You asked, we listened.
🎉 Starting January 28, 09:00 AM UTC, you’ll now earn trading rewards when you buy and sell any NFT on LooksRare, from any collection! 🎉
🥳 You’ll now earn LOOKS trading rewards when you trade any NFT on LooksRare, from any collection.
- The 1,000 ETH trading volume is being lifted - every collection will now generate rewards!**
- Private sales are still excluded.
- Terms still apply - see below.
⏰ You'll start earning LOOKS on all collections from Jan. 28 9:00 AM UTC. You'll be able to claim these rewards from Jan. 29 11:00 AM UTC.
- We've adjusted the current period to be a single extra-long 33 hour trading reward calculation period from Jan. 27 00:00 AM UTC to Jan. 28 09:00 AM UTC.
- The trading rewards for the current 33-hour period will stay the same at 2,866,500 LOOKS, and will be split in the same way based on the previous rules.
- After that, any future calculations will apply to ALL collections.
- Overall, the total amount of LOOKS that’ll be distributed over time hasn’t adjusted - only the length of this one period will change.
🗓 The time of the daily trading reward calculation period after that will be adjusted:
- Volume in all future periods after the current 33-hour period will be calculated from 9:00 AM UTC to 9:00 AM UTC the next day, and daily rewards will become claimable at 11:00 AM UTC every day.
We'll say it again: remember that you claim your rewards for a day's volume the next day, so the first time you'll be able to claim LOOKS rewards you earn under the new rules will be Jan. 29, 11:00 AM UTC.
Tell Me More 😱
What are trading rewards?
You already know about LOOKS staking rewards, right? That’s LooksRare’s primary reward mechanism, where everyone staking LOOKS tokens earns a portion of the WETH that’s collected from trading fees (and bonus LOOKS tokens as well).
On top of that, you can now earn LOOKS tokens as trading rewards every time:
- you buy any NFT via Buy Now;
- you sell any NFT via a standard listing;
- you successfully accept an offer/bid on any of your NFTs
- someone successfully accepts any offer/bid you made to buy their NFT;
🤫 Coming Soon: Auctions will of course also generate rewards!
- Private sales are excluded.
- Trades must be conducted via LooksRare Marketplace to generate Trading Rewards. Trades matched from custom orders created by private client libraries etc. are likely not eligible. For trades made via NFT market aggregators, contact your aggregator to ask about trading rewards.
Learn more about how trading rewards work ->
Why remove the limits?
Because the LooksRare Community has been calling for it since day one.
We only regret it’s taken this long to prioritize the change - thanks for your patience.
The two main arguments for the change are:
- The limits excluded newer or smaller projects. Looking back, the bar of 1,000 ETH volume to enable rewards was too high. Now, everyone’s welcome.
- There have been a fair amount of trades that appear to be made for the sole purpose of farming LOOKS trading rewards, notably on collections with zero royalties. We’re confident that with time and enough volume it would become unprofitable to trade this way, but scrapping the limits and open up rewards for all is one way to prohibit that kind of activity even sooner.
Won’t this just lead to more trading reward farming?
So far there have been cases where the total daily amount of WETH that trading reward farmers spent on trading fees has balanced out with the value of daily trading rewards, making this type of trading profitable.
But by increasing the number of eligible collections (to 100%!), the rewards will be distributed across an even wider range of traders, and since WETH that those trading reward farmers will spend on fees should make it unprofitable to keep up the farming.
What if a collection pushed its volume over 1,000 ETH to generate trading rewards?
If a project has artificially boosted its own volume for the some purpose of enabling trading rewards, this may be considered “gaming the system,” similar to trades made for the sole purpose of farming trading rewards.
That said, we look forward to hearing feedback and suggestions from both sides on this point: from projects and the collector community.
What do I do now?
- Go trade NFTs to start earning those trading rewards. Head back to the Rewards page the next day to claim your rewards.
- Remind your favorite new or existing projects to add LooksRare as a marketplace for users to trade on, so their users can start earning rewards! What better way for projects to encourage volume?
- Tell your friends
- Tell your dog
- Tell everyone
Join our Discord and let us know what you think.