LooksRare Buying Back LOOKS Tokens
LooksRare announced that they are committed to regularly buying back LOOKS tokens with fees from Raffles as well as new, upcoming projects.
The Deets
- LooksRare has a lot of moonshots and fee-generating products coming up.
- If the moonshot succeeds, it'll be built out into a full product offering, and if it fails, then the team will learn and try something different.
- Most of those fees will be used to buy back LOOKS from the market.
- LOOKS tokens bought from the market will live in the LooksRare treasury for now.
- LooksRare Raffles is the Moonshot Team’s inaugural project.
📊 By the Numbers
LooksRare has been able to buy back over 550,000 LOOKS ($45k+), or ~0.1% of the circulating supply, using fees from the first five raffles. (Transactions can be viewed on Etherscan here.)
🎤 Founder Feedback
But we've put together a small, internal team of heavy hitters, locked them in a room with four pounds of Adderall, and told them to build moonshots: standalone projects that can be rolled out within four- to six-week sprints. It's a fail-fast, learn-fast kind of deal.Zodd and Guts, co-founders of LooksRare
❗ Why It Matters
As more LOOKS tokens get bought back from the market by LooksRare, the less LOOKS there will be in immediate circulation and the more valuable LOOKS will be for holders of the token.
Before there was $BLUR, there was $LOOKS. As with many things in the NFT space, people moved off LooksRare for the next best thing after the promotional staking and rewards period for $LOOKS tapered off. But with the intention to buy back LOOKS tokens with fees generated from Raffles and now the upcoming Moonshot projects, LooksRare is taking a refreshingly different approach to driving traffic to their platform.
🔜 What’s Next?
Going forward, LooksRare will give updates about buybacks that have occurred as well as their details.
🕳️ Go Deeper
