NFT trading upstart, LooksRare, has introduced the biggest update to its rewards structure since launch. Now, users of the platform will earn $LOOKS tokens just by listing their nonfungible assets on the marketplace.
In a grand bid to boost liquidity on the platform, the LooksRare team is investigating additional ways it can reward it contributors. So, starting from April 20, they will distribute an eye-popping 250k $LOOKS per day to eligible listings.
A number of qualifying parameters apply however, firstly, the item must belong to one of the top 25 collections by trading volume. Secondly, it must contain a maximum of 20k items, and lastly, owners must list below 1.5 times the global average floor price. If met, the NFT holder will accrue points every ten minutes, which they can then convert to $LOOKS tokens once per day.
Listing Rewards are live on #LooksRare!
— LooksRare – NFT Marketplace (@LooksRareNFT) April 20, 2022
The drive behind the idea is pure and simple, if they have more listings from top collections at reasonable prices, it will drive more traffic to the LooksRare platform. In turn, raising its profile and aiding in its goal to topple the mighty OpenSea marketplace.
LooksRare’s initial reward mechanism has taken a fair amount of criticism over the months. Mostly as it became a hive for wash trading and dubious transactions. Hopefully then, the tenacious NFT community will not find a way to exploit the listing bonus, resulting in a joyful environment where everyone is merry and controversy a thing of the past.
Learn more about LooksRare’s listing bonus >> Here
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