LooksRare Releases Notable Tokenomic Update

LooksRare Releases Notable Tokenomic Update

Half of the fees from YOLO and Raffles are now being utilized to buy back $LOOKS from the market, according to a tokenomic update from LooksRare

The Deets

  • Initiative Rundown: 50% of fees from new initiatives buy LOOKS.
  • Treasury Boost: 1,800,000 LOOKS already added to the Treasury since buy backs began. 
  • Purpose: Increasing value and utility of LOOKS through buybacks.

The Bulk

In a strategic tokenomic move, LooksRare announced 50% of fees garnered from new initiatives, including YOLO and Raffles, are now directed towards buying back $LOOKS from the market. Since instituting buy backs the platform has already seen a significant influx of 1,800,000 $LOOKS tokens to the Treasury. 

📊 By the Numbers

Up 5% in the last 24 hours, $LOOKS is priced at $0.05 at the time of writing. At the current price, nearly $90,000 $LOOKS has been added to the treasury via buy backs. 

🎤 Community Quotes

Our foray into on-chain gaming has been very positive - so it's a direction we're doubling down on. We can't tell you what's coming next. Only that it's coming soon, and that there are a few product offerings nearing completion. All of them will contribute to Protocol Rewards👊LooksRare

🔜 What's Next?

LooksRare is expected to share more information regarding its on-chain gaming products in the near future. 

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