According to official sources, the NFT market LooksRare has released an update to its token economic model. In the future, 50% of the fees will be used to repurchase LOOKS tokens from the market, 10% will be used as LooksRare protocol rewards, and 40% will be transferred to the protocol treasury. LooksRare stated that the generated fees will be added to the protocol rewards starting at 17:00 on October 1st. The previous transaction reward mechanism will also end at the same time, and the tokens originally used for transaction rewards will be used as incentives for future products and plans.
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LooksRare releases token economic model update: 10% of future fees will be used as protocol rewards