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LooksRare has implemented a new fee distribution plan, which seems to be preparing for the future development of the LOOKS token. Simply put, half of the fees generated from future transactions will be used to buy back LOOKS from the market, which should help support the token price. The remaining 10% will go to protocol rewards, and 40% will be allocated to the treasury, indicating an intention to stabilize the market through buybacks.
This new mechanism has been in effect since October 1st, and the previous transaction reward program has also ended. The LOOKS previously allocated for transaction rewards will now be transferred to the treasury to incentivize future new products. This logic is actually quite good, focusing resources on buybacks and product development, aiming to give the LOOKS token more support in the future.
However, whether buybacks can truly stabilize the price depends on market conditions, and it seems that the performance of the NFT market will be very critical moving forward. What are your thoughts on this adjustment?