LooksRare, the NFT marketplace, has launched its upgraded V2 platform, bringing in new features, reducing fees, and providing more accessibility to users. The move is a step forward for the platform to stay competitive and innovative in the marketplace.
Quick Takes:
- V2 Platform: Lower fees, ETH transactions, bulk buying & listing for seamless NFT trading.
- LOOKS Token: 5% increase amid V2 launch, future trading rewards for V1 & V2 activities.
- Flag Removal Concerns: Third-party flag removal sparks debate, and potential exposure to harmful content.
Flat 0.5% fees and $LOOKS rebates offer a cost-effective approach to NFT trading.
New Features of LooksRare V2
The new V2 platform offers more accessible NFT trading on the platform, with lower fees and new features. The platform has reduced its protocol fees by 75%, now fixed at 0.5%, and reduced gas fees by up to 50% compared to other marketplaces.
Additionally, the platform will now use ETH instead of WETH for sellers, making the transaction process smoother and cutting down on extra conversion fees. The platform also offers native bulk buying and listing capabilities for more than 70 NFTs in a single transaction. Further, reusable signatures and custom recipients bring about more transaction flexibility and efficiency.
The native token of LooksRare, LOOKS, has increased by 5% in the last 24 hours, trading at $0.15. However, the token still faces a 98% decrease from its all-time high. As per the announcement, the V2 contracts will be kept alive while the V2 ones gain traction, and the next few days will feature V1 and V2 activities, making users eligible for Trading Rewards. However, the V1 orders will be disabled later, although OCO will still be available.
Concerns Over Removal of Third-Party Flags
LooksRare recently removed third-party flags, raising concerns in the community. Flags usually identify potential fraud, and their removal could expose end-users to harmful content. Blur, another NFT marketplace, followed the same move. Both platforms clarified that flagged items could not sell into bids, even if turned on in the View Settings.
The upgraded V2 platform of LooksRare brings in more accessible NFT trading, lower fees, and new features. The use of ETH instead of WETH for sellers and the native bulk buying and listing capabilities will enhance the transaction process. However, the removal of third-party flags may raise some concerns.
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