LooksRare Launches V2 with Reduced Platform and Gas Fees

04/07/2023 00:14 • Tech Ticker • 149 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%

LooksRare, one of the leading NFT marketplaces, announced the launch of its V2 version on April 7th. The new version aims to reduce the platform protocol fees and gas fees for buyers and sellers, while also improving the overall user experience.

Advancements in NFT Marketplace

The world is currently in a digital age, and non-fungible tokens, or NFTs, have become a significant part of the digital space. NFTs can help artists, musicians, athletes, and other creators monetize their content and receive recognition for their work.
NFT marketplaces offer a platform for creators to mint and sell their NFTs, while buyers can use these marketplaces to purchase NFTs. LooksRare is one such NFT marketplace that has gained popularity recently.

What is LooksRare V2?

LooksRare V2 is the latest version of the LooksRare NFT marketplace. The platform has made significant changes that aim to reduce platform protocol fees and gas fees. Platform protocol fees are a percentage fee that buyers have to pay to purchase NFTs, while gas fees are the fees paid to miners to confirm NFT transactions.
According to information shared by LooksRare, the platform protocol fees have decreased by 75%, from 2% to 0.5%. Additionally, gas fees have been reduced by 50%. These reductions have made LooksRare more cost-effective compared to its competitors, Blur and OpenSea Pro.
Another significant improvement in LooksRare V2 is the fact that sellers will get ETH directly instead of WETH. WETH, or Wrapped ETH, is a version of ETH that is compatible with ERC20 tokens. This change will make the payout process simpler for sellers.

How does LooksRare V2 Simplify the NFT Trading Process?

LooksRare V2 introduces the feature of bulk listing and purchase of over 70 NFTs in a single transaction. The platform has also implemented reusable signatures, which allows for faster and more efficient transactions. These features make the trading process faster, more cost-effective and efficient, and accessible to a more extensive range of users.

Conclusion

LooksRare V2 is a significant advancement in the NFT marketplace. The platform has implemented various features that enhance the user experience while reducing the financial burdens that come with trading NFTs. With the cost-effective and efficient platform protocol fees, gas fees, and improved payout processes, LooksRare V2 remains a top-choice for NFT enthusiasts.

FAQs

1. What is an NFT marketplace?
An NFT marketplace is an online platform where creators can mint and sell their NFTs while buyers can purchase them.
2. What are platform protocol fees?
Platform protocol fees are a percentage fee that buyers have to pay to purchase NFTs on an NFT marketplace.
3. What are gas fees?
Gas fees are the fees paid to miners to confirm NFT transactions on the blockchain.

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