LooksRare new NFT marketplace platform cuts fees by 75%

LooksRare is getting a fresh new look this coming Wednesday. The NFT marketplace has announced the release of version 2 of its platform, which will feature reduced fees and new functions. The objective is to catch up with the two main competitors: Opensea and Blur.

What are LooksRare V2 improvements?

The most noticeable upgrade is the reduction in fees. While the previous version charged 2% per trade, the new version has decreased the fees to 0.5%. According to a blog post by the team, “Looksrare’s protocol fee is now a fixed 0.5%, down from 2%. Given the current market conditions, we’re removing creator rebates for the time being.”

Additionally, gas-efficient contracts have been implemented, allowing users to save 30% on gas fees compared to the previous version of the app. The LooksRare team stated that “users can save 50% on gas fees compared to other marketplaces like Blur, and 30% on gas fees compared to Looksrare version one.”

Bulk purchases and USD sales

Moreover, Looksrare v2 will use Ethereum instead of wrapped Ethereum (WETH). Users can also make bulk purchases by adding more than 70 NFTs to their cart. V2 will also offer an option for sellers to list their NFTs for sale in USD prices.

LooksRare has announced that 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.

Catch up on Opensea and Blur

LooksRare hopes to catch up with the two leading NFT marketplaces, Opensea and Blur, with the release of V2. Blur has been particularly active in recent months. The launch of its token on February 14 led to a surge in activity on the platform. At one point, the total transaction volume on Blur was three times higher than on Opensea.

LooksRare was founded in January 2022 by two anonymous creators, known as “Zodd” and “Guts.” They positioned their project as a competitor to Opensea and emphasized that it is a “community-first” NFT marketplace that rewards its users with the LOOKS native utility token. With the fee reduction of 75%, LooksRare hopes to attract new traders to the platform.



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