There are new, positive changes to the eligibility of Listing Rewards, which will be in effect from the Listing Rewards period that begins at 9:00 AM (UTC) on October 20th, 2022.
This update (along with the previous one) 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.
What’s Changing?
Number of Collections Eligible for Listing Rewards
There are currently 15 collections eligible for Listing Rewards at any one time.
This will now be reduced to 5 collections.
Old - 15 Collections
New - 5 Collections
New Max Limit of Eligible Listings Per Collection
There is currently no max limit to the number of listings that can earn Listing Rewards as part of an eligible collection, only that listings need to be within 1.4x of the floor price.
This will now be changed to a max limit of 200 eligible listings per collection that will be determined by listing price in ascending order. i.e. We take the lowest 200-priced listings at each snapshot only.
Old - No limit to the number of eligible listings under 1.4x of floor price
New - A max limit of 200 eligible listings per collection at each snapshot
Base Points Per Item Listed
For reference, the points attribution per rank per listing will be as per the below:
| Collections ranked by rolling 24-hour volume | Base Points per item listed at every 10-minute snapshot |
|---|---|
| Rank 1 Collection | 500 |
| Rank 2 Collection | 360 |
| Rank 3 Collection | 200 |
| Rank 4 Collection | 100 |
| Rank 5 Collection | 50 |
Old - 200/150/120/100/80
New - 500/360/200/100/50
A Note for API Users
The “Get top 15 listing rewards collections” call will be updated to reflect the above changes, and only return the top 5 listing reward collections, along with their new associated points per listing.
Things You Might Want to Know
Why These Changes?
You might remember when Listing Rewards went live, there were cheers across Twitter with “I can’t believe I'm getting paid to just list my NFTs for sale”.
The cheers slowly went silent, mainly because we increased the eligibility limit from 20K collection sizes to 100k collection sizes, this was specifically to accommodate the “Otherdeed for Otherside” collection, which worked in LooksRare’s favor, for a time.
In a recent calculation, ~97-99% of total daily listing rewards went to “Otherdeed for Otherside”, with 4,500+ listings within 1.4x of the floor price earning listing rewards. This means that the incentive to list any other collection was greatly reduced, while the liquidity on “Otherdeed for Otherside” was significantly oversupplied.
So, with the above in mind, these changes are focused on:
- Providing higher value, more equally distributed rewards amongst the top 5 collections.
- Only reward the lowest listings, to encourage more competitive, focused liquidity, where it is most needed, at the floor.
What Happens if there are 201 Listings with the Exact Same Lowest Price?
In this scenario, the oldest 200 listings (the listings that were created first) will be eligible for Listing Rewards.
Will My Current Listings Be Affected?
No, only their respective eligibility for earning Listing Rewards may be, which will still be relative to if the collection you listed the NFT(s) from is eligible for rewards, and as of the changes, whether the listing(s) are under 1.4x of the floor price, in addition to being in the lowest 200 listings.
What Happens if I Have the 200th Lowest Listing and Someone Lists Lower?
Quite simply, you will no longer be earning Listing Rewards points, until which point your listing falls back at, or under the 200th lowest-priced listing. This could be achieved by someone buying a lower-priced listing than yours, bumping yours down the queue, or by adjusting your listing price lower.
