How does LooksRare work?

Could you please elaborate on the operational mechanics of LooksRare? As a cryptocurrency and finance practitioner, I'm curious to understand how this platform functions. Specifically, how does it facilitate the buying and selling of non-fungible tokens (NFTs)? What are the key features that distinguish it from other NFT marketplaces? Does it employ any unique mechanisms for ensuring liquidity and market efficiency? I'd also be interested to hear about its approach to security and regulatory compliance, given the complexity of the digital asset space. Lastly, how has it managed to attract and retain users in such a competitive market? Thank you for your insights.