LooksRare NFT marketplace is reimbursing users for the expenses incurred when issuing collection approvals to allow NFTs to be listed. From the 10 first successful collection approvals between February 16th and 23rd, users can expect to get a rebate for any gas fees they have incurred.
Per approval, a maximum amount of 0.004ETH ($12), will be refunded. A maximum of 0.04ETH ($120) can be mailed to users’ wallets. The maximum number of collection approvals users are allowed to claim back is 10, but only the first 200k approval transactions will be eligible for the rebate.
The LooksRare team will distribute rebates manually to addresses once the program ends on February 23rd. Users don’t have to do anything. You can expect your rebates to arrive on February 25th.
The average gas fee for a collection approval is $10-$20 depending on the ETH price and how much gas usage at the time. This initiative is limited to providing heavy discounts to NFT listings. However, this rebate structure will be significant enough to make them almost free.
Intuitively, the short-term program is a marketing tactic to encourage NFT enthusiasts to choose LooksRare to be their long-term platform for NFT exchanges. The company has also added an additional tool that allows users to import their OpenSea listing to the LooksRare platform to increase the effectiveness of the marketing ploy. Evidently, the company doesn’t believe that being discreet is part of their marketing efforts.