Key Points:
LooksRare has announced the release of its improved V2 platform, which reduces protocol and gas prices while bringing a slew of new features for customers.
The release of LooksRare V2 is another step in the continuing marketplace competition that is forcing marketplaces to innovate and, eventually, cut costs for dealers.
For sellers, ETH has replaced WETH, simplifying the transaction procedure and eliminating additional translation costs.
The well-known NFT marketplace LooksRare has released its V2 version.
This update will cut the agreement cost from 2% to 0.5%, resulting in up to 75% savings. Additionally, gas prices are estimated to be 50% lower than those charged by other markets like Blur, and customers will be able to buy more than 70 NFTs in bulk.
Blur is now one of the most formidable rivals rising in the NFT industry, rivaling OpenSea.
According to LooksRare, V2 is the foundation layer necessary for future efficient functioning. The purpose of the firm is to prepare for a day when NFTs are 10x, 100x, or 1,000x larger than they are now. Users will benefit from decreased costs, bulk purchasing and listing options, and reusable signatures in the new edition.
Merchants will now receive ETH directly rather than WETH (the packaged form of ETH used on networks other than Ethereum). Bulk buying and sales will also be possible with new smart contracts. Buyers may also use a single wallet to purchase NFT, however, the receiving wallet is another wallet, like with OpenSea.
𝗧𝗵𝗲 𝗟𝗼𝗼𝗸𝘀𝗥𝗮𝗿𝗲 𝗩𝟮 𝗠𝗶𝗴𝗿𝗮𝘁𝗶𝗼𝗻: 𝗛𝗲𝗿𝗲’𝘀 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂 𝗡𝗲𝗲𝗱 𝘁𝗼 𝗞𝗻𝗼𝘄
– Trading Rewards changes
– V1 depreciation timeline
– New public API endpoints— LooksRare (@LooksRare) April 7, 2023
Future features of the V2 version include enhanced collection offers, auction forms for selling NFTs, fixed price listings in USD, and trait-based offers. Also, an affiliate scheme is provided, allowing users to introduce friends and receive a portion of the protocol costs.
LooksRare v1 will be retired, the team said in a separate post on April 7. The app’s front end will no longer enable users to publish version 1 auctions over the public API after April 12.
At 10:00 a.m. UTC on April 13, all existing v1 auctions will be deleted from the website, and the smart contracts themselves will be deactivated through an admin feature at 11:00 a.m. UTC.
The announcement has received mainly favorable feedback, with many LooksRare users believing that the additional capabilities would pose a significant threat to rivals such as OpenSea and Blur. Nonetheless, conflicting views persist, with some claiming that v2 still does not provide the same token incentives or a complete listing of NFT collections as current rivals.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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