LOOKS has a maximum supply of 1,000,000,000 tokens. Over 90% now form part of the circulating supply. Upon launch, 75% of the maximum supply was earmarked for the community: * 12% was issued in an airdrop * 18.9% was reserved for those who commit LOOKS * 44.1% was reserved for volume rewards — incentivizing participation on the platform According to its [emission schedule](https://docs.looksrare.org/about/looks-tokenomics), LOOKS will reach its maximum supply two years from its release. The platform collects a 0.5% transaction fee in [WETH](https://coinmarketcap.com/currencies/weth/) on all NFT sales. Each 6,500 Ethereum blocks (approximately 24 hours), the collected fees are linearly redistributed to LOOKS committers over the next 6,500 blocks.

LooksRare was launched by pseudonymous founders Guts and Zodd as a decentralized alternative to OpenSea.

[LooksRare](https://looksrare.org) is a decentralized, community-first NFT marketplace. The protocol was released on the [Ethereum blockchain](https://coinmarketcap.com/alexandria/article/an-intro-to-ethereum-eth) with an ERC-20 utility token — LOOKS — in January 2022. The LooksRare platform enables individuals to trade non-fungible tokens, with an emphasis on rewarding users for their participation. The LOOKS token serves a handful of functions within the LooksRare ecosystem: * 100% of trading fees are earned by users who ‘commit’ their LOOKS in the form of Protocol Rewards * Every (non-private) trade incurs a [Trading Reward](https://docs.looksrare.org/about/rewards/trading-rewards), which acts as a LOOKS rebate for the fee paid on LooksRare trades (currently 0.5%, collected in ETH) * It can be used to participate in exclusive drops and other token-gated applications