Non-fungible token (NFT) marketplace LooksRare has disclosed the imminent conclusion of its original 24-month emission schedule. The platform is urging holders to migrate their LOOKS to the new contract to continue receiving rewards.
In its announcement, LooksRare clarified that no additional LOOKS will be issued, and circulating ones will be burned, effectively diminishing the overall supply.
While LOOKS holders who choose not to migrate won’t lose their holdings, those seeking continuous rewards must undergo the migration process.
Migration is set to start on November 27, with LooksRare committing $200k in ETH to seed new rewards pools during the initial 7 days, benefiting early adopters.
Upon committing their LOOKS, holders can turn them into wLOOKS. These can be allocated to either WETH Earner, rewarding holders with WETH, or The Compounder, which converts WETH into more LOOKS, augmenting the committed stack.
For those opting to reclaim their LOOKS, two alternatives exist: Regular Way, taking a week to complete, and Faster Way, an immediate option in exchange for a 5% fee.
CoinMarketCap data reveals that since LooksRare began the burning phase on November 24 — signifying a reduction in the cryptocurrency’s total supply and fostering scarcity — the price of LOOKS has surged by nearly 40%.