Changes Coming to LooksRare Listing Rewards
LooksRare will only honor listing rewards for verified collections according to an update provided by the NFT marketplace on Twitter. The change will become effective starting Monday, October 3 at 5:00 a.m. ET.
NFT traders utilizing the LooksRare marketplace can earn listing rewards, paid in $LOOKS, by listing an NFT within 1.4x of the global floor price of the NFT. The list of reward-eligible projects changes based on trading activity but can be found at LooksRare.org/rewards/trading.
The change to only provide trading rewards for verified projects "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," reads the project's official announcement.
If the change were effective immediately, both "Simp Ape Yacht Club" and "Muhammad Ali: The Next Legend - Boxers" would be dropped from the active group of NFT projects that earn listing rewards.
LooksRare does not have a formal verification process for NFT projects, but utilizes the following criteria to deem a project worthy of verification:
Legitimate: Not maliciously or purposely misrepresenting other collection(s), or soon to be collection(s), with the intent of misleading users for their own profit, such as creating an exact duplicate of the BAYC collection AND claiming to be the BAYC team.
High-volume: Successfully achieved 250 ETH or more in cumulative all-time volume on LooksRare or 500 ETH across the NFT marketplace ecosystem (excluding private sales).
Notable: Closely affiliated with a high-profile public figure or organization, or otherwise culturally relevant
More information on the LooksRare verification process can be found in the marketplace's internal documentation.
A second, more important announcement regarding the future of LooksRare listing rewards is expected in the following weeks.