2 - 4 minute read
NFT marketplace LooksRare has announced the launch of its V2 version, which promises to provide enhanced features and scalability. According to the developers, the version will facilitate a reduction in fees by a significant margin. Earlier, sellers on LooksRare received Wrapped Ethereum from buyers, but with the latest launch, sellers will receive Ethereum instead, making the transactions more transparent and trustworthy. The V2 version also enables traders to purchase NFTs in larger numbers, essentially by adding them to their shopping cart and making a single transaction.
The LooksRare V2 version introduces greater flexibility to offer cancellations, partial fills, and listings, which were previously exclusive to regular crypto exchanges. Currently, these features are hard to implement in the NFT sector, and the LooksRare V2 version aims to change this. With V2, the platform has become more modular, allowing traders to customize according to their preferences, with more flexibility in making bundle offers.
Co-founder Zodd, stated in a blog post that the V1 version of the LooksRare marketplace would be retired on April 12th. The new version introduces much-needed modularity, scalability, and flexibility to the NFT market, making the transaction process easier and more transparent.
What It Means for NFT Traders
The reduction in fees has made buying and selling NFTs a more user-friendly experience, as traders will be able to make larger transactions without incurring unnecessary costs. As for the feature allowing traders to purchase NFTs in bulk, this change can notably reduce the time and money spent on multiple transactions, making buying and selling NFTs more efficient.
Moreover, the added flexibility in orders and listings should benefit traders by making it simpler to manage their NFT collections, while the better modularity will allow them to make precise decisions while trading.
The Bottom Line
LooksRare’s new V2 version is a game-changer in the NFT market, providing enhanced scalability, flexibility and cost-efficiency for traders. With the roll-out of the latest version, traders can look forward to a smoother, more user-friendly NFT marketplace experience.
