LooksRare Unveils V2 Platform: Enhanced NFT Trading Experience with Lower Fees

Share This Post

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.

Check out this YouTube video discussing the innovative features of the new LooksRare marketplace.

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. 

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.


Related Posts

Magic Eden Adopts Solana’s Compressed NFTs

Magin Eden, the distinguished NFT marketplace, recently announced its...

Friend.tech Returns With Surging NFT Trading Volumes

Friend.tech, the decentralized social media app, has shown an...

CoinMarketCap and HELLO Labs to Premiere TV Series, Killer Whales

An official trailer for the Web3 television series 'Killer...

Machi Proposes 11M $APE Sends NFTs to Museums Worldwide

An intriguing week-long vote surrounding OG NFTs kick-started today! Machi Big Brother,...

Italian Luxury Watch Brand Panerai Introduces Digital Passports Generated with NFT

Italian luxury watch manufacturer Panerai has revealed plans to include an...

Related Posts

Otherside Announces the Beta Launch of Legends of Mara 

Yuga Labs recently announced that they will launch a...

Adidas Just Unveiled Its First Digital Artist Program, RESIDENCY

Making strides in the art and technology sectors, Adidas...

Soccer Star Ronaldinho Faces $61M Legal Battle over Crypto Scam

Ronaldinho Gaúcho is playing a risky game off the...

The History of Bitcoin NFTs – A Step-by-Step Timeline

With recent hype surrounding Casey Rodarmor's release of open-source...

Coinscribble Review: Top Platform for Crypto Press Releases?

In the rapidly evolving world of cryptocurrency and blockchain,...