According to Foresight News, NFT marketplace LooksRare has announced an update to its token economy model. In the new model, 50% of future fees will be used to buy back LOOKS tokens from the market, 10% will be allocated as rewards for the LooksRare protocol, and the remaining 40% will be transferred to the protocol treasury. LooksRare stated that starting from October 1 at 17:00 Beijing time, the generated fees will be added to the protocol rewards, and the previous transaction reward mechanism will end simultaneously. The tokens originally used for transaction rewards will now be utilized as incentives for future products and plans.