LooksRare Offer Rebates to NFT Collection Approval Costs

The LooksRare team is offering a rebate to any developer that creates an application with the goal of collecting enough nft items for tokens to be minted. NFTs have been in high demand since they were introduced last year and this incentive can help lower their price point and get them into more hands faster.

NFTs are the newest form of crypto currency. They have been around for a while, but have recently seen an increase in popularity due to the release of the NFT trading platform. Read more in detail here: nft trading platform.

LooksRare, an NFT marketplace, is refunding users’ expenditures when providing collecting authorization to list NFTs. Between February 16th and February 23rd, users may expect to get gas charge refunds for the first 10 successful collection approvals they complete.

Per approval, a maximum of 0.004 ETH ($12) will be returned, so that a total of 0.04 ETH ($120) might be shipped back to customers’ wallets. Aside from the limit number of collection approvals that customers may claim back, another constraint of the scheme is that the refund will only be given to the first 200,000 approval transactions. 

The LooksRare staff will hand send refunds to customers’ addresses once the campaign ends on February 23rd, requiring no effort on the part of consumers. On February 25th, users may expect to get their refunds.

The initiative is largely limited to providing a heavy discount to NFT listings, as the average gas fee of a collection approval is between $10-$20 (depending on the ETH price and how high gas usage is at the time), but for a minority of listings, such a rebate structure will be substantial enough to render them essentially free.

The short-term scheme seems to be a marketing tactic to attract NFT aficionados to chose LooksRare as their long-term NFT exchange platform. To give the scheme more momentum, the business has created a user-friendly application that allows users to easily transfer their OpenSea listings to the LooksRare platform. Being discreet seems to be beyond the scope of the company’s marketing efforts.

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Related Tags

  • nft collectibles
  • where to buy nft tokens
  • selling nft

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