Grind hard. Earn Gems. And redeem them for your share of the 5,000,000 LOOKS Season One Prize Pool.
Here's everything you need to get started.
🏁 Tomorrow, Season One Begins
It's going to run for a month, and you're going to be up against the rest of the LooksRare users as you compete to earn Gems.
Gems are going to be your best friend for the next month, because they're your ticket to a cut of the 5,000,000 LOOKS that are up for grabs when the season ends.
Wondering how you can earn Gems? What they're worth? When we're going to stop with the questions and get to the f👀king point?
Let's dive in.
💎 You Earn Gems By Listing on LooksRare
You'll start racking up these little intangible diamonds when you list an NFT for sale. Easy, right?
Here's the thing: how you list them is going to be the difference between a virgin Gem payout that everyone laughs at, and a Chad reward that instantly wins the approval of Internet strangers.
📃 The details
If you're old enough to remember Listing Rewards, you'll recognize these concepts:
- You'll earn exponentially more Gems the closer your NFT listing is to the collection's global floor price
- You'll earn more Gems by listing NFTs from colections with higher global volumes (on a 24-hour, rolling basis)
Let's talk about the ✨Gem Multiplier✨ next. Play your cards right, and your items could be earning 5x the amount of Gems. Play them wrong, and you'll halve your Gem reward potential.
- If your LooksRare listing is lower than the same listing on other marketplaces, congrats! You'll get a 5x multiplier.
- If your listing is equal to the price you have it listed for elsewhere, you'll get no multiplier.
- But if you're listing higher than you are on other marketplaces, watch out! You'll get penalized at every snapshot with an 0.5x multiplier, meaning the Gems you earn get halved.
Oh, and there's a Gems leaderboard, because why trade if not for the glory of being better than everyone else? The top 100 performers will get boosts of varying degrees, with the top 10 enjoying a 2.5x multiplier.
👉 Gems start getting awarded on June 1st at 14:00 (UTC)
♻️ What's the Gems-to-LOOKS conversion rate?
We, uh, can't calculate this yet.
There isn't a fixed amount of Gems that can be earned. So, once the season ends, we divide your Gems by the total number of Gems earned, and multiply that by the LOOKS amount to figure out your share.
To illustrate, suppose there ends up being 100,000,000 Gems, of which you've earned 1,000,000 (respect, you mad degen bastard). You've earned 1% of all Gems from that season, so you'll earn 1% of the 5,000,000 LOOKS — 50,000 LOOKS to be precise.
📚 What Else Should You Know?
No cheat codes
Please don't even try to abuse or exploit the system. If you're caught, you could have Gems deducted.
Reach for the
If you list your NFTs too far above the floor price, they might not earn Gems. This system works on liquidity generation, so it requires a reasonable probability that the items will sell.
Not all collections earn Gems
We'll clearly label the collections that are eligible. But, just for the avoidance of any doubt, here's the eligibility criteria:
- Collections must be tradeable on LooksRare (shocking, we know)
- Collections must be verified on LooksRare
- Collections can't exceed 100,000 items
- Collections can't have 'sub-collections' within the same contract
- Collections must be ERC-721
Lastly, listings must be active and executable orders. Refer to the first heading in this section if you're thinking of using a MEV bot to abuse the system by canceling orders at the last minute.
⛴️ Import Your OpenSea Listings to Start Earning Gems
If you've got listings on OpenSea, great! Bring them over to maximize your Gem-earning potential.
It takes just thirty seconds, and your fees are close to zero once you factor in your LOOKS rebate.
We'll also be adding support for importing Blur and other marketplace listings in the near future.