Transform Your NFT Game with LooksRare’s V2 – Lower Fees, Faster Trades, and More!

In the Brief:

  • LooksRare released version 2 of its NFT marketplace, with a 0.5% trade fee.
  • V2 is more efficient, with smart contracts for bulk orders, a front-end for custom recipients, and token-priced listings.
  • V1 auctions will go away on April 12.
  • While the fee reduction makes the platform more accessible, users remain skeptical that V2 provides enough incentives or listings.
  • Caution is urged due to the volatile NFT market.

3 - 5 minute read

NFT marketplace LooksRare has launched the highly anticipated version 2 of their platform, providing users with a more streamlined and cost-effective trading experience. Version 1 charged 2% per trade, but in version 2, this fee has been reduced to just 0.5%. Alongside this reduction, V2 features highly efficient gas contracts, allowing users to save approximately 30% on gas fees compared to the previous version of the app.

The new version of the app is certainly an improvement on the previous iteration in many ways, providing a more user-friendly interface and several new features. In addition to the reduction in fees, sellers can list their NFTs for sale in token prices instead of ETH, and they will now receive Ether (ETH) instead of Wrapped Ether (WETH) for most sales. Furthermore, the addition of smart contracts enables bulk buying and selling orders, giving users greater flexibility when trading.

LooksRare V2 has also implemented custom recipients, a feature that allows users to buy an NFT with one wallet but send it to another. The app’s front-end will no longer allow users to post version 1 auctions through the republic API as version 1 will be “sunsetted” on April 12, meaning all current V1 auctions will be removed from the website at 10 a.m. UTC, with the smart contracts themselves disabled through an admin function at 11 a.m. UTC.

Looksrare V2 is proving to be a strong challenger to competitors such as Opensea and Blur, with many users praising the new features it offers. One Twitter user, Luke Cannon, commented on the announcement, saying, “Looks like @LooksRare v2 is live! Time to migrate my listings over and get ready for a new era of p2p #NFT trading!”

However, some users are still unconvinced that V2 offers significant enough changes to attract users from other platforms. Some users pointed out that V2 still fails to provide good token incentives or allow enough collections to be listed.

LooksRare faced controversy in October when it decided to eliminate creator royalties, sparking protests in the NFT community. Despite this, the platform has seen significant growth amid the recent boom in NFT token prices.

What does this mean for NFT traders?

This reduction in fees is a significant development for traders in the NFT space, as it allows more people to enter the market without the fear of losing a large percentage of their profits to trading fees. While some traders on other platforms may remain loyal to their current exchange, LooksRare’s new features and lower fees make it a strong contender for traders considering a switch. However, users should take caution, even with low fees, as the NFT market is still highly volatile, and traders must stay on top of developments in the space to make informed decisions.

Disclaimer: The content in this article is provided for informational purposes only and should not be considered as financial or trading advice. We are not financial advisors, and trading carries high risk. Always consult a professional financial advisor before making any investment decisions.

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