Starting from the Listing Rewards period that begins at 9:00 AM (UTC) on October 3rd, 2022, only verified collections will be eligible to earn Listing Rewards.
This update is the first of two, the second of which is much more significant, that is aimed at increasing the value of Listing Rewards for legitimate users, in addition to being much more efficient at creating meaningful liquidity for trending collections.
When will you share the second update?
It will likely be in the next week or two. We first want to see how this update performs.
Does this mean new collections won’t be eligible for listing rewards?
Until they are verified, yes. Luckily for you, LooksRare is pretty fast on the draw in regards to verifying new and trending collections.
What does a verified collection look like?
Verified collections have this mark.
What does it mean when a collection is verified?
Collections with this mark have been verified as legitimate and high-volume, or otherwise notable.
Legitimate: Not maliciously or purposely misrepresenting other collection(s), or soon to be collection(s), with the intent of misleading users for their own profit, such as creating an exact duplicate of the BAYC collection AND claiming to be the BAYC team.
High-volume: Successfully achieved 250 ETH or more in cumulative all-time volume on LooksRare or 500 ETH across the NFT marketplace ecosystem (excluding private sales).
Notable: Closely affiliated with a high-profile public figure or organization, or otherwise culturally relevant.
Note that a collection being verified on LooksRare DOES NOT constitute a recommendation to buy an item in the collection.
How does a collection get verified?
Right now there is no formal process for requesting verification, unfortunately.
We are very proactive in verifying new and trending collections that meet the requirements.