LooksRare's official multi-angle detailed explanation of future development plans

Where: LooksRare Discord: discord.gg/looksrare

AMA Guests: Gizmo (Product Manager), Slug (Designer)

Q1: What actions will you take in response to token price drops?

A: Of course, the price drop has been a bit unfortunate. But don't worry, the team is working very hard no matter what.

Many on the team are holders of LOOKS and have personally purchased them on the secondary market.

Our plan is to keep building, releasing more and more innovative features, and constantly improving the site.

Q2: Is it possible to automatically collect our transaction rewards in the future? This will greatly benefit ordinary traders, allowing small amounts of LOOKS to be used for work instead of being stranded due to gas fees.

A: We don't have such a job yet, but we are working hard to build a LOOKS pledge pool to automatically reinvest WETH rewards into LOOKS. Your idea is very interesting and we will definitely do some investigation into its possibility.

Q3: When will Trezor be repaired?

A: It depends on the update of Metamask now. There's been movement on their Github lately, hopefully in a few days. I'm very sorry this is out of our hands.

Q4: When can I buy LooksRare's NFT on the gem.xyz aggregation platform?

A: We are working closely with the Gem.xyz team (and the Genie team) to build an API for them to be able to aggregate LooksRare onto their platform. We shared some early API draft documents with them and they have now started the aggregation process.

I hope next week we will be able to offer them a test of the Rinkeby network.

Q5: When can we expect LOOKS tokens to be used as payment for purchasing NFTs on the platform? Does this also include incentivizing usage of the token in the form of platform fee discounts like Binance BNB?

A: We will not give a timetable, because multi-currency support may take a while. We have bigger plans going on.

This can be achieved by listing it at a price of LOOKS and allowing users to pay in WETH, or by keeping it listed in ETH/WETH and allowing users to spend LOOKS to buy WETH to pay. While it may seem attractive at first, as this will be a new feature, if those who receive LOOKS do not want to keep it, it may lead to greater selling pressure.

Q6: If LOOKS tokens drop to a very low value due to inability to pay fees, will the platform stop functioning?

A: The main usage of LOOKS tokens now is to earn WETH fees in the market. The treasury has locked a large amount of LOOKS to continue earning WETH fees to maintain normal operations, no matter what the price of LOOKS is.

Q7: When can the team information be released?

A: Fully understand how important it is for a community to know who they are investing in.

However, we take decentralization, community, and security very seriously. LooksRare's plans are for a long-term transition to a DAO, and releasing team information will only jeopardize those plans in the short term. We want you to focus on what we're doing, not who we are. We are pushing updates and studying hard every day, just follow our announcements and you will find out 😉.

Q8: At a high level, what is the focus of LooksRare different from OpenSea on the roadmap?

A: One of the unique things about LooksRare and our team is that we are constantly changing our direction and reacting to the market. We don't have a solid roadmap, for example, we will provide xx functions in the first quarter and so on.

We operate on a week-to-week basis, which allows us to be more flexible and gives us an edge.

A couple of things we're doing right now that we think are important are

1. Creator casting function

2. LOOKS pledge with automatic compound interest, your WETH rewards can also be automatically reinvested into LOOKS.

3. Get a publicly available API that allows the community to build tools for programmatic interactions with LooksRare, such as buying and selling.

(I can't share those that are different because they would give away our secrets - but more order types are coming that OpenSea can't do)

Q9: Is LooksRare currently or expected to be listed on other exchanges such as Binance?

A: It might surprise you, but we never actually applied to be listed on any exchange. All listings that happen are due to community support and market demand. We love that. It allows us to continue to create value without what I would call"exchange politics"things to distract attention.

If we build LooksRare well, these things will come.

Q10: Are you going to launch a feature that allows us to see the floor price and metadata in real time?

A: Live updates are an interesting problem that we've seen done really well on some other platforms. There are other priorities ahead of this, but I think it's safe to say we're interested in pushing more in this direction. In the NFT world, there is a lot of neat data. Once our API is live, we are also very excited to integrate with more third-party data platforms and aggregators to help LooksRare reach everyone.

Q11: How can we smash X2Y2? Especially the FUD they spread about us?

A: This is not the attitude we at LooksRare hold.

We don't appreciate what X2Y2 says about us negatively, but we won't retaliate, and we're glad to have some competitors to keep us on our toes.

Those who embrace competition as a challenge to grow will win in the long run.

Those who focus on trying to bring someone down, don't.

Q12: In addition to gas fee reimbursement, what strategy do you have to attract more high-quality pending orders?

A: At this stage, get"High quality pending orders"Compared with increasing the number of pending orders, we need to consider more.

We're looking at some relatively easy-to-implement features from a product standpoint that will make people more comfortable listing -- for example, being able to lower the price of listings without canceling.

We're currently running a promotion where we're refunding everyone license fees for up to 10 new collectible lines this week, so if you have any NFTs and even think you're going to list them in the future, get them listed now It, we will pay the gas fee for you. See the official website for details.

