LooksRare NFT marketplace has launched a listing rewards program, which empowers users to earn LOOKS for listing NFTs on the platform.
A whopping 250,000 LOOKS will be on offer per day, with its distribution being determined by how many ‘reward points’ users earn. Users earn reward points through listing NFTs from the top 25 collections, with points being earned every 10 minutes while the listing is live. It is important to note that to be eligible for the rewards, the listing price must be ‘reasonable,’ which LooksRare have defined as a price close to the global (multi-market) floor price.
The top 25 collections will be updated in real time based on their 24 hour rolling volume, meaning the points will be dynamic depending on where (or if) the collection is in the top 25 table. The higher global trading volume the collection has on LooksRare and OpenSea, the higher its placing – and consequently, the more points you will earn.
Once a day, users’ daily points will be calculated and turned into a corresponding LOOKS amount, which users can claim via the platform’s ‘Listing and Trading Rewards’ page.
The platform has launched the reward program with one goal in mind – ‘liquidity’. In simple terms, the more NFTs that are listed on the platform, the more user activity it generates.
The initiative is an addition to the two preexisting reward schemes of the platform, which reward users for staking LOOKS (staking rewards) and trading NFTs (trading rewards).
For a more in-depth look at the program and its criteria, check out the LooksRare website.