LOOKS is the token that powers LooksRare, which is a community-first NFT market with rewards for traders and creators for their participation. 100% of the transaction fee of the LooksRare platform is earned by the LOOKS token staking. This is a reward model mainly to an individual entity, and directly responds to the previous generation of the NFT market. Users earn LOOKS tokens by trading NFTs on LooksRare, staking LOOKS (you can also earn WETH fees), etc.