Incorporating into aggregators should also play a role. I wouldn't be surprised that a significant portion of NFT volume flows through aggregators rather than directly on individual markets...which is a good thing. When it is equally easy to buy and trade NFTs on any marketplace, listers will realize that LooksRare is a better option, you can pay lower platform fees, and earn LOOKS trading rewards.

Oh, and while I'm on the topic, from a business standpoint, I'd say we're definitely looking at suggestions on how to work directly with projects to encourage them to push LooksRare as their primary marketplace.

Q13: How do you think the platform will develop after one year.

A: The NFT community is an amazing and positive space, but there is a serious problem that there is a monopoly in the NFT market industry, and this monopoly is controlled by a company that does not have vested interests in the community.

LooksRare is community owned, so I think the real question is how do you feel about the platform a year from now? Because you are the ones who help shape our future.

Q14: As you know, we have only listed NFTs in the ETH network, we have not done any integration with other networks. In Nfttrade, in addition to the ETH network, there are also BSC, AVAX, SOL and Polygon networks, which provides an advantage in terms of the number and diversity of the user base. Do you have plans for integrating different networks in the future?

A: We certainly know that competitors are scrambling to adopt other public chains, but we initially took a slightly different approach. We roll out very quickly. We have a lot of things to do to perfect the ETH transaction experience, and once we do that, those other chains will be a breeze for us as well.

Q15: Have you already started the operation of LooksRare DAO? Especially governance and the continued development of the platform (we hear whispers of open source).

A: Frankly, at this stage we are more focused on getting the core product suite up and running.

Just from my own perspective, from what I've seen so far from other DAOs, the token-based governance solutions being used today are still in their infancy. I think we now have a little time to observe and learn how more projects are doing decentralized governance, so we can learn from some better implementations.

Q16: Do you have any ideas to improve the empowerment of LOOKS tokens in the LooksRare platform?

A: I can really only disclose these two; because this is a bit sensitive topic, it may bring some ideas to our competitors.

1. Trade NFTs with LOOKS

2. More pledge options, higher annual interest rate.

Q17: The pressure on a team is understandable, but it's not something humans can do, even healthy, to work 24 hours or you risk burnout. What is the work culture like behind closed doors?

A: The whole team worked hard, yes. Our engineers are legit tough guys and they all amaze me. Still, it's definitely not sustainable, especially as we expand the team, we're going to have to work on that, but right now I expect the hustle will have to continue as we come out of phase one development a period of time.

Q18: Team and incentives - how are you preparing for a full-blown bear market? Do you have sufficient resources for how many months of operation? All team members are properly incentivized to keep building even when transaction volume drops to close to 0?

A: Our treasury has been reserved and is ready to use at any time. We have about 20k ETH which will be used to support recruitment, infrastructure costs, development, marketing and more.

Our goal is long-term, and even if the bear market is 5 years long, we will work hard as usual.

Regarding incentives, the team has a LOOKS attribution distribution, which will be unlocked within two years.

We ensure that every offer made to every team member ensures that they are motivated for the long-term success of the product, and each team member also holds LOOKS from their own personal investment.

I should also add that we don't hire people who are interested in money. We hire people who are interested in the product and learning.

We'd love to hire someone with less experience and a lot of passion than someone who's the perfect engineer but no passion.

One of our recent hires read Mastering Ethereum in one weekend and he was so passionate!

Q19: Will the team consider using treasury funds for some form of buyback?

A: While this isn't a product-related question, we see it a lot. At this time, we do not expect any kind of buyback/token burn. Unlike many projects with these mechanisms, the supply of LOOKS is limited and will gradually decrease over time and as our release plan progresses. Because of this, the burning mechanism does not require the supply to be kept low.

Q20: Will the LR team add more options to the series quotation function? Give more parameters like"or"or"or"or"wait."wait.

A: To be sure, we plan to consolidate offers based on a single feature.

Any ideas on how to inform LooksRare users of the status of any given NFT and how this can be improved? For example, doing a series might get your NFT tokenized. Has the team considered offering more options for bidders (such as setting parameters for series bids to avoid including tokenized NFTs).

The tokenization of NFTs on OpenSea is something that happens outside of our platform, it's not on-chain, so it's not something we can automatically gain insight into.

Q21: Understand that decentralization is important to LooksRare. But is there any planning or thinking around security and scams?

A: This is a sensitive topic, and everyone has a different opinion.

The approach we take is to provide users with as much information as possible, allowing them to take the time to make an informed decision as to whether the item they are looking at is legitimate.

We are not perfect, we are not the NFT police, we are not qualified to decide whether an item is deleted or not.

You've seen how bad things can get when other marketplaces don't do a good job removing legitimate collectible collections because of their subjective opinion.

Q22: I see that the platform does not have some charts yet, what plans do you have in this regard? I think collectors like and want this (Nansen does a good job of that), more advanced charts and stats would be cool for collectors and traders.

