The LooksRare non-fungible token (NFT) marketplace has upgraded to version 2, lowering fees by 75% and implementing several other features, according to an April 6 company announcement.
The LooksRare version 1 platform charged 2% per trade. This has been reduced to 0.5% in version 2. Also, v2 has more efficient contracts in terms of gas consumption, allowing users to save approximately 30% on gas fees compared to the previous version of the application.
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The company explained that in version 2, sellers receive Ether
instead of Wrapped Ether (WETH) for most sales, and smart contracts allow for bulk buy and sell orders if a user wishes to perform multiple trades simultaneously. Additionally, aggregators can now implement custom recipients, allowing users to purchase an NFT with one wallet but send it to another.
Sellers can also list their NFTs for sale at token prices instead of ETH, even for a fixed US dollar price to be paid in equivalent ETH.
The team said in a separate post on April 7 that LooksRare v1 will be cancelled. On April 12, the app interface 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 10:00 AM. m. UTC on April 13, and smart contracts will be disabled via an admin function at 11:00 AM. m. UTC.
Related: NFT aggregator Blur sees 30% price hike for March amid airdrop euphoria
The reaction to the announcement was mostly positive, as many LooksRare users believed that the new features would present a strong challenge to competitors such as OpenSea and Blur.
But not everyone was convinced that LooksRare v2 would be enough of a change to appeal to users on other platforms. Some users expressed that v2 still does not provide good token incentives or allow enough collections to be listed.
LooksRare faced some controversy in October when it decided to remove royalties from creators. However, it has also benefited from the recent NFT price boom.