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

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

The LooksRare platform charged 2% for each trade in version 1. In version 2, this has been lowered to 0.5%. Furthermore, v2 features more gas-efficient contracts, allowing customers to save up to 30% on gas prices compared to the previous version of the program.

According to the firm, in version 2, sellers get Ether $1,871 rather than Wrapped Ether (WETH) for most sales, and smart contracts allow for bulk buying and selling orders if a user wishes to conduct many deals at the same time. Furthermore, aggregators can also support specific receivers, letting users purchase an NFT with one wallet and transfer it to another.

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

LooksRare v1 will be retired, the team said in a separate post on April 7. The app’s front end will no longer enable users to publish version 1 auctions over the public API after April 12. At 10:00 a.m. UTC on April 13, all existing v1 auctions will be deleted from the website, and the smart contracts themselves will be deactivated through an admin feature at 11:00 a.m. UTC.

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

However, not everyone was sure that LooksRare v2 would be enough of a departure to entice people away from other platforms. Some users complained that v2 still needs to give appropriate token incentives or enable a sufficient number of collections to be featured.

When LooksRare cut creator royalties in October, it sparked some debate. It has, nevertheless, profited from the recent surge in NFT pricing.