The NFT marketplace LooksRare has just announced that it will be rewarding users for listing NFTs. 250,000 LOOKS per day are up for grabs. These will be distributed among eligible listings.
How does this work?
The first listing reward calculation began today, April 21, at 09: 00 UTC and the platform made its first payouts at 11: 00 UTC. Basically, when a user lists an NFT from the top 25 eligible collections ranked by rolling 24-hour volume, they earn points every ten minutes; so long as the listing meets LooksRare’s criteria.
Once a day, the platform converts the user’s accumulated points into LOOKS. Users can collect them by visiting the Listing and Trading Rewards page. Therefore, the higher the collection’s trading volume on all platforms (including OpenSea), the more points the user earns.
Why is LooksRare doing this?
Simple – LooksRare wants to bring more liquidity into its market. With a lot of new NFT marketplaces emerging, not to mention the popularity of OpenSea, users could overlook LooksRare and opt for other marketplaces.
The staking rewards are coming out of the trading rewards. In turn, the platform will reduce this scheme by 250,000, and instead include this sum in the new liquidity programme.
LooksRare is a leading marketplace positioning itself as OpenSea’s main competitor. Its innovative incentives and reward systems are very popular in the NFT community.
On April 6, LooksRare made headlines after data platform CryptoSlam accused the platform of wash trading. According to CryptoSlam, these illegal activities allegedly generated $18 billion in the platform’s trading volume.