Non-fungible token (NFT) marketplace LooksRare has upgraded to version 2, reducing fees by 75% and implementing several other features, according to the company’s April 6 announcement. The LooksRare version 1 platform charges a 2% fee per transaction. This has been reduced to 0.5% in version 2. Additionally, v2 has more energy-efficient contracts, allowing users to save around 30% on gas compared to the previous version of the app.
The company explained that in version 2, sellers receive ether, Instead of Wrapped Ether (WETH), which is used for most sales, smart contracts allow for bulk buy and sell orders if users want to make multiple transactions at the same time. Additionally, aggregators can now implement custom recipients, allowing users to purchase NFTs with one wallet and then send them to another.
Sellers can also list their NFTs for sale at the token price instead of ETH, including a fixed USD price paid in ETH equivalent.
In another post on April 7, the team said that LooksRare v1 would be phased out. On April 12th, the app's front end will no longer allow users to post Version 1 auctions via the public API. All current v1 auctions will be removed from the website at 10:00AM UTC on April 13th, and the smart contract itself will be disabled at 11:00AM UTC via an administrative function. Reaction to the announcement has been mostly positive, as many LooksRare users believe the new feature will pose a formidable challenge to rivals such as OpenSea and Blur.
But not everyone is convinced that LooksRare v2 is enough to attract users from other platforms. Some users said that v2 still failed to provide good token incentives or allow enough collectibles to be listed. LooksRare faced some controversy when it decided to scrap creator royalties in October. However, it has also benefited from the recent rise in NFT prices.
