NFT marketplace LooksRare launches v2, reducing fees from 2% to 0.5%

April 11, 2023

By Sharan Kaur Phillora

Non-fungible token (NFT) marketplace LooksRare has launched its highly anticipated V2 iteration, which drastically lowers fees and aims to ship many new features. LooksRare developers say protocol fees have been slashed from 2% to a fixed 0.5%.

Here’s what we know: 

The update introduces several key features that make trading NFTs more efficient and affordable. For instance, Version 2 reduces fees by 75%, making it more accessible for small-time collectors and creators. This means it will be easier for beginners to enter the NFT market and for established buyers and sellers to make more profits.

Another significant change brought about by Version 2 is the gas-efficient contracts. This means that smart contracts consume less gas, ensuring buyers and sellers pay lesser gas fees to complete a transaction. It also improves the security of the transactions by reducing the risk of network congestion.

In addition, with Version 2, trading is now done in token prices instead of ETH. This means that buyers and sellers can now trade without worrying about the fluctuating value of ETH. This feature ensures that users get the best prices for their NFTs when buying or selling, making trading on LooksRare more efficient.

However, with the introduction of the Version 2 update, legacy Version 1 is being phased out. This means that all auctions on Version 1 will eventually be removed, and the smart contracts and dApps disabled. The timeline for this transition has been laid out, giving users ample time to move their NFTs and other assets over to the new platform.

According to stats from Dune Analytics, Blur, and Opensea traders dominate the market in terms of traders and market share in volume this week. Looksrare is the tenth-largest NFT marketplace in terms of traders and volume this week, according to metrics from Dune Analytics and Dappradar.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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