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Nonfungible token (NFT) marketplace LooksRare has upgraded<\/a> to version 2, reducing fees by 75% and implementing several other features, according to an April 6 announcement from the company.<\/p>\n ! <\/p>\n Rolled out rn: Full deets https:\/\/t.co\/3XXGeGK2r2<\/a><\/p>\n \u2014 LooksRare (@LooksRare) April 6, 2023<\/a><\/p><\/blockquote>\n The LooksRare version 1 platform charged 2% per trade. This has been reduced to 0.5% in version 2. In addition, v2 has more gas-efficient contracts, allowing users to save approximately 30% on gas fees versus the previous version of the app.<\/p>\n The company explained that in version 2, sellers receive Ether (ETH<\/a>) instead of Wrapped Ether (WETH) for most sales, and the smart contracts allow for bulk buying and selling orders if a user wants to place multiple trades simultaneously. In addition, aggregators can now implement custom recipients, allowing users to buy an NFT with one wallet but send it to another.<\/p>\n Sellers can also list their NFTs for sale in token prices instead of ETH, including for a fixed U.S. dollar price to be paid in equivalent ETH.<\/p>\n The team said<\/a> in a separate April 7 post that LooksRare v1 will\u00a0be sunsetted. On April 12, the app\u2019s 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 at 10:00 am UTC on April 13, and the smart contracts themselves will be disabled through an admin function at 11:00 am UTC.<\/p>\n Related: <\/strong>NFT aggregator Blur eyes 30% price pump by March amid airdrop euphoria<\/strong><\/a><\/em><\/p>\n Reaction to the announcement was mostly positive, as many LooksRare users believed the new features would provide a strong challenge to competitors such as OpenSea and Blur.<\/p>\n pic.twitter.com\/fYnXUbNtSv<\/a><\/p>\n \u2014 Luke Cannon | Lukecannon.eth ♂️ (@lukecannon727) April 6, 2023<\/a><\/p><\/blockquote>\n But not everyone was convinced that LooksRare v2 would be enough of a change to woo users from other platforms. Some users expressed that v2 still fails<\/a> to provide good token incentives or allow<\/a> enough collections to be listed.<\/p>\n LooksRare faced some controversy in October when it decided to eliminate creator royalties<\/a>. However, it has also benefited from the recent boom in NFT prices<\/a>.<\/p>\n<\/div>\n\n
– 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<\/p>\n\n