LooksRare, a leading NFT marketplace, has announced the release of its upgraded V2 platform that brings about new user features and reduces protocol and gas fees. The move is aimed at staying competitive in the current marketplace war, where innovation and reduced user fees are key to survival. The new V2 platform is expected to make NFT trading more accessible and position the platform to compete with other marketplaces such as Blur and OpenSea Pro.
The upgraded V2 platform significantly reduces protocol fees, which have been reduced by 75% and are now fixed at 0.5%. The gas fees on the platform have also been reduced, with up to 50% savings compared to other marketplaces. Sellers on the platform will now be able to use ETH instead of WETH, making the transaction process smoother and eliminating extra conversion fees.
The platform now allows users to enjoy native bulk buying and listing capabilities for over 70 NFTs in a single transaction. This feature saves time and provides a more efficient transaction process. In addition, reusable signatures and custom recipients offer more flexibility and efficiency in transactions.
With the launch of the V2 marketplace, LooksRare is making a bold move to stay ahead in the highly competitive NFT marketplace industry. By reducing fees and providing new features, the platform is well-positioned to attract more users and enable them to trade NFTs more conveniently. The reduced fees and improvements to the transaction process will be a welcome development for users who have been looking for more affordable and efficient ways to trade NFTs.
