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Non-Fungible Token (NFT) marketplace LooksRare has announced the end of an era of its 24-month release plan and is now looking towards a new contract that involves a new emissions pool.
LooksRare Sunsets 24-Month Token Emissions Cycle
In a recent post, LooksRare notified users of the closing of its original 24-month schedule of LOOKS emissions. This is a significant move for the platform and its users as it equally signifies an evolution towards a new operational framework. It also underscores LooksRare maturation in the space of two years, including its growth, resilience, and adaptation in the bolstering NFT space.
In addition, the NFT marketplace revealed that users who have LOOKS earning WETH, or in the Compounder can now transition to the new contract to keep earning rewards by migrating their LOOKS, its native cryptocurrency. Notably, migration is yet to be opened but will be available by 11 am UTC on November 27th, 2024.
Looking back, the 24-month release plan played a crucial role in establishing the marketplace. It was designed to give LooksRare a competitive edge in the NFT marketplace ecosystem at the time of its launch. As part of the plan, there was a systematic release of LOOKS and this was instrumental in incentivizing user participation and engagement.
Impact on LOOKS and Potential Market Relevance
The move has sparked a 5.2% surge in the price of LOOKS which is now pegged at $0.117. For a coin that is still more than 98% below its All-Time High (ATH) of $7.07, the emissions upgrade move might set the token on a new rally. On the upside, a surge to $0.5 in the mid-term cannot be ruled out.
The current move to transition goes beyond a procedural change but also demonstrates LooksRare’s commitment to upgrading and improving its services in line with the evolving needs of the NFT community. It is a strategy for addressing the challenges and tapping into the opportunities that present themselves in the world of digital collectibles.
Explicitly, migrating to a new contract will help the platform remain relevant, robust, secure, and in line with the emerging technological advancements in both the blockchain and NFT domains. Already, competitors like OpenSea currently maintain market dominance in the NFT world, a trend LooksRare hopes to dismantle in the future.
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