LooksRare Enters the Race with V2 – Lower Fees, Better Features, and Increased Accessibility for NFT Traders

04/07/2023 00:14 • Metaverse Matters • 158 views

On April 7th, it was announced that the NFT market, LooksRare, officially announced the launch of the V2 version, aiming to further reduce platform protocol fees and gas fees to compete with Blur and OpenSea Pro. According to information disclosed by LooksRare, the protocol fee for LooksRare V2 will be significantly reduced by 75% (from 2% to 0.5%), the gas fee will be reduced by 50%, and sellers will also receive ETH directly instead of the previous WETH. In addition, LooksRare also stated that the new version allows for the bulk listing and purchase of over 70 NFTs in a single transaction, and the transaction will support reusable signatures.

NFT Market LooksRare V2 goes live, agreement fees will be reduced by 75%

The world of NFTs has been overtaken by storm as more and more people are taking an interest in this new-age investment opportunity. On April 7th, LooksRare announced the launch of their V2 version with the aim to compete with the likes of Blur and OpenSea Pro by further reducing platform protocol fees and gas fees.

What is LooksRare?

LooksRare is a blockchain-based platform for creating, discovering, and trading non-fungible tokens (NFTs). The platform is developed and maintained by LooksCoin, a company focused on empowering creators and artists by providing a fair and transparent NFT marketplace.

Launch of LooksRare V2

According to the official statement, the LooksRare V2 version drastically reduces the protocol fee by 75% (from 2% to 0.5%) to facilitate more cost-effective and profitable NFT trading. Additionally, the gas fee has also been reduced by 50%, which means that traders can save a considerable amount on transaction fees.
Another significant change in the LooksRare V2 version is the introduction of sellers receiving ETH directly instead of the previous WETH. This update is expected to give a much-needed boost to the trading ecosystem by making it more accessible and efficient.
Apart from these changes, LooksRare V2 also allows for the bulk listing and purchase of over 70 NFTs in a single transaction. This feature is a significant advantage for traders who want to save time and effort while trading.

How Does LooksRare V2 Stack Up Against Competitors?

LooksRare’s announcement of the V2 version is not an isolated move but is backed by a fierce competition against Blur and OpenSea Pro. The launch of V2 with reduced fees and better features is expected to make LooksRare a serious contender for traders globally.
It is also interesting to note that unlike major marketplaces, LooksRare uses a decentralized method for transaction signatures, a technology called reusable signatures. This signature type allows the traders to sign multiple transactions using one signature, which increases the usability of the platform.

Conclusion

LooksRare’s V2 version launch is a significant development for the blockchain industry, and it has already made a massive impact on the NFTs trading arena. With LooksRare V2, traders can reduce the cost of transactions, open up new earning opportunities, and maintain the uniqueness of their NFTs.
The combination of lower fees, better features, and increased accessibility ensures that LooksRare is poised for a promising future. LooksRare’s V2 version is not just another update but an evolution of the platform that sets a new standard in the NFT market.

FAQs

Q1: What is LooksRare?

LooksRare is a blockchain-based platform for creating, discovering, and trading non-fungible tokens (NFTs).

Q2: What is the LooksRare V2 version?

LooksRare V2 is a new version of the platform that has reduced the protocol fee by 75% (from 2% to 0.5%) and gas fee by 50%, introduced the ETH payment method, allows bulk listing and purchasing of 70 NFTs, and uses reusable signatures.

Q3: What is the benefit of LooksRare’s reusable signature technology?

LooksRare’s reusable signature technology allows traders to sign multiple transactions using one signature, making the platform more usable and accessible.

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