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NFT Marketplace LooksRare Launches v2, Reduces Fees From 2% to 0.5%

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According to an April 6 release from LooksRare, the nonfungible token (NFT) marketplace has been updated to version 2, lowering fees by 75% and incorporating additional features.

The LooksRare platform charged 2% for each trade in version 1. In version 2, it was reduced to 0.5%. Additionally, v2 features more gas-saving contracts, allowing customers to save up to 30% on gas prices compared to the previous version of the program.

According to the company, in version 2, sellers earn $1,871 in Ether instead of Wrapped Ether (WETH) for most sales, and smart contracts allow bulk buy and sell orders if users want to make multiple transactions at the same time. In addition, aggregators can also support specific recipients, allowing users to purchase NFTs with one wallet and transfer them to another.

Sellers can also offer their NFTs at a token price rather than ETH, such as a fixed USD price to be paid in ETH equivalent.

LooksRare v1 will be discontinued, said the team in a separate post on April 7th. The app front end will no longer allow users to publish version 1 auctions through the public API after April 12th. At 10:00 UTC on April 13, all existing v1 auctions will be removed from the website, and the smart contracts themselves will be deactivated via the admin features at 11:00 UTC.

The announcement received very good feedback, with many LooksRare users believing the additional capabilities will significantly challenge competitors such as OpenSea and Blur.

However, not everyone is convinced that LooksRare v2 will be enough to entice people away from other platforms. Some users complain that v2 still needs to incentivize appropriate tokens or activate a sufficient number of collections to show.

When LooksRare cut creator royalties in October, it sparked some debate. Nevertheless, he has benefited from the recent jump in NFT prices.

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