LooksRare updates its token economic model, with 50% of future fees allocated for repurchasing LOOKS tokens

ChainCatcher news, the NFT market LooksRare updates its token economic model. In the future, 50% of the fees will be used to buy back LOOKS tokens from the market, 10% will be allocated as LooksRare protocol rewards, and 40% will go to the protocol treasury.

LooksRare will start adding the generated fees to the protocol rewards on October 1st at 17:00 (Beijing time). The previous trading reward mechanism will also end simultaneously, and the LOOKS previously allocated for trading rewards will be sent to the treasury, to be used as incentives for future products and plans. This move aims to ensure the most efficient allocation while further incentivizing new and existing products.