LooksRare has introduced its enhanced V2 platform, which offers users a range of new features and considerable cost savings. One of the most significant upgrades will see trading fees drop from 2% to 0.5%, which translates to up to 75% savings for sellers. The addition of gas-efficient contracts will also enable users to save approximately 30% on gas fees compared to the previous version.
🚀 ! 🚀
Rolled out rn:
– Fee dropped to 0.5%
– Gas 50% cheaper than Blur
– One-signature bulk listing
– Buy 70+ NFTs at once
– Sellers get ETH instead of WETH
Full deets 👇https://t.co/3XXGeGK2r2
— LooksRare (@LooksRare) April 6, 2023
Another critical feature of LooksRare V2 is that sellers will now receive ETH directly rather than WETH. This will simplify the transaction process and eliminate additional conversion costs. The smart contracts currently support bulk buying and selling orders, which is helpful for users who want to place multiple trades simultaneously. Moreover, with the V2 custom recipient aggregators, users will be able to purchase NFTs with one wallet and send them to another.
V2 also includes an option for sellers to list their NFTs for sale in USD prices. This upgrade means that costs will be set in US dollars, providing clarity on pricing and reducing the risks associated with market volatility. LooksRare V2 has also introduced an affiliate scheme, allowing users to refer friends and receive a portion of the protocol costs.
LooksRare has stated that V2 is the crucial foundation for future efficient functioning. The company anticipates a time when NFTs will be significantly larger than they are today by a factor of 10x, 100x, or 1,000x. The upgraded version provides users with reduced costs, options for bulk purchasing and listing, and reusable signatures, enabling them to save valuable time and money.
LooksRare V2 Launches Amid Fierce Competition from OpenSea and Blur
The highly-anticipated release of LooksRare V2 marks a crucial milestone in the ongoing competition between NFT marketplaces, where innovation and cost-cutting measures are at the forefront. LooksRare has emerged as a strong player in this context, challenging other leading NFT marketplaces like OpenSea and Blur. Notably, Blur has established itself as one of the most formidable rivals in the NFT industry, and its growing popularity poses a significant threat to established players like LooksRare.
While some users initially expressed skepticism about the level of incentives for good token collections to be listed, the overall reception of the V2 platform has been positive. Future features, like enhanced collection offers, auction forms for selling NFTs, fixed price listings in USD, and trait-based offers, are expected to strengthen LooksRare’s position in the marketplace.
To ensure its users can take advantage of the new features and improvements, LooksRare also announced that version 1 will be discontinued. Users will no longer be able to post version 1 auctions through the public API after April 12, and all current v1 auctions will be removed from the website on April 13. Finally, the smart contracts will be disabled through an admin function at 11:00 am UTC on April 13.
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