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 𝗶𝘀 𝗻𝗼𝘄 𝗹𝗶𝘃𝗲! 🚀— LooksRare (@LooksRare) April 6, 2023
Rolled out rn:
– Fee dropped to 0.5%
– Gas 50% cheaper than Blur
– One-signature bulk listing
– Buy 70+ NFTs at once
– Sellers get ETH instead of WETH
Full deets 👇https://t.co/3XXGeGK2r2
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.