NFT Marketplace LooksRare Launches v2: New Features, Lower Fees, and More
LooksRare has just launched version 2 of their non-fungible token (NFT) marketplace. According to the company's announcement, the latest version has several new features and a significant fee reduction. In version 1, LooksRare charged 2% per trade, but this has now been reduced to 0.5% in version 2. The new platform also features gas-efficient contracts, saving users around 30% on gas fees compared to the previous version.
Sellers will receive Ether instead of Wrapped Ether (WETH) for most sales, and the platform’s smart contracts will allow for bulk buying and selling orders. Aggregators can now implement custom recipients, enabling users to buy an NFT with one wallet but send it to another. In addition, sellers can now list their NFTs for sale in token prices, including for a fixed U.S. dollar price paid in equivalent ETH.
The new features have been welcomed by most LooksRare users, who believe the updated platform provides a strong challenge to competitors such as OpenSea and Blur. However, some users have expressed doubts, saying that version 2 still fails to provide sufficient token incentives or enough options to list collections.
LooksRare v1 will be sunsetted, and the app's front end will no longer allow users to post version 1 auctions through the public API. All current v1 auctions will be removed from the website on April 13, and the smart contracts themselves will be disabled through an admin function.
Despite some controversy faced by LooksRare in October when they decided to eliminate creator royalties, the company has benefitted from the recent boom in NFT prices.
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