Trading Rewards
As of September 2023, Trading Rewards have been discontinued in favor of a different approach to rewards. The information below is preserved for archival purposes.
Trade any NFT on LooksRare.
Earn LOOKS tokens.
Simple.
Trading Rewards are a core part of LooksRare’s token economy as we seek to become the world's most liquid marketplace for NFTs.
UPDATE🎉 On October 27, 2022, LooksRare released an update to protocol fees, royalties, and trading rewards. Sellers will now receive 95% of trading rewards. For more information please check out our blog post! 🎉
❓ How do Trading Rewards work?
Users who trade NFTs on LooksRare earn Trading Rewards in LOOKS — LooksRare’s platform token.
Both buyers and sellers receive Trading Rewards, based on their trading volume (though this doesn't include private sales).
Trading Rewards are calculated daily and are assigned to users two hours after the end of each day. The entire schedule of Trading Rewards emissions will span 4,686,250 Ethereum blocks (or approximately 721 days, assuming 6,500 blocks per day), at which point all LOOKS token emissions will come to an end as the ecosystem becomes fully self-sustaining.
Please also note that only trading volume resulting from orders created by the LooksRare Marketplace is included in the daily Trading Rewards calculation. Trades matched from custom orders (e.g., created by private client libraries or other unofficial marketplaces) are not treated as LooksRare Marketplace trades — so they won't receive Trading Rewards.
Trading via an NFT marketplace aggregator? Get in touch with the provider to find out how Trading Rewards are handled.
🥧 How many LOOKS tokens are allocated for Trading Rewards?
Trading Rewards are earned over four phases with differing reward rates, based on a schedule of 6,500 Ethereum blocks per day.
| Phase | Length | LOOKS per Day for Trading Rewards |
|---|---|---|
| A | 195,000 blocks (30 days) | 2,866,500.00 LOOKS |
| B | 585,000 blocks (90 days) | 1,361,587.50 LOOKS |
| C | 1,560,000 blocks (240 days) | 537,468.75 LOOKS |
| D | 2,346,250 blocks (361 days) | 286,650.00 LOOKS |
Of the amount allocated to Trading Rewards daily, 50,000 LOOKS have been allocated to Listing Rewards.
As of March 15th, 2023 the Listing Rewards program has been discontinued, and the 50,000 LOOKS in allocated rewards per period will be sent to a dedicated Gnosis Safe. Full details here.
🧮 How are Trading Rewards calculated?
Trading Rewards are calculated daily, based on each user’s trading volume on LooksRare. They're derived as a percentage of the total platform trading volume, excluding private sales.
Where:
- a = User A's trading volume during Day 1
- b = Total platform trading volume during Day 1
- c = LOOKS rewards per day
Example User A trades 10 ETH worth of NFTs on Day 1, a period which saw 10,000 ETH in total volume across the platform.
Based on the above, on Day 1, User A would receive:
How can I claim Trading Rewards?
You can claim your rewards any time between 09:00 AM and 11:00 AM (UTC) via the Rewards page.
Claiming is suspended daily for a period of two hours between 09:00 AM and 11:00 AM (UTC) while that day's Trading Rewards are calculated. Unclaimed rewards can be claimed at a later date — so you don't need to rush to claim them every day.
✅ What collections are eligible for Trading Rewards?
All of them! The only exceptions are pieces that are traded in private sales.
Previously, Trading Rewards were limited to only collections with 1,000 ETH trading volume on LooksRare or higher, but this limitation has now been removed.
🧑🌾 What happens if there’s an abundance of volume from token farming?
The Trading Rewards system has been designed and iterated upon to encourage genuine trading of NFTs, and heavily dissuade users from trading for the sole purpose of farming LOOKS rewards:
- Each trade on LooksRare incurs a platform fee of 0.5%
- Available rewards are fixed and distributed based on traders' contribution to the total trading volume — meaning there's no guarantee on the amount of rewards that a farmer can collect on any given day
For instance, if multiple individuals try to farm LOOKS, daily rewards will be split between them. Once trading fees are factored in, they'll likely operate at a loss.
Further, the aforementioned update to make all collections eligible for trading rewards further reduces the efficacy of reward farming, by increasing the overall pool of trading reward recipients.
🪢 Will I receive Trading Rewards if I buy an NFT using an aggregator like Genie or OpenSea Pro?
Yes! You can collect rewards from those platforms directly, instead of via LooksRare's Trading Rewards page.
When you use an aggregator, it's the aggregator's contract that interacts with LooksRare's Marketplace contract. As a result, the volume generated is actually attributed to their contract — meaning they need to claim the Trading Rewards.