List your NFTs, earn LOOKS rewards!
This is it. The biggest update to our rewards structure since launch. You’re already earning LOOKS by trading and staking… now earn even more just by listing your NFTs for sale on LooksRare!
That’s right, LooksRare is launching a giant new listing rewards program to boost liquidity (💦) by rewarding users for listing NFTs for sale on the platform. A whopping 250,000 LOOKS per day will be distributed among everyone with eligible listings.
- 09:00 UTC Apr 20th, Listing reward points will start being recorded
- 09:00 UTC Apr 21st, The first listing rewards calculation
- 11:00 UTC Apr 21st, The first listing rewards pay-out - head to the listing rewards page to collect!
How does it work?
- When you list NFTs from the top 25 collections featuring the listing rewards icon, you’ll earn points every ten minutes (so long as your listings and collections meet a few criteria).
- The list of top 25 collections will update in real time based on rolling 24 hr volume, meaning the points you earn every 10 minutes will be dynamic based on the hottest collections each day.
- Once a day, the points you accumulated during the day are converted into LOOKS rewards, which you can collect via the Listing and Trading Rewards page (together with your trading rewards!).
- The higher the global trading volume (volume across LooksRare and OpenSea) of the collection, the more points you’ll earn. Refer to the the leaderboard on the Rewards page for this volume, not the overall collections leaderboard.
For a full, in-depth explanation of how the program works, and to see how the criteria for eligible listings and collections, visit the LooksRare Listing Rewards Documentation.
Why Listing Rewards?
In a word: 💦 LIQUIDITY 💦
Put simply, the more NFTs that are for sale at a reasonable price, the more people will use LooksRare.
Right now, you can earn LOOKS tokens for:
- Staking LOOKS (staking rewards) and;
- Buying or selling any NFT on LooksRare (trading rewards). This program has been a really important first step in boosting volume so far, and translates directly into increasing the WETH earned by LOOKS stakers.
But we still want more volume, and increasing 💦liquidity💦 — the number of NFTs available for purchase — makes sure more buying and selling takes place on the platform.
Not only that, but the liquidity also needs to be within a good price range, or collectors may just go elsewhere to buy at better prices.* That’s why we’ve designed the listing rewards program to promote listing at a price close to the global (multi-market) floor price.
*btw if you list lower on LooksRare, tell everyone by using this PFP frame 😘
Where do the rewards come from?
The “trading rewards” allocated in the LOOKS Tokenomics have always been intended to encourage trading volume. Since the listing rewards are also volume incentives, we’re directing 250,000 of those 1,361,587.5 daily trading rewards to the new program.
If all goes well after the initial rollout, we may adjust the listing rewards program using tokens from other sources at a later date 👀
If you had any unclaimed trading rewards by the 20th of April 2022, they’ll be collected and sent to your wallet by 22nd of April 2022! Check your wallet for the LOOKS.
Why? As part of the new rewards program, we need to upgrade the MultiRewardsDistributor contract, so we need to settle the unclaimed LOOKS trading rewards before the upgrade.
If I list via Gem or Genie, do I still get listing rewards?
Yes! Simply collect listing rewards from LooksRare’s rewards page as usual. If you buy an NFT through those sites, however, you might need to collect your trading rewards over there 🤓
Why did I get fewer points/rewards than I expected?
The points you earn for your listings will fluctuate as the collection’s rank and floor price change throughout the day. Listings have to be within 1.5x the global floor price to earn points, and floor prices and collection rank change during the day. For example, if the floor price drops and then rises again, you’ll only earn points during the time your listing was within the eligible price range.
Can I automatically stake my rewards to earn staking rewards?
Nope, sorry. Since the staking contract and listing/trading reward contracts are totally separate, you need to collect your LOOKS rewards before you can stake them. The good news is that all your listing rewards and trading rewards are collected at the same time, at no extra cost! ✨
It’s time to start earning rewards!