a strategy that has spurred allegations of wash trading to inflate the platform’s trading volume and popularity. Despite the controversy, LooksRare remains a promising player in the NFT marketplace, championing a community-first approach.
Where Can You Buy Looks Rare – LOOKS?
LOOKS can be purchased on cryptocurrency exchanges such as Kucoin , Gate.io and Uniswap v2
All you need to do is create a free account on any of these exchanges and start trading.
- Latest analysis update: June 17, 2023
Looks Rare - LOOKS performance
GENERAL CRITERIA:
Score
SOCIAL & MASS MEDIA
0
AUDIT & SECURITY
0
TOKENOMICS
0
ECOSYSTEM DEVELOPMENT
0
TEAM & DEVELOPERS
0
PRODUCT & UTILITY
0
PARTNERS & INVESTORS
0
Content description – Go to Metholodogy
Social & Mass Media In this section was taken into consideration the intensity of the activity of the social media page of the administrators , the speed of the community growth, the user interaction with the pages and as well the number of media appearances in the most important trade publications.
Audit & Security In particular, the team looks if the project is audited, how extensive the audit is, at the bug bounty program, if it had incidents or not, at the liquidity on the exchanges and at the transparency of the information provided.
Tokenomics Under this criterion it is analyzed whether the project is inflationary or not, whether it has maximum supply, the percentage of supply released into the market at the time of the analysis, the rate of inflation per year, the distribution of supply in the portfolios as well as the vesting plan.
Ecosistem Development In this section is checked if the project has delivered on time what it proposed in the roadmap, the degree of participation in the project governance of the community, the activity and intensity of the developments published on github and what products or applications the team proposes to develop in the future.
Team & Developers It checks if the team is public, the quality of the team behind the project, the number of members on different domains, the experience in IT, finance and cryptography, the traceability of published information about team members and as well the number of developers in the project.
Product & Utility It checks if there are functional products, the number of users and the revenues generated by these products, the sustainability of the project and the usefulness offered in the cryptographic space and as well as in other fields of activity.
Partners & Investors It analyzes the partners and the degree of their involvement in the project, the capacity of investors and investment funds that can contribute substantially to the development of the ecosystem.
Go to Methodology
Content description
Social & Mass Media In this section was taken into consideration the intensity of the activity of the social media page of the administrators , the speed of the community growth, the user interaction with the pages and as well the number of media appearances in the most important trade publications.
Audit & Security In particular, the team looks if the project is audited, how extensive the audit is, at the bug bounty program, if it had incidents or not, at the liquidity on the exchanges and at the transparency of the information provided.
Tokenomics Under this criterion it is analyzed whether the project is inflationary or not, whether it has maximum supply, the percentage of supply released into the market at the time of the analysis, the rate of inflation per year, the distribution of supply in the portfolios as well as the vesting plan.
Ecosistem Development In this section is checked if the project has delivered on time what it proposed in the roadmap, the degree of participation in the project governance of the community, the activity and intensity of the developments published on github and what products or applications the team proposes to develop in the future.
Team & Developers It checks if the team is public, the quality of the team behind the project, the number of members on different domains, the experience in IT, finance and cryptography, the traceability of published information about team members and as well the number of developers in the project.
Product & Utility It checks if there are functional products, the number of users and the revenues generated by these products, the sustainability of the project and the usefulness offered in the cryptographic space and as well as in other fields of activity.
Partners & Investors It analyzes the partners and the degree of their involvement in the project, the capacity of investors and investment funds that can contribute substantially to the development of the ecosystem.
