Analyzing LooksRare: Token Overview, Price Analysis, and Platform Evaluation

The timing of the LOOKS coin launch was definitely far from perfect. It went live in January 2022 when Bitcoin and the entire altcoin market took a downturn, and the LOOKS token’s price has been in a downward trend ever since. However, in January 2023, the LOOKS price seemed to have found its bottom, and since then, the asset has been ranging sideways. Can the project recover after its token dropped in value by approximately 99%? If a recovery is in the cards for $LOOKS, now might be a great time to get acquainted with this NFT-focused project.



Moving forward, we’ll first cover the basics. We’ll explain what the LOOKS token from the LooksRare crypto project is all about, and we’ll cover the project’s fundamentals and the LOOKS coin’s tokenomics. Plus, you’ll also learn how the LooksRare token works and its role within the project’s ecosystem. Next, we’ll take a closer look at the LooksRare crypto project and its platform. That will complete our basic fundamental analysis (FA) of LooksRare.
Then, we’ll shift our focus to the LOOKS price, and we’ll conduct a complete price analysis. We’ll also use the basics of technical analysis (TA) to outline the asset’s key support and resistance levels. We’ll also use the Fibonacci retracement tool to further speculate on where the price might be headed.
Along the way, you’ll also find out how Moralis Money can help you determine if and when you should buy the LOOKS token. This amazing on-chain analysis tool, built using Moralis’ Web3 Data APIs, is also one of the best answers to the “Where can I buy $LOOKS?” question.     

What is the LOOKS Token from LooksRare? Exploring LOOKS

The LOOKS token is the LocksRare ecosystem’s native token. The protocol’s token lives on the Ethereum chain, where it follows the ERC-20 token standard.
Unlike many other coins minted during deployment, the LOOKS coin is mintable until its one billion supply is reached. So, at the time of deployment (December 21, 2012), 200,000,000 LOOKS were created. Since then, another 700,000,000-plus LOOKs tokens have come to life. Thus, the asset is approaching its maximum supply.

Fundamentals

The platform is an NFT marketplace; however, it also allows LOOKS holders to earn yield. Consequently, it is a sort of NFT-DeFi hybrid. But as pointed out above, the LooksRare token follows the ERC-20 token standard and lives on the Ethereum blockchain. So, the mechanisms of the token are controlled by several smart contracts on Ethereum. (More on that below.)
All in all, the LOOKS token is a utility token that enables users who participate in the LooksRare ecosystem to earn yield and rewards.

LOOKS Coin Tokenomics

• Symbol/ticker: LOOKS or $LOOKS
• Network: Ethereum
• Token type: ERC-20
• Minted on: December 21, 2021
• Token smart contract address: 0xf4d2888d29D722226FafA5d9B24F9164c092421E
• Initial total supply: 200,000,000 $LOOKS (pre-minted tokens)
• Maximum total supply: 1,000,000,000 $LOOKS

Token allocation is as follows:
Here’s also a graphical representation of LOOKS’s vesting periods:

How the LOOKS Token Works

The asset’s emissions (newly minted coins) are governed by the following two smart contracts:

• “TokenDistributor”
• “TokenSplitter” 

The former allows users to stake LOOKS to earn additional LOOKS. The latter receives $LOOKS distributed asynchronously according to predefined weights. Plus, “TokenSplitter” further distributes tokens to “TradingRewardsDistributor” and “VestingContractWithFeeSharing“.
As for the distribution of the LooksRare crypto token to LooksRare protocol users, these are the following three aspects you need to consider:

• Stakers – Anyone holding LOOKS can deposit their tokens for auto-compounding rewards. This is where the “FeeSharingSystem” smart contract enters the scene. The latter is an additional layer on top of the aforementioned “TokenDistributer” and also unlocks wETH rewards. These rewards come from the LooksRare exchange’s protocol fees.
• Traders – Using “TradingRewardDistributor”, traders get to collect daily trading rewards in LOOKS. Of course, users’ eligibility depends on their trading volume and excludes their private sale strategies. 
• Liquidity providers – As per “StakingPoolForUniswapV2Tokens”, LOOKS liquidity providers can deposit liquidity in Uniswap v2. In exchange, they receive LP (liquidity pool) tokens that they can stake to earn LOOKS.     

