LooksRare launches upgraded NFT marketplace with reduced fees

The previous version of the market for nonfungible tokens will be retired on April 13, 2023.

LooksRare, a non-fungible token (NFT) marketplace, has announced the release of its upgraded platform, version 2, which features reduced fees and several new functions, according to an official statement by the company on April 6.

The previous version of the platform charged 2% per trade, but in version 2, the fees have been reduced to 0.5%, and gas-efficient contracts have been implemented, providing users with the ability to save roughly 30% on gas fees compared to the previous version of the app.

Additionally, version 2 will allow sellers to receive Ether instead of Wrapped Ether (WETH) for most transactions, and smart contracts will support bulk buying and selling orders.

Furthermore, custom recipients can now be implemented by aggregators, allowing users to purchase an NFT with one wallet and send it to another.

The new platform will also enable sellers to list their NFTs for sale in token prices rather than ETH, including at a fixed U.S. dollar price paid in equivalent ETH.

LooksRare V1 will be phased out, according to a separate announcement by the team on April 7.

The app’s front-end will no longer allow users to post version 1 auctions via the republic API on April 12, and all current V1 auctions will be removed from the website on April 13 at 10 a.m. UTC. At 11 a.m. UTC, the smart contracts will be disabled via an admin function.

While many LooksRare users welcomed the new platform features, some critics claimed that it lacked sufficient token incentives and the ability to list more collections.

LooksRare has previously faced controversy for eliminating creator royalties but has benefited from the recent surge in NFT token prices.