dingaling Profile picture
May 6 12 tweets 4 min read
1/ A 🧵 on @LooksRareNFT's new V2 Listing Rewards and why you should be paying attention. I did the maths for you too.

Basically if you are listing NFTs on OpenSea with the intention to sell them, you are leaving A LOT of money on the table by not also listing on LooksRare
2/ Let's start with how it works. LooksRare recently allocated 250,000 LOOKS to be paid out daily to incentivise people to list their NFTs.

That's around $375,000. A day. Free. To list NFTs. docs.looksrare.org/blog/looksrare…
3/ In V1 of the program, you would earn points every 10 mins for every item that you had listed within 1.5x of the floor price.

The amount of points each listing earned would be based on the 24hr rolling volume ranking of that collection.
4/ Your points would be added up in 144 snapshots each day and then weighed up against the total amount of points from everyone else earning points.

They would then be swapped for $LOOKS tokens based on that ratio at the end of each day.
5/ For example if you managed to accrue 200,000 points in one day and the total amount of points earned by everyone else is 100,000,000, you would earn 0.2% of 250,000 $LOOKS, or 500 LOOKS ($750). People have been making an absolute killing so far....
6/ After launching V1 the number of new listings on LooksRare tripled, a huge success in adding liquidity to the sell side.

However, because you only needed to list at 1.5x floor price to get points, listing distribution often looked like this chart below. Farmers gon farm 🤷‍♂️
7/ Now this is where V2 gets really interesting. The major difference is that you now earn a multiplier on your points in each snapshot the closer your listing is to the floor price.

i.e. If your listing is within 1.1x of the floor you'll get a whopping 10x points multiplier!
8/ So looking at today's leaderboard. If you list one Beanz at 4.33 ETH or below, you'll earn 2,000 points every 10 minutes, assuming the floor price doesn't change.

If you manage to keep it listed within 1.1x of the floor price for the entire day, you'll earn 288,000 points!
9/ But what is 288,000 points actually worth? Yesterday the total amount of points earned by all users was 389,207,311.

That means if you had 288,000 points, you would have earned 185 LOOKS, or $275.

That's for just listing one Beanz, in one day.
10/ Obviously there are a few caveats here

1) The floor price moves so your points earned every 10 mins may change if you aren't adjusting your listing price.

2) The 24hr rolling volume changes so the collection rank may change throughout the day.

3) Your item might sell.
11/ In summary, if you're listing an item close to (or even below) floor price on OpenSea with the intention to sell, there is absolutely no reason you shouldn't also list the same item on LooksRare.

You'll be earning big rewards every 10 mins AND earn LOOKS if your item sells!
12/ I really do want to see people breaking habits and listing on LooksRare first, and hopefully these rewards get us there.

One last piece of advice btw, list at a price you're comfortable with selling at! Good luck!

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More from @dingalingts

Jan 27
1/ WARNING: DO NOT CANCEL YOUR OS LISTINGS AS STATED IN THE EMAIL THAT OPENSEA JUST SENT OUT🚨🚨

Please FIRST transfer your NFT to a different address and cancel the listing/s on the original address BEFORE sending it back

OS just put everyone at even more risk than before🧵
2/ This is the email that Opensea sent out a few hours ago to users who still had "inactive listings" on their accounts. Basically they are asking you to cancel old listings that you have on your NFTs that are still fulfillable, because they are unable to cancel them for you.
3/ "Ok great they are finally looking out for the community". NO. This is incredibly irresponsible on their part and makes things 100x worse. This actually makes the exploit much easier to execute.

Look at what happened to @swolfchan here
Read 11 tweets
Jan 12
1/ I see a lot of people talking about the wash trading on @LooksRareNFT.

So is it actually happening? Yes

Is it by design? Probably

Is it a bad thing? I don't think so. In fact, I think it's genius.

Let's dive in 🧵
2/ LooksRare has 4 phases of trading rewards that continue for a total of 721 days (nice number). The initial phase gives 2,866,500 LOOKS tokens per DAY to traders. That's $10 million based on the LOOKS price right now 🤯.
3/ This means that if you complete a trade in an eligible collection on LooksRare, your volume will count towards your trading rewards that day and you'll split a portion of the 2,866,500 LOOKS pro-rata amongst all traders at the end of the day.
Read 16 tweets
Dec 12, 2021
For anyone interested, it turns out that the incident below was the result of a targeted phishing attack. The seed phrase/pk was NOT compromised.

You're probably wondering how this is possible. Having a hardware wallet means all my NFTs are fully safe right??

Thread below🧵
1/ The individual saw on Twitter that a new marketplace was offering an airdrop for people with notable NFTs in their collection, like BAYC or Doodles. When she went to claim the advertised airdrop, the third-party website made her sign a message with her Trezor, which she did.
2/ But wait. What actually happened when she signed the msg?

Instead of getting an airdrop, the msg created a custom private sale listing on Opensea for the two items for exactly 0.00000000001 ETH, tied to the attacker's address so that only he/she could complete the sale.
Read 8 tweets

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