NFT marketplace LooksRare has announced the launch of version 2 of its platform, bringing with it a 75% reduction in fees and several new features.
The previous platform charged 2% per trade, while version 2 has reduced this to 0.5%. The new version also boasts more gas-efficient contracts, allowing users to save around 30% on gas fees compared to the previous version.
Other new features include the ability for sellers to receive Ether instead of Wrapped Ether (WETH) for most sales, bulk buying and selling orders, and the ability to buy an NFT with one wallet but send it to another.
In addition, sellers can now list their NFTs for sale in token prices and fixed US dollar prices to be paid in equivalent ETH.
LooksRare v1 will be sunsetted with the front end no longer accepting v1 auctions through the public API from April 12.
All current v1 auctions will be removed from the website on April 13, with the smart contracts disabled at 11:00 am UTC the same day.
The announcement has generally been met with a positive reaction, with many users welcoming the new features as a strong challenge to competitors such as OpenSea and Blur.
However, some users have expressed concerns that the platform still fails to provide good token incentives or allow enough collections to be listed.
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