• How to buy LOOKS token?
  • How to Stake LOOKS token?
  • How to buy LOOKS token with a MetaMask wallet?

Welcome back to another exciting post. In this one, we will discuss how you can Buy and Stake LOOKS tokens.

LOOKS is the native token of one of the top NFT marketplaces, LooksRare. It is the first community-focused marketplace that rewards its users at every step. For example, you get LOOKS token rewards for listing, buying, or selling any NFT on the platform.

But maximum rewards are for LOOKS token holders. They not only get LOOKS tokens as staking rewards from the designated staking pool. But they also get 100% of the platform fee in the form of WETH (Wrapped ETH). How cool is that!

Looksrare Reward System

Note: Only staked LOOKS tokens are eligible for Staking rewards and share of Platform fee on LooksRare.

Therefore, if you buy and stake LOOKS tokens, then you are eligible for double rewards. So, let’s first figure out from where you can buy LOOKS tokens.

Platforms where you can buy LOOKS token

Following is the list of centralized and decentralized crypto exchanges on which you can buy LOOKS tokens.

Centralized ExchangesRemarks
FTXNot available in the US
ByBitNot available in the US and Singapore.
MEXC GlobalNot available in the US
Decentralized ExchangeRemarks
UniswapThe gas fee will be charged in addition to the trading fee.

In order to stake LOOKS token, the easiest way is to buy it from Uniswap.

You can also buy Looks token on any of the above listed centralized exchanges, and move it to your Metamask or any other Web3 wallet to stake it on the official LooksRare staking page. I will talk about Looks token staking in the further section of this tutorial, but for now let’s see how to buy Looks token.

How to buy LOOKS token on Uniswap?

Step 1 – Set up your MetaMask Wallet

a) Visit MetaMask website. Click on Download.

3. Metamask Wallet 1
Metamask Wallet

b) Choose the device (Browser, iOS, or Android) on which you want to install your MetaMask wallet. Then, click on “Install MetaMask.

4. Metamask Wallet 2
Metamask Wallet

c) Complete MetaMask installation

5. Metamask Wallet 3
Metamask Wallet
6. Metamask Wallet 4
Metamask Wallet

d) To create your wallet on Metamask, click on “Get Started

7. Metamask Wallet 5
Metamask Wallet

e) In case you already have an existing Metamask Wallet, then you can click on “Import Wallet” and enter your Secret Recovery Phrase. Or else click on “Create Wallet“.

8. Metamask Wallet 6
Metamask Wallet

f) Read the terms carefully and click on “I Agree

9. Metamask Wallet 7
Metamask Wallet

g) Enter a “Secure Password“. Agree to the “Terms of Use” and click on “Create“.

10. Metamask Wallet 8
Metamask Wallet

h) Now comes the most critical step of creating a crypto wallet. Every wallet has a Secret Recovery Phrase, also known as Seed Code, Seed Phrase, etc.

This phrase is the gateway to your private key and your crypto tokens. Please make sure that you don’t lose this phrase at any cost. If you lose your Seed Code, there is almost no way to recover your crypto assets. You will lose them forever. So, do take appropriate care.

Further, it is risky to note this phrase on any electronic device. If your device gets hacked, the hacker can access your crypto assets through the Seed Code and steal your crypto assets. This has happened to a few people in the past.

So, click on “Reveal Secret Words“. Note the Seed Code in a secure offline place and click on “Next“.

11. Metamask Wallet 9
Metamask Wallet

i) Enter your Secret Recovery Phrase you have just noted down and click on “Confirm“.

12. Metamask Wallet 10
Metamask Wallet

j) You will get confirmation of the successful creation of your MetaMask wallet

13. Metamask Wallet 11
Metamask Wallet

Step 2 – Connect your MetaMask wallet with Uniswap Exchange

a) Open the Uniswap website and click on “Launch App“.

14. Uniswap 1
Uniswap Exchange

b) Once the app is launched, then click on “Connect Wallet“.

