LooksRare Announces the End of 24-Month Token Emissions Cycle
LooksRare, an NFT marketplace, has recently announced the completion of its original 24-month schedule for LOOKS emissions. This marks a significant milestone for the platform, indicating a shift towards a new operational framework and showcasing its growth and adaptability in the NFT space.
The platform also revealed that users who have LOOKS earning WETH or are in the Compounder can migrate to the new contract to continue earning rewards. The migration process will be available starting from 11 am UTC on November 27th, 2024.
The 24-month release plan played a crucial role in establishing LooksRare in the NFT marketplace ecosystem, incentivizing user participation and engagement through the systematic release of LOOKS tokens.
Impact on LOOKS and Potential Market Relevance
The announcement has led to a 5.2% increase in the price of LOOKS, which is currently valued at $0.117. This move could potentially initiate a new rally for the token, with a mid-term surge to $0.5 not out of the question.
This transition represents LooksRare’s commitment to improving its services in line with the evolving needs of the NFT community. By migrating to a new contract, the platform aims to remain relevant, secure, and aligned with advancements in blockchain and NFT technology. LooksRare hopes to challenge competitors like OpenSea and establish itself as a dominant player in the NFT market.
Hot Take: LooksRare Sets New Course with Token Emissions Upgrade
LooksRare’s decision to sunset its 24-month token emissions cycle marks a significant milestone for the platform and its users. By transitioning to a new contract and offering continued rewards for LOOKS holders, LooksRare demonstrates its commitment to growth and adaptation in the NFT space. This move has already led to a price surge for LOOKS and could potentially pave the way for further market relevance and dominance. As LooksRare sets its sights on challenging competitors and addressing the evolving needs of the NFT community, it positions itself as a key player in the future of digital collectibles.
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