What is LooksRare? | How to Buy Looks Token in Coins.ph in the Philippines

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Coins.ph announced the availability of cryptocurrency LooksRare (LOOKS), the native token of LooksRare marketplace, on the e-wallet app.

What is LooksRare?

LooksRare is a decentralized, community-first non-fungible token (NFT) marketplace platform launched in January 2022 with a team of 11 developers.

According to LooksRare, its goal is to dethrone OpenSea from being the top spot in the NFT market.

This goal is accompanied by a lower transaction fee of 2.0% compared to OpenSea’s 2.5% transaction fee. It also promised to give back 100% of all its platform fees to users who stake LOOKS tokens.

How to Buy LooksRare in Coins.ph?

1) Sign up with a Coins.ph account. (If you already have an account and are already ID and selfie-verified, proceed to step 3.)

2) Get ID and Selfie-verified. 

3) On the Coins.ph app, select “Crypto” and select “LOOKS” from the drop-down menu to convert your PHP.

What is Looks Token?

LOOKS is an ERC-20 token currently on the Ethereum blockchain, with a maximum supply of 1 billion tokens.

LooksRare started to give LOOKS as a reward to the traders, token stakers, creators and collectors for participating on the platform as the token was released.

Why Users Should Stake Their Looks Token?

Users can stake their LOOKS token in two ways:

  • Active Stake: Users must fully unlock their LOOKS token.
  • Passive Stake: Users must lock their LOOKS token for trading but unlock it for staking. Passive stakers will not earn extra tokens when they stake LOOKS.

Daily LOOKS rewards are distributed to both active and passive stakers while WETH rewards are distributed to active stakers only.

What is Looks’ Total Supply and All-Time High?

Four hundred forty-one million of the token’s total supply is allocated to volume rewards, while 189 million is assigned to the staking rewards. 120 million is distributed to the airdrop, while the rest is distributed for the platform’s needs and developers.

LOOKS’ all-time high was $7.10 last January 20, 2022 while its all-time low was $0.163827 last June 14, 2022.

The availability of LOOKS on Coins.ph offers the community to convert $LOOKS directly to PHP and vice versa.

The addition of LOOKS token made the total number of cryptocurrencies available to buy, sell, and store on the Coins.ph application to 22.

While other cryptocurrencies available in the app are BTC, ETH, AXS, SLP, BCH, XRP, USDC, LINK, KNC, MKR, UNI, AAVE, USDT, MATIC, SAND, CHZ, YGG, APE, GALA, ENJ, and MANA.

Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and holds both Virtual Currency and Electronic Money Issuer licenses in the Philippines.

This article is published on BitPinas: What is LooksRare? | LOOKS Token Now in Coins.ph in the Philippines

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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Nath Cajuday

BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.