NFT trading platform LooksRare launches order mining, rewards for the top 25 projects by trading volume

The NFT trading platform LooksRare has updated its reward structure, allowing users to earn rewards by listing NFTs on the platform. The higher the trading volume of the listed NFT projects, the greater the rewards. Following the news, the LOOKS token surged by as much as 53%, and is currently trading at $1.9 after a slight pullback.

Order Mining Conditions

LooksRare will release 250,000 LOOKS tokens as rewards for order mining every day, with the first reward distribution scheduled for 7:00 PM Taiwan time on 4/21. The reward rules are as follows:

1. The total number of NFTs in the project must be less than 20,000.
2. The listed NFT orders must be valid and executable.
3. The trading volume calculation includes the global trading volume of LooksRare and OpenSea.
4. It must adhere to the ERC-721 token standard as ERC-1155 involves too many complex factors.
5. The listing price must not exceed 1.5 times the floor price on LooksRare and OpenSea.
6. Listed NFT projects with reward icons and top 25 trading volumes will earn reward points every ten minutes.
7. The top 25 trading volumes are updated in real-time, and the reward points recorded every ten minutes will change accordingly.

Note: Individuals identified for engaging in wash trading to boost NFT project rankings will have their reward eligibility revoked.

Reward Details

The reward formula is "(User's daily points / Total daily points) * Daily reward (250,000 LOOKS)".

As per the announcement, for example, if Bob has 150,000 points from the previous day and all users have a total of 30,000,000 points, Bob's reward would be 1,250 LOOKS. 150,000 / 30,000,000 * 250,000.

LooksRare stated that this initiative aims to enhance platform liquidity for adoption. Therefore, order mining imposes restrictions on NFT prices to align with various market floor prices.

Currently, LooksRare has introduced reward schemes such as staking, trading mining, and order mining. The rewards for order mining, totaling 1,361,587.5 LOOKS, are sourced from trading mining. The official mentioned that if order mining proves effective, they will continue to adjust other rewards to be used for order mining.

Order mining has slightly boosted the price of LOOKS to a high of $2.18, but it dropped to $1.93 before the deadline, a 70% decrease from its all-time high.