>How do I buy LOOKS tokens? How to stake LOOKS tokens? How to purchase LOOKS tokens with a MetaMask wallet.
We are back with another exciting post. This post will explain how to buy and stake LOOKS tokens.
LOOKS is the native token for LooksRare, one of the most popular NFT marketplaces. It is the first community-focused marketplace to reward its users at each step. You can earn token rewards such as LOOKS tokens for selling, buying or listing any NFT on this platform.
However, LOOKS token holders get the maximum rewards. They also get LOOKS tokens from the designated staking pools as staking rewards. They also receive 100% of the platform fees in the form WETH (Wrapped Ethereum). That’s pretty cool!
Looksrare Reward System
Not eligible for Staking Rewards and a share of the Platform Fee on LooksRare? Only staked LOOKS tokens.
Double rewards are available if you stake and buy LOOKS tokens. Let’s start by determining where LOOKS tokens can be purchased.
Platforms that allow you to buy the LOOKS token
Here is a list of decentralized and centralized crypto exchanges where you can purchase LOOKS tokens.
Centralized ExchangesRemarksFTXNot available in the USByBitNot available in the US and Singapore.MEXC GlobalNot available in the USDecentralized ExchangeRemarksUniswapThe gas fee will be charged in addition to the trading fee.
The easiest way to stake LOOKS token is to buy it at Uniswap.
You can also purchase Looks token from any of the listed centralized exchanges. Then, you can move it to your Metamask (or any other Web3 wallet) to stake it on LooksRare’s official staking page. In the next section, I’ll talk more about Looks token stakes. But for now, let’s look at how to purchase Looks token.
How do I buy LOOKS tokens on Uniswap
Step 1: Set up your MetaMask wallet
a) Visit MetaMask website. Click on Download.
Metamask Wallet
b) Select the device (Browser or iOS) where you want to install MetaMask wallet. Click on “Install MetaMask”.
Metamask Wallet
c) Complete MetaMask installation
Metamask Wallet
Metamask Wallet
d) Click on “Get Started” to create your Metamask wallet
Metamask Wallet
e) If you have an existing Metamask Wallet you can click “Import Wallet” to enter your Secret Recovery Phrase. Or click on “Create Wallet”.
Metamask Wallet
f) Please read the Terms carefully before clicking on “I Agree”.
Metamask Wallet
g) Create a secure password and agree to the terms of use. Click on “Create”.
Metamask Wallet
h) This is the most important step in creating a cryptocurrency wallet. Each wallet must have a Secret Recovery Phrase. Also known as Seed Code, Seed Phrase or Seed Code, this phrase is used to recover funds from a crypto wallet.
This phrase will allow you to access your private key and crypto tokens. This phrase is essential and must not be lost. There is no way to retrieve your crypto assets if you lose your Seed Code. They will be lost forever. You will lose them forever.
It is also risky to write this phrase on any electronic device. Hackers can gain access to your crypto assets via the Seed Code, and then steal them. This has happened to some people in the past.
Click on “Reveal Secret words” Keep the Seed Code safe offline and click on “Next”.
Metamask Wallet
i) Enter the Secret Recovery Phrase that you just wrote down, and then click “Confirm”.
Metamask Wallet
j) A confirmation will be sent to you that your MetaMask wallet has been successfully created
Metamask Wallet
Step 2 – Connect your MetaMask wallet to the Uniswap Exchange
a) Go to the Uniswap website, and click “Launch App”.
Uniswap Exchange
b) After the app has been launched, click on “Connect Wallet”.
Uniswap Exchange
c) Choose your wallet from the options. Click on the “MetaMask wallet”
Uniswap Exchange
If you have multiple accounts on Metamask, d) Enter the account number. Next, click on “Next”.
Uniswap Exchange
e) Now the app will ask for your permission to connect with the wallet. Click on “Connect”.
Uniswap Exchange
f) After you have connected, you will be able see your wallet account number at the top right corner.
Uniswap Exchange
We are now done with the second step. Now we have connected our Metamask wallet to Uniswap. Next, we will purchase LOOKS token.
Let’s see how we can help you.
Step 3 – Buy LOOKS Tokens
a) You need to have USDC or ETH in your Metamask wallet in order to buy the Looks token on Uniswap. Let’s say you have ETH tokens stored in your MetaMask wallet and you wish to convert them to LOOKS.
Click on “Select Token”.
Uniswap Exchange
b) Look for the LOOKS token within the list. After you have found LOOKS, click “Import”.
Uniswap Exchange
c) Again, click on “Import”.
Uniswap Exchange
d) Enter the number LOOKS or Ethereum you wish to swap. The amount of the second crypto asset will be automatically calculated based on the current price.
After you have entered the amount, click on “Swap” to check your estimated gas cost.
Uniswap Exchange
e) Review the transaction details and Slippage Tolerance. Click on “Confirm Swap”.
Uniswap Exchange
After the transaction has been processed, your LOOKS tokens are transferred to your MetaMask account.
If you’re interested in learning more about Uniswap you can check out our Beginner’s Guide to Uniswap or the video below.
We will end this post by discussing how to stake your LOOKS tokens.
How do you stake the LOOKS token
We now need to stake the LOOKS tokens in our MetaMask wallet.
Step 1: Open LooksRare and connect your MetaMask account
Click on “Connect” to open the LooksRare website.
LooksRare NFT Marketplace
b) Choose the “MetaMask”, wallet from the list of available options.
LooksRare NFT Marketplace
c) Enter your password for “MetaMask”, then click on “Unlock”.
LooksRare NFT Marketplace
If you have multiple accounts on Metamask, d) Enter the account number. Next, click on “Next”.
LooksRare NFT Marketplace
e) Now the app will ask for your permission to connect with the wallet. Click on “Connect”.
LooksRare NFT Marketplace
Step 2: Stake your LOOKS tokens
a)Agree with LooksRare’s Terms and Service, then click on “Let’s Go”.
LooksRare NFT Marketplace
b) Click “Rewards” then click “Staking”.
LooksRare NFT Marketplace
c) Enter your desired LOOKS token amount. Click on the “Stake” button
LooksRare NFT Marketplace
After the transaction has been processed, your LOOKS tokens can be successfully staked on LooksRare. You will now be eligible for staking rewards and a share of platform fees. You can choose to receive your platform fee in either WETH (Wrapped Ethereum) or LOOKS token.
Notice: The Ethereum network’s gas fees will be charged for every stake and unstake LOOKS token.
Conclusion: Buying and Staking Looks Token
This is how to buy and stake LOOKS tokens. There will be a fee for gas at each step of buying, staking and untaking LOOKS tokens. You should therefore do a cost-benefit analysis.
This post does not constitute financial advice. Before making any financial decisions, please consult your financial advisor.
This is it for today. I hope you found this post helpful. We would love to hear your comments and feedback.
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Resources
MetaMask WebsiteUniswap WebsiteCoinSutra Uniswap GuideSlippage ToleranceLooksRare Website
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