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LooksRare’s New NFT Marketplace Platform Cuts Fees by 75%
LooksRare gets a fresh new look this coming Wednesday. The NFT market has announced the release of version 2 of the platform, which will include reduced fees and new features. The aim is to catch up with the two main competitors: Opensea and Blur.
What are LooksRare V2 enhancements?
The most noticeable upgrade is the reduction in fees. While the previous version charged 2% per trade, the new version has reduced the fees to 0.5%. According to a blog post from the team, “Lookrare’s protocol fee is now a flat 0.5%, down from 2%. Given the current market conditions, we are removing creator discounts for the time being.”
In addition, gas-efficient contracts have been implemented, allowing users to save 30% on gas fees compared to the previous version of the app. The LooksRare team stated that “users can save 50% on gas fees compared to other marketplaces like Blur, and 30% on gas fees compared to Looksrare version one.”
Also, Looksrare v2 will use Ethereum instead of wrapped Ethereum (WETH). Users can also make bulk purchases by adding more than 70 NFTs to the cart. V2 will also offer an opportunity for sellers to list their NFTs for sale at USD prices.
LooksRare has announced that users will no longer be able to post v1 auctions through the public API after April 12th, and all current v1 auctions will be removed from the site on April 13th.
Follow Opensea and Blur
LooksRare hopes to catch up with the two leading NFT marketplaces, Opensea and Blur, with the release of V2. Blur has been particularly active in recent months. The launch of the token on February 14 led to an increase in activity on the platform. At one point, the total transaction volume on Blur was three times higher than on Opensea.
LooksRare was founded in January 2022 by two anonymous creators known as “Zodd” and “Guts”. They positioned their project as a competitor to Opensea and emphasized that it is a “community-first” NFT marketplace that rewards its users with the LOOKS native utility token. With the 75% fee reduction, LooksRare hopes to attract new traders to the platform.