Role within LooksRare

If you covered the above section, you already know what the role of the LOOKS coin within the LooksRare protocol is. Still, it’s worth repeating that the token is the protocol’s native currency. It currently allows its holders to earn yield by staking it and to collect a portion of the platform’s trading fees. 
However, as pointed out by the LooksRare documentation, LOOKS doesn’t represent any shareholding, participation, right, title, or interest in the protocol, the distributor, their respective affiliates, or any other company, enterprise, or undertaking. It further outlines that LOOKS doesn’t entitle token holders to any promise of fees, dividends, revenue, profits, or investment returns.  
Since the LooksRare protocol is subject to change, the only proper way to consider the role of the LooksRare crypto token is as follows: LOOKS only gives its holders the right to use it as a means to enable usage of and interaction within the LooksRare protocol.
For instance, one planed utility for LOOKS comes in the form of governance rights.

What is LooksRare?

LooksRare is a protocol built on top of the Ethereum blockchain. Furthermore, it is an NFT trading platform (a marketplace) allowing traders and collectors to earn rewards. 
According to the project’s documentation, LooksRare is a community-first NFT marketplace whose mechanisms automatically reward active participation.
Another rather unique aspect of the LooksRare crypto project is its custom build. Unlike most other projects that utilize smart contract templates, LooksRare’s docs claim that this protocol uses custom-built smart contracts. The documentation further explains that the protocol’s modular system enables the rollout of new features without compromising security.
Note: If you wish to dive into the nitty-gritty of the LooksRare crypto protocol and its native token, make sure to explore the project’s docs. You can access the latter via the project’s official website’s footer:

Team and Community

The project’s team is far from doxxed. However, LooksRare’s docs include the “Team” section, where you can view team members’ nicknames, roles, and links to their GitHub profiles:
As far as the LooksRare crypto project’s community goes, you have several options to join. If you prefer to read, then you can check out the LooksRare blog. The latter is a good place to stay updated with the project’s development.
However, if you are looking for a more engaging outlet, you can visit the project’s Instagram and X (formerly Twitter) accounts and Discord channel. You can find links to these socials in the top menu of the project’s official website:

LOOKS Token Price Analysis

The above sections will help you determine whether or not you find LooksRare interesting enough. Plus, they are a good starting point for those wanting to stake the LOOKS token. However, if your primary interest revolves around trading alts, then you ought to consider the LOOKS price. So, for that, let’s look at the asset’s weekly price chart:
The above logarithmic chart shows the entire price action of the LOOKS coin so far. You can see that the token started to trade in the first half of January 2022 after being listed at $1.72-ish. It’s clear that the asset reached its current all-time high (ATH) level within the first two weeks of trading. That level sits at $7.26-ish.
However, following that high, the LOOKS price was in a clear downtrend throughout the entire year of 2022. Of course, there were some relief rallies, even as large as 200%, along the way. Still, the asset remained in a clear downtrend until November 2022, when it broke out of its ten-month-long downtrend.
Next came a 250% run. But the latter didn’t have enough steam to break above the $0.41-ish level, from where it pulled back down again. This time, the LOOKS price went even lower – new support came into play at the $0.052-ish level. However, the price of the LOOKS token dipped as low as $0.004267 on August 14, 2023. The latter remains the coin’s all-time low (ATL).
At the time of writing, the LOOKS coin sits at $0.054-ish, just above its lowest significant support level.  

