LooksRare updates its token economic model and 50% of future fees will be used to repurchase LOOKS tokens

BlockBeats news, on September 30, NFT market LooksRare updated the token economic model. 50% of future fees will be used to repurchase LOOKS tokens from the market, 10% will be used as LooksRare protocol rewards, and 40% will be turned over to the protocol treasury. LooksRare will start adding the generated fees to the protocol rewards at 17:00 on October 1 (Beijing time). The previous transaction reward mechanism will also end at the same time. The LOOKS previously allocated to the transaction rewards will be sent to the treasury and Will be used as incentives for future products and initiatives. The move is designed to ensure distribution in the most efficient manner while further incentivizing new and existing products.