NFT Collectibles News

LooksRare Offer Rebates to NFT Collection Approval Costs

NFT marketplace LooksRare are refunding the costs spent by users when issuing collection approvals to list NFTs. Users can expect to receive rebates for gas fees they incur from the first 10 successful collection approvals they make between February 16th-23rd.

Up to 0.004 ETH ($12) will be refunded per approval, meaning a maximum of 0.04 ETH ($120) has the potential to be mailed back to users’ wallets. In addition to 10 being the maximum of collection approvals users can claim back on, another condition of the program is that only the first 200,000 approval transactions will receive the rebate. 

Once the program closes on February 23rd, the LooksRare team will manually distribute rebates to users’ addresses, meaning no effort is required by users. Users can expect to receive their rebates on February 25th.

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), the initiative is largely limited to providing a heavy discount to NFT listings, however for a minority of listings, such rebate structure will be substantial enough to render them as essentially free.

The short-term program is intuitively a marketing ploy designed to entice NFT enthusiasts to choose LooksRare as their long-term go-to platform for NFT exchanges. To add traction to the ploy, the company have added a supplementary user-friendly tool which helps users conveniently import their OpenSea listings to the LooksRare platform. Evidently being discrete isn’t in the remit of the company’s marketing endeavours.

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