LooksRare, a Nonfungible tokens (NFTs) marketplace, has upgraded to version 2. The company stated on April 6 that this upgrade includes a 75% reduction in fees and the introduction of several additional features.
The LooksRare platform’s first iteration imposed a 2% trade fee. Version 2 has decreased this to 0.5%. Moreover, v2 contains 30% more gas-efficient contracts than v1, allowing users to save money on petrol costs.
According to the firm, sellers in version 2 now receive Ether ETH $1,898 instead of Wrapped Ether (WETH) for most sales. The smart contracts currently support bulk buying and selling orders if any user wishes to execute several deals simultaneously. Users can now purchase an NFT with one wallet and send it to another using aggregators’ new ability to construct specific receivers.
In addition to this listing, their NFTs for sale are in token prices rather than ETH, sellers can additionally request a predestined price in US $ to be paid in equivalent ETH.
The team announced that LooksRare v1 would be retired in a different post on April 7. Users can no longer post version 1 auctions through the open API on April 12 because of changes made to the app’s front end. At 10:00 UTC on April 13, all v1 auctions that are currently active on the website will be erased. Subsequently, at 11:00 UTC, the smart contracts will be deactivated through an admin option.
The news was generally well received because many LooksRare users thought the additional capabilities would seriously threaten rivals like OpenSea and Blur.
However, not everyone was certain that LooksRare v2 would represent a sufficient improvement to draw consumers from other platforms. Some users say v2 still doesn’t offer adequate token incentives or permit enough collections to be listed.
There was some uproar when LooksRare decided to stop paying creative royalties in October. Yet it has also benefited from the current NFT pricing surge.