LooksRare has released its V2 marketplace with upgraded features
LooksRare just announced that it had released its upgraded V2 platform that reduces protocol and gas fees and will bring about more user features.
LooksRare V2 is introducing new features
The LooksRare V2 launch is a move into the current marketplace war, leading current marketplaces to be more innovative and simultaneously reduce user fees. The low fees and new features will create more accessible NFT trading on the platform and enable it to stand up against the pro trading features Blur and OpenSea Pro are providing
The new V2 platform reduces protocol fees by 75% and is now fixed at 0.5%. The gas fees have also decreased on the new platform, with up to 50% savings compared to the other marketplaces.
Another development is that ETH will now be used instead of WETH for sellers. The move will make the transaction process smooth, and it will cut down on extra conversion fees. Users now enjoy native bulk buying and listing capabilities for more than 70 NFTs in a single transaction. In addition, reusable signatures and custom recipients will bring about more flexibility and efficiency in transactions.
LOOKS is surging
As for the native token, LOOKS is up 5% in the last 24 hours to $0.15. However, the token is still 98% down from its all-time high.
In the coming weeks, they will keep the V2 contracts alive while the V2 ones gain traction. Hence, the next few days will feature V1 and V2 activities and be eligible for Trading Rewards. However, the V1 orders will be disabled after, although OCO will still be available.
Meanwhile, LooksRare recently removed third-party flags, which has stirred some concerns in the community. Flags usually identify potential fraud, and their removal could expose the end-users to harmful content. Blur also followed the same move. The two later clarified that flagged items could not sell into bids even if turned on in the View Settings.