Technical Analysis

The above price chart on a weekly timeframe and a logarithmic scale includes all significant levels (blue lines) and the two obvious trendlines (white lines). However, we can also analyze the price on a daily timeframe using the regular scale:
For now, the LOOKS price is bound within the $0.052-ish-$0.066-ish range. So, the transition into a side movement is apparent. Plus, the RSI indicator shows that the asset has quite some strength left. As such, the likelihood of its lower support holding is rather high.
And, if the entire crypto market were to start its move to the upside, we could see the LOOKS coin start its uptrend as well. 

Is $LOOKS a Good Investment? LooksRare Crypto Future Forecast

Entering an asset after it has lost more than 99% is obviously a risky move. However, this may seem like a “once-in-the-lifetime” opportunity for those who believe in the LooksRare crypto project. So, it all depends on your preferences, financial situation, and risk tolerance when deciding whether to buy LOOKS or not.
All in all, you should use the above section to determine whether or not the LooksRare token interests you. If so, you ought to research the asset further. And the best place to do so is Moralis Money’s LooksRare ($LOOKS) token page. 
On that page, you can also find the token’s real-time, on-chain metrics (a.k.a. alpha metrics). The latter is the key to getting your timing right if you do decide to get a bag of the LOOKS token. After all, on-chain activity always precedes price action!
Plus, the only way for you to have some meaningful and not purely speculative sense of where the LOOKS token is headed is to keep an eye on its price in combination with its on-chain metrics. 
So, to answer the above question with confidence, follow the “$LOOKS” link above or use the interactive widget below to properly research this NFT protocol coin:

On the other hand, you may already know that you do not like the LOOKS coin, no matter the token’s performance. In that case, make sure not to waste any of your precious time with it. Instead, start spotting other altcoin gems with potential.  
Fortunately, you can do that quickly and easily, thanks to Moralis Money’s core feature: Token Explorer! 
Using this amazing tool, many traders, especially the ones on the Starter and Pro plans, have been pocketing insane gains!

Where Can I Buy $LOOKS?

There are many places, both CEXs and DEXs, where you can buy the LOOKS token. However, if you believe in a decentralized future, you most likely want to stay clear of CEXs. If so, your best option is Uniswap.
That said, when using Uniswap, you run the risk of landing on the wrong or even scammy token pair. So, instead, you can access Uniswap’s liquidity right on the Moralis Money token page for the LOOKS coin:

The Best Place to Buy the LooksRare ($LOOKS) Cryptocurrency

The above-outlined instant crypto swap feature is the best place to buy $LOOKS. Not only is it an extremely practical path, but it is also very secure and one of the cheapest crypto swap platforms. Thanks to the power of the 1inch aggregator that powers Moralis Money’s swap, you’ll always get the best available price!
If you are new to swapping cryptos, make sure to check out our step-by-step guide on how to swap ERC-20 tokens. Moreover, the animation below should be more than enough to teach you how to swap tokens with ease and without breaking the bank:

What is the LOOKS Coin? LooksRare Token and Project Analysis – Key Takeaways

• The LOOKS token is the LooksRare protocol’s native cryptocurrency. 
• The LooksRare ecosystem is essentially an NFT marketplace that also provides rewards for users.
• Users can stake LOOKS to earn yield. 
• The LOOKS price is about 99% below its ATH, and it’s impossible to tell if it can recover in the upcoming bull market.
• If the project were to see proper adoption, the price of $LOOKS could increase significantly. 
• To determine if and when to buy the LooksRare token, use Moralis Money’s page for that asset. 
• Explore other altcoin opportunities across all the leading chains (Ethereum, BNB Smart Chain, Polygon, Fantom, etc.) with Token Explorer.

Note: Did you know that Moralis Money was built using Moralis Web3 APIs? If you’re a Web3 developer eager to embark on creating next-gen Web3 apps, explore Moralis’ blockchain infrastructure. With Moralis’ comprehensive toolkit, including the Web3 Wallet API, Price API, NFT API, and more, you can deploy dapps quickly and easily across numerous different blockchain networks!

Post credits:https://moralismoney.com/blog/what-is-the-looks-coin-looksrare-token-and-project-analysis