NFT marketplace LooksRare launches V2, reducing fees from 2% to 0.5%

Nonfungible token (NFT) marketplace LooksRare has upgraded to mentation 2, reducing fees by 75% and implementing respective different features, according to an April 6 announcement from the company.

The LooksRare mentation 1 level charged 2% per trade. This has been reduced to 0.5% successful mentation 2. In addition, V2 has much gas-efficient contracts, allowing users to prevention astir 30% connected state fees versus the erstwhile mentation of the app.

The institution explained that, successful mentation 2, sellers would person Ether (ETH) alternatively of Wrapped Ether (WETH) for astir sales, and the astute contracts would let for bulk buying and selling orders if a idiosyncratic wants to spot aggregate trades simultaneously. In addition, aggregators tin present instrumentality customized recipients, allowing users to bargain an NFT with 1 wallet but nonstop it to another.

Sellers tin besides database their NFTs for merchantability successful token prices alternatively of ETH, including for a fixed U.S. dollar terms to beryllium paid successful equivalent ETH.

The squad said successful a abstracted April 7 station that LooksRare V1 will be sunsetted. On April 12, the app's front-end volition nary longer let users to station mentation 1 auctions done the republic API. On April 13, each existent V1 auctions volition beryllium removed from the website astatine 10 a.m. UTC, and the astute contracts themselves volition beryllium disabled done an admin relation astatine 11 a.m. UTC.

Related: NFT aggregator Blur eyes 30% terms pump by March amid airdrop euphoria

Reaction to the announcement was mostly positive, arsenic galore LooksRare users believed the caller features would supply a beardown situation to competitors specified arsenic Opensea and Blur.

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But not everyone was convinced that LooksRare V2 would beryllium capable of a alteration to woo users from different platforms. Some users expressed that V2 inactive fails to supply bully token incentives oregon allow capable collections to beryllium listed.

LooksRare faced immoderate contention successful October erstwhile it decided to eliminate creator royalties. However, it has besides benefited from the caller boom successful NFT token prices.