NFT Marketplace LooksRare Launches Minigame with Token Burn Mechanism - LOOKS Surges 32%
NFT marketplace LooksRare has announced the launch of a minigame called “INFILTATION,” which incorporates a token burn mechanism aimed at reducing the LOOKS supply to zero.
LooksRare’s NFT Marketplace Launches Minigame with Token Burn Mechanism - LOOKS Surges 32%
According to the recent announcement, LooksRare has introduced a deflationary phase for LOOKS, starting with the INFILTATION minigame.
Looks Deflationary
— LooksRare (@LooksRare) November 23, 2023
INFILTRATION marks the start of something new for both LooksRare and LOOKS.
From tomorrow onwards, LOOKS will be deflationary, with the supply being reduced via various mechanisms on a consistent basis, starting with INFILTRATION.
️🔥🔥 25% of all LOOKS… pic.twitter.com/mhcQhRygQS
In INFILTATION, 25% of the total LOOKS used to recharge energy within the game will be burned, while 50% of the total transaction fees will be used to repurchase LOOKS from the market.
Notably, the NFT marketplace has declared its ultimate goal is to reduce the LOOKS supply to zero. However, no detailed documentation has been provided to describe this plan.
The LOOKS token has surged 32% in the past 24 hours in response to the launch of the deflationary minigame, currently priced at $0.12. The circulating supply of the token stands at 998,583,680, according to CoinGecko.
LOOKS Price Chart at 10:40 AM on 25/11/2023 on CoinGecko
