Trading Rewards Looksorare
Trading Rewards
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 most liquid marketplace for NFTs in the world.
UPDATE 🎉 On October 27, 2022, LooksRare released an update to protocol fees, royalties, listing rewards, 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 any NFTs on LooksRare earn trading rewards in the form of LOOKS, LooksRare’s platform token.
Both the buyer and seller of an item earn rewards for their trading volume (except for private sales).
Trading rewards are calculated daily and rewarded to users 2 hours after the end of each day. The entire schedule of trading reward emissions will be over 4,686,250 Ethereum blocks (or approximately 721 days, using 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 reward calculation. Any trades matched from custom orders created by private client libraries, or other unofficial marketplaces, are treated as outside of the LooksRare Marketplace and are not eligible for trading rewards. For trades made via NFT market aggregators, contact your aggregator to ask about trading rewards.
How many LOOKS tokens are allocated for trading rewards?
Trading rewards will be earned over 4 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
LISTING REWARDS UPDATES
Update 1: On April 20, 2022, LooksRare released Listing Rewards, and reallocated a one-time total of 250,000 LOOKS from the Trading Rewards program to the Listing Rewards program (to be distributed over approximately a month). The total LOOKS Per Day for Trading Rewards became 1,111,587.50 LOOKS.
Update 2: On June 14, 2022, an additional 100,000 LOOKS was reallocated from the Trading Rewards Program to the Listing Rewards program. The total LOOKS Per Day allocated to Trading Rewards became 437,468.75 LOOKS.
How are trading rewards calculated?
Every day, trading rewards are calculated based on each user’s trading volume on LooksRare, as a percentage of the total platform trading volume, excluding private sales.
\text{User A’s trading rewards on Day 1} = {\frac{a}{b}} \times c
User A’s trading rewards on Day 1=
b
a
×c
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.
There is 10,000 ETH total volume on LooksRare on Day 1.
Based on the above, on day 1, User A would receive:
\frac{10}{10,000} \times 2,866,500 = 2,866.5 \text{ LOOKS}
10,000
10
×2,866,500=2,866.5 LOOKS
How can I claim trading rewards? You can claim your rewards any time between 09:00 AM and 11:00 AM (UTC) each day via the Rewards page. Claiming trading rewards is suspended for a period of 2 hours between 09:00 AM and 11:00 AM (UTC) each day, while that day's trading rewards are calculated. Any rewards you don't claim will still be available the next day, so you don't need to rush and collect every day!
What are the eligible collections for trading rewards?
NFTs from all collections available on LooksRare are eligible for trading rewards. That means any NFT you buy or sell on LooksRare (except private sales) nets you rewards!
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 wash trading?
The trading rewards system has been designed and iterated upon to heavily dissuade users from trading for the sole purpose of farming LOOKS rewards.
Each trade on LooksRare incurs a platform fee of 2%, which is inclusive of a 0.5% Creator Rebate, if the collection has set up their royalty receiver address. The total LOOKS rewards for trading each day are also fixed, and distributed based on traders’ contribution to total trading volume, meaning that there’s no guarantee of the amount of rewards that anyone trying to farm the token can generate in a day.
For example, if multiple individuals try to farm LOOKS this way on the same day, they’ll split the daily trading rewards with themselves and likely be at a loss when the cost of the fees is factored in: a January 2022 update to expanding the trading reward system to all collections further reduces the efficacy of LOOKS 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 and Gem?
Yes! You can collect rewards from those platforms directly, instead of via LooksRare's trading rewards page.
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This is because when you use an aggregators like Gem or Genie to purchase NFTs, it's the aggregator's contract that interacts directly with LooksRare’s marketplace contract. This means that volume generated is actually attributed to that contract address, along with any trading rewards.