Today is May 10, 2022 I am still trying to wrap my brain around the entire NFT space. Honestly, I have not really taken a deep dive into this segment of the cryto world, because quite frankly I think 99% of the NFT’s are going to end up being worth as much as a Curt Stillwell rookie card. I understand most of you have never heard of Mr. Stillwell. He was the back up short stop on the Cincinnati Reds that played behind HOF Barry Larkin. I have about 50 of his rookie cards in mint conidtion, if anyone is interested?
With that said, Teeka Tiwari from Palm Beach research released a new video on NFT’s (above) that I want to review when I have a minute, and a new NFT platform “Look Rare” has launched to compete with Open Sea (below) and I am placing the video and info in this post for my own selfish reasons to come back and take a look at this info, when I have a moment. IT IS NOT NOW, so bye for now, on to my more important to do list.
Basically if you are listing NFTs on OpenSea with the intention to sell them, you are leaving A LOT of money on the table by not also listing on LooksRare 2/ Let’s start with how it works. LooksRare recently allocated 250,000 LOOKS to be paid out daily to incentivise people to list their NFTs.
That’s around $375,000. A day. Free. To list NFTs.
LooksRare Listing Rewards: List NFTs, earn LOOKS! In V1 of the program, you would earn points every 10 mins for every item that you had listed within 1.5x of the floor price.
The amount of points each listing earned would be based on the 24hr rolling volume ranking of that collection.
4/ Your points would be added up in 144 snapshots each day and then weighed up against the total amount of points from everyone else earning points.
They would then be swapped for $LOOKS tokens based on that ratio at the end of each day.
5/ For example if you managed to accrue 200,000 points in one day and the total amount of points earned by everyone else is 100,000,000, you would earn 0.2% of 250,000 $LOOKS, or 500 LOOKS ($750). People have been making an absolute killing so far…. After launching V1 the number of new listings on LooksRare tripled, a huge success in adding liquidity to the sell side.
However, because you only needed to list at 1.5x floor price to get points, listing distribution often looked like this chart below. Farmers gon farm 🤷♂️ Now this is where V2 gets really interesting. The major difference is that you now earn a multiplier on your points in each snapshot the closer your listing is to the floor price.
i.e. If your listing is within 1.1x of the floor you’ll get a whopping 10x points multiplier!
8/ So looking at today’s leaderboard. If you list one Beanz at 4.33 ETH or below, you’ll earn 2,000 points every 10 minutes, assuming the floor price doesn’t change.
If you manage to keep it listed within 1.1x of the floor price for the entire day, you’ll earn 288,000 points!
9/ But what is 288,000 points actually worth? Yesterday the total amount of points earned by all users was 389,207,311.
That means if you had 288,000 points, you would have earned 185 LOOKS, or $275.
That’s for just listing one Beanz, in one day. 10/ Obviously there are a few caveats here
1) The floor price moves so your points earned every 10 mins may change if you aren’t adjusting your listing price.
2) The 24hr rolling volume changes so the collection rank may change throughout the day.
3) Your item might sell. In summary, if you’re listing an item close to (or even below) floor price on OpenSea with the intention to sell, there is absolutely no reason you shouldn’t also list the same item on LooksRare.
You’ll be earning big rewards every 10 mins AND earn LOOKS if your item sells! 12/ I really do want to see people breaking habits and listing on LooksRare first, and hopefully these rewards get us there.
One last piece of advice btw, list at a price you’re comfortable with selling at! Good luck!