Creators & users sell NFTs on LooksRare. They receive royalties from secondary sales (supply-side fees).

LooksRare is a non-custodial NFT marketplace protocol built on Ethereum and launched in 2022.

LOOKS tokenholders own and govern the protocol. They currently take a cut of the total transaction fees paid by buyers (revenue).

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LooksRare

# LooksRare Token incentives Methodology

## 1. Overview

This metric measures the total value of LOOKS token incentives claimed by users on the LooksRare NFT marketplace platform. It captures the daily USD value of token rewards distributed to users through three different reward programs: multi-rewards, trading rewards, and seasonal rewards. The metric answers the business question: "How much value is LooksRare distributing as token incentives to incentivize platform usage?" The calculation aggregates reward claim events from multiple distributor contracts, converts token amounts to USD, and provides daily totals.

## 2. Data sources

- **Ethereum blockchain event logs**: Parsed `Claim` events from the MultiRewardsDistributor contract capturing multi-reward token distributions
- **Ethereum blockchain event logs**: Parsed `RewardsClaim` events from the TradingRewardsDistributor contract capturing trading-based reward distributions  
- **Ethereum blockchain event logs**: Parsed `RewardsClaim` events from the SeasonRewardsDistributor contract capturing seasonal reward distributions
- **End-of-day token price feeds**: Daily USD price data for the LOOKS token to enable currency conversion
- **Token metadata**: Decimal precision and contract information for the LOOKS token for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Token incentive event extraction
- **Purpose**: Collect all LOOKS token reward claim events from LooksRare's three distributor contracts
- **Logic**: Extract reward claim events from MultiRewardsDistributor, TradingRewardsDistributor, and SeasonRewardsDistributor contracts on Ethereum. Each event type captures when users claim LOOKS tokens as incentives. The events include block timestamp, transaction hash, log index, contract address, user address who claimed rewards, reward round identifier, and token amount claimed. All events are standardized with consistent field names and data types, with the LOOKS token address hardcoded as `0xf4d2888d29d722226fafa5d9b24f9164c092421e`. Events are classified by distributor type (MultiRewardsDistributor, TradingRewardsDistributor, or SeasonRewardsDistributor) and tagged with business metadata including NFT marketplace business line, NFT market sector, and marketplace business segment.
- **Key fields**: `block_timestamp` for timing, `user` address for claimer identification, `rewardRound` for reward period tracking, `totalAmount` or `Amount` for token quantities claimed

### Component B: Daily aggregation and standardization  
- **Purpose**: Convert raw event timestamps to daily boundaries and prepare for USD conversion
- **Logic**: Truncate block timestamps to daily boundaries using day-level precision. Assign daily timestamp grain and maintain all transaction-level details including transaction hash and log index for traceability. Preserve chain identifier as ethereum, business classification fields, contract names, account addresses, token addresses, claimer addresses, reward rounds, and token amounts. Structure data for downstream USD conversion processing.
- **Key fields**: `timestamp` truncated to day level, `token_incentives` containing raw token amounts, `claimer_address` for user identification

### Component C: USD conversion and decimal correction
- **Purpose**: Convert LOOKS token amounts to USD values with proper decimal handling
- **Logic**: Apply USD conversion using end-of-day price feeds for the LOOKS token matched by date and token address. Correct for token decimal precision to ensure accurate conversion from raw blockchain amounts to human-readable token quantities. The conversion process handles the standard 18 decimal places for LOOKS tokens and applies the appropriate USD exchange rate for each day.
- **Key fields**: `token_incentives_usd` containing USD-converted amounts, price and decimal metadata for conversion calculations

### Final aggregation
- **Combining components**: All three reward claim event types are combined through union operations, maintaining transaction-level granularity while standardizing field names and data types
- **Currency conversion**: USD conversion occurs daily using end-of-day LOOKS token prices, with automatic decimal correction applied to convert from raw blockchain amounts to standard token units
- **Time aggregation**: Data is aggregated to daily boundaries through timestamp truncation, with each day containing all reward claim events from that 24-hour period
- **Final calculation**: The final metric represents the total USD value of LOOKS token incentives claimed each day, with schema validation applied and zero-fill strategy used for missing days. Results are filtered to include only data through February 21, 2024, providing daily totals of token incentive distributions across all three reward programs.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of native tokens distributed as incentives.

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