NFT Marketplace LooksRare Introduces Version 2 Offering Reduced Fees

• In LooksRare v1, the commission rate was 2%. In version 2, this was cut down to 0.5%.
• In version 2, sellers get Ether rather than Wrapped Ether (WETH) for most transactions.

The fees on LooksRare, a marketplace for non-fungible tokens (NFTs), have been reduced by 75% as part of the platform’s update to version 2, the firm said on April 6.

In LooksRare version 1, the commission rate was 2%. In version 2, this was cut down to 0.5%. Moreover, v2 contains contracts that are more gas efficient, resulting in a 30% reduction in gas costs for consumers.

According to the firm, in version 2, sellers get Ether rather than Wrapped Ether (WETH) for most transactions, and users may submit bulk buy and sell orders using smart contracts. Users may now use one wallet to purchase an NFT and transfer it to another wallet thanks to the special recipient’s feature added by aggregators.

Token pricing, rather than ETH, may be listed for NFTs for sale by sellers. This includes listing NFTs for sale at a set USD price, with buyers expected to pay the equivalent in ETH.

Version 1 Phased Out

In a second article on April 7, the team announced that LooksRare v1 would be phased out. The front end of the app will stop supporting version 1 auction posting over the public API on April 12. On April 13 at 10:00 am UTC, the administration will deactivate the smart contracts through an in-app menu, and the website will no longer host any v1 auctions.

Many LooksRare users were optimistic about the news, thinking that the additional additions would make it a formidable rival to OpenSea and Blur.

Nevertheless, not everyone was confident that the improvements made in LooksRare v2 would be sufficient to attract consumers from competing services. Several users have complained that even with v2, not enough collections can be offered or adequate token incentives are provided.

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