• LooksRare NFT marketplace now pays $LOOKS for listing NFTs

  • LooksRare, the NFT marketplace, has just announced that it will compensate users for listing NFTs. There are 250,000 LOOKS available per day. These will be dispersed among the qualified listings.

    What is the procedure for this?

    The platform’s first payouts were paid today, April 21, at 11:00 a.m. UTC, after the first listing incentive computation began at 9:00 a.m. UTC. In essence, when a user lists an NFT from the top 25 qualifying collections listed by rolling 24-hour volume, they get points every ten minutes, as long as the listing fits LooksRare’s criteria.

    Why is LooksRare acting in this manner?

    Simply put, LooksRare seeks to increase liquidity in its market. With so many new NFT marketplaces popping up, not to mention the popularity of OpenSea, customers may choose to bypass LooksRare in favor of other marketplaces.

    The staking incentives are deducted from the trading rewards. As a result, the platform will cut this scheme by 250,000 and include this amount in the new liquidity program.

    LooksRare is a leading marketplace that sees itself as the main challenger to OpenSea. Its novel incentive and reward systems are well-liked in the NFT community.

    LooksRare made headlines on April 6 after data platform CryptoSlam accused the platform of wash trading. According to CryptoSlam, these unlawful activities purportedly generated $18 billion in trade volume on the marketplace.

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