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- In LooksRare v1, the fee rate was 2%. In version 2, this has been reduced to 0.5%.
- In version 2, sellers receive Ether instead of Wrapped Ether (WETH) for the majority of transactions.
The transaction fees on LooksRare, a platform for non-fungible tokens (NFTs), have been decreased by 75% as part of the update to version 2, the company announced on April 6.
In LooksRare version 1, the fee rate was 2%. In version 2, this has been lowered to 0.5%. Additionally, v2 features contracts that are more gas efficient, leading to a 30% decrease in gas expenses for users.
The company stated that in version 2, sellers receive Ether instead of Wrapped Ether (WETH) for most transactions, and users can place bulk buy and sell orders via smart contracts. A new feature introduced by aggregators allows users to utilize a single wallet to purchase an NFT and transfer it to another wallet.
Sellers may list NFTs for sale using token pricing instead of ETH. This includes the option to list NFTs at a fixed USD price, with buyers required to pay the equivalent amount in ETH.
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Version 1 Phased Out
In a follow-up article on April 7, the team revealed that LooksRare v1 would be discontinued. The front end of the application will cease to support version 1 auction postings via the public API on April 12. On April 13 at 10:00 am UTC, the administration will disable the smart contracts through an in-app menu, and the website will no longer feature any v1 auctions.
Many LooksRare users expressed optimism regarding the announcement, believing that the new features would position it as a strong competitor to OpenSea and Blur.
However, not all users were convinced that the enhancements in LooksRare v2 would be adequate to draw users away from rival platforms. Several users have voiced concerns that even with v2, there are still insufficient collections available or that the token incentives offered are not satisfactory.
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