A: Definitely want charts, graphs, and all kinds of data. It's just a matter of when we can incorporate it into our plans. An early design that we haven't implemented yet is a kind of depth chart like you'd see on an exchange's order book. As volumes increase, serial quotes and trait-based quotes should open up some new possibilities in terms of data.

Q23: Can you guys lower the transaction fee, which is 2%, which is one of the most obvious differences between us and opensea (eg, 1.5%), and do an aggressive vampire attack?

A: Well, it's kind of a double-edged sword. Of course, lower fees are nice, but you also give other people lower rewards for it. But remember, LooksRare does not take any fees, it is all owned by the community. Essentially, lower fees hurt LOOKS stakers.

Q24: Will there be a development roadmap released?

A: Maybe in the future. Right now, the best place to find out is a public Trello board. There's a lot of work we're doing that isn't here, but this gives you a good overview of what's going on in the short to medium term:https://trello.com/b/bLju7hEQ/public-dev-board

Q25: Are you actively recruiting more people to join the team now?

A: We are hiring!!

https://docs.looksrare.org/about/hiring/frontend-engineer

https://docs.looksrare.org/about/hiring/software-development-engineer-in-test

https://docs.looksrare.org/about/hiring/project-manager

https://docs.looksrare.org/about/hiring/ux-specialist

https://docs.looksrare.org/about/hiring/manual-qa-tester

Apply and come help us improve! ❤️

Q26: Have we considered using Blockscan Chat as a notification system?

A: I can't say much, but we're actually just starting to communicate with them about collaborations. Not for notification though, there are other things to do.

Q27: How did the idea of ​​LooksRare come about? How did this team come together?

A: I don't want to give away information about the team, so I won't say how we came together, but I can comment on the idea.

We are all godly at heart. Working in the field of cryptocurrency for many years, he has devoted himself to researching NFT since the early days.

There have been many complaints about how centralized and unstable OpenSea appears to be, but again, no one has built anything to address this. We all felt the same frustrations as everyone else, yet no one seemed to do anything about it.

So... Here comes LooksRare, a community-driven marketplace.

Q28: Is the team's current focus on getting feature set, security, backend right before addressing/discussing UI/UX requirements? It looks like X2Y2 is doing the opposite. They copied your code and improved/focused on design and UI elements. I'm just curious if the team understands/knows that the community is looking for this, and that UI and design improvements will go a long way in creating more user adoption.

A: We're iterating on everything, but yes, since we're starting from scratch, we're still building core functionality and waiting on the todo list for some fixes to early UI decisions. I discussed this with Gizmo the other day, and he agreed to prioritize some high-impact UI fixes, like the card layout update I posted a few minutes ago. Day mode is another issue.

I can't speak for X2Y2, but I can say that LooksRare was built from the ground up. It is neither a duplicate nor re-uses assets, contracts, layouts etc, which means development takes time. We believe that, as such, there are many benefits to our unique technology that we have not yet utilized (nor discussed).

Q29: Are there further incentives to encourage people to migrate from OpenSea?

A: We have some ideas in the works. But the first thing to do is make sure our platform is good enough so that when these users come, they want to stay.

We can provide all the rewards in the world, but if the experience of the platform is not good, we will not let them stay.

Q30: After the transition to DAO, will you continue to update?

A: 100% yes - DAO doesn't mean we can stop updating. If anything, it means we're going faster and harder.

We're just transitioning from the core team to the community and continuing to contribute like everyone else.

Q31: When will the notification system be implemented? I suspect that OS provides email as the main source of traffic->volume for its market, which is something that LR is missing now.

A: We are currently working with a potential partner to come up with some proof-of-concept solutions that would allow you to use your wallet for notifications. Gone are the days when you needed to give companies your email. We should say no to spam and centralization.

Q32: In order to stimulate the ecosystem, is there any funding plan?

I can't stress this enough...we love open source. We love funding. We like to empower the community.

I'm frustrated right now because right now we have to keep our codebase in private mode on github, however once we get a stable position in the market, we'll open up our codebase and start doing grants and hackathons.

Q33: What type of NFT casting portal do you want to launch, and what are the specific functions?

A: We will introduce several different types

1. Conventional ERC721 casting

2. PFP Collection Casting

3. ERC1155 casting

All casting sites on the website will be 100% on-chain and on-chain royalties, and each creator will have his own contract and full ownership.

Q34: Can you use part of the funds to promote look through Youtube and Google Ads? Let's say a million dollars in advertising?

A: Right now, our focus is on making the product something that people want to use and keep using.

Will pay to do some advertising of course, we already pay for Google Ads to fight scammer pages, but in the early stages of our development, in such a tight-knit NFT community, word of mouth and organic social is probably the more meaningful approach at the moment.

If you are part of the LooksRare community, we strongly encourage you to spread the word, reach out to other communities in your area, get them to list LooksRare as their primary market, and spread the word about LooksRare benefits.