LooksRare is making a bold move in the NFT space by implementing a zero-fee policy for all NFT sales on its decentralized marketplace. This decision directly challenges OpenSea’s fee structure, which has faced criticism. LooksRare operates on Ethereum and rewards its community with its native utility token, LOOKS.

Previously charging a 2% sales fee, LooksRare is shifting to a fee-free model, a notable departure from platforms, including OpenSea, that continue to impose fees on transactions. The move is seen as a response to user concerns about transparency and the impact of fees on the overall NFT experience.

LooksRare’s LOOKS token is central to its ecosystem, offering staking rewards in LOOKS and wrapped ether (wETH). Users can enjoy various features like trading rewards, staking rewards, and trait offers, all while participating in a fee-free experience. The platform’s modular framework allows for the addition of new features in the future, aligning with its community-first approach.

In contrast, OpenSea is known for its transaction fees, which include gas fees associated with the Ethereum blockchain and platform fees. LooksRare’s fee-free initiative not only eliminates transaction fees but also waives all protocol fees for a promotional period lasting 30 days. This move invites sellers to engage in the NFT market on LooksRare without the usual costs associated with transactions.