NFT marketplace LooksRare just announced that it will reward users for listing NFTs. 250,000 LOOKS per day can be won. These will be distributed to eligible offers.
How does this work?
Calculation of the first listing reward started today, April 21, at 09:00 UTC and the platform made its first payouts at 11:00 UTC. If a user lists an NFT from the top 25 eligible collections, ranked by rolling 24-hour volume, they will generally earn points every ten minutes; as long as the offer meets the LooksRare 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. So, the higher the trading volume of the collection on all platforms (including OpenSea), the more points the user earns.
Why is LooksRare doing this?
Very simple – LooksRare wants to bring more liquidity into its market. With many new NFT marketplaces emerging, not to mention OpenSea’s popularity, users might overlook LooksRare and opt for other marketplaces.
The staking rewards come from the trading rewards. In return, the platform will reduce this program by 250,000 and include this sum in the new liquidity program instead.
LooksRare is a leading marketplace that positions itself as the main competitor of OpenSea. Its innovative incentives and reward systems are very popular in the NFT community.
On April 6, LooksRare made headlines after data outlet CryptoSlam accused the platform of wash trading. According to CryptoSlam, these illicit activities have allegedly generated $18 billion in trading volume for the platform.