15. Uniswap 2
Uniswap Exchange

c) You will get options to choose your wallet. Click on the “MetaMask” wallet

16. Uniswap 3
Uniswap Exchange

d) Select the account number if you have more than one account on Metamask. Then click on “Next“.

17. Uniswap 4
Uniswap Exchange

e) Now, the app needs your permission to connect to the wallet. Click on “Connect“.

18. Uniswap 5
Uniswap Exchange

f) Once connected, you should be able to see your wallet account number in the top right corner.

19. Uniswap 6
Uniswap Exchange

Now we are done with two steps. We have set up our Metamask wallet and connected it to Uniswap. The next step is to buy LOOKS token.

Let’s understand how you can do it.

Step 3 – Buy LOOKS Tokens

a) To buy Looks token on Uniswap, you need to have ETH or USDC in your Metamask wallet. Suppose you have ETH tokens in your MetaMask wallet, and you want to convert those ETH tokens to LOOKS.

Click on “Select Token

20. Uniswap 7
Uniswap Exchange

b) Search for the LOOKS token in the list. Once you find LOOKS, click on “Import” in front of it.

21. Uniswap 8
Uniswap Exchange

c) Click on “Import” again

22. Uniswap 9
Uniswap Exchange

d) Enter the number of LOOKS or ETH you want to swap. Based on the current price, the corresponding amount of the second Crypto asset will automatically be calculated.

Once you enter the amount, check your estimated gas fee and click on “Swap“.

23. Uniswap 10
Uniswap Exchange

e) Check the transaction details and Slippage Tolerance. Click on “Confirm Swap

24. Uniswap 11
Uniswap Exchange

Once the transaction is processed, your LOOKS tokens will be transferred to your MetaMask wallet.

If you are curious to explore Uniswap further, you can read our Beginner’s Guide to Uniswap, or you can see the following video.

The last step that we will discuss in this post is how you can stake your LOOKS tokens.

How to Stake LOOKS token?

Now, we need to stake our LOOKS tokens lying in our MetaMask wallet.

Step 1 – Open the LooksRare website and connect your MetaMask wallet

a) Open LooksRare Website and click on “Connect“.

25. LooksRare 1
LooksRare NFT Marketplace

b) Select the “MetaMask” wallet amongst the available options.

26. LooksRare 2
LooksRare NFT Marketplace

c) Enter your “MetaMask” wallet password and click on “Unlock“.

27. LooksRare 3
LooksRare NFT Marketplace

d) Select the account number if you have more than one account on Metamask. Then click on “Next“.

28. LooksRare 4
LooksRare NFT Marketplace

e) Now, the app needs your permission to connect to the wallet. Click on “Connect“.

29. LooksRare 5
LooksRare NFT Marketplace

Step 2 – Stake your LOOKS tokens

a) Agree to LooksRare’s Terms of Service and click on “Let’s Go”.

30. LooksRare 6
LooksRare NFT Marketplace

b) Click on “Rewards” and then click on “Staking“.

31. LooksRare 7
LooksRare NFT Marketplace

c) Enter the Amount of LOOKS token you wish to Stake. Finally, click on the “Stake” button

32. LooksRare 8
LooksRare NFT Marketplace

Once the transaction is processed, your LOOKS tokens will be successfully staked on the LooksRare platform. Now, you will be eligible to earn staking rewards in LOOKS, and you will also receive a share of the platform fee. For the platform fee, you can either receive your rewards in WETH (Wrapped ETH) or LOOKS token.

Note: Ethereum network’s gas fee will be charged every time you stake, and unstake LOOKS tokens.

Conclusion: Buying and Staking Looks Token

So, this is how you can buy and stake LOOKS tokens. As already discussed, a gas fee will be charged at every step from buying, staking, and unstaking of LOOKS tokens. Therefore, you need to do your cost-benefit analysis.

Please note that nothing written in this post is a financial advice. Please consult your financial advisor before making any financial decision.

That’s it for today. I hope this post was helpful for you. Please share your feedback and comments with us.

Further, Subscribe to the CoinSutra newsletter to get your free trading Ebook.

Resources





Source link