LooksrareVersion two of the non-fungible token (NFT) marketplace is now live. This update cuts transaction fees by 75%, making it one of the most competitive NFT markets out there, according to Dune Analytics.
NFT Marketplace Looksrare Unveils v2
Looksrare has announced the launch of version two (v2) of its NFT marketplace on April 6, 2023. The new version introduces a significant reduction in the marketplace’s protocol fees, which have been cut from 2% to a fixed rate of 0.5%. “Given the current market meta, we’re removing creator rebates for the time being,” said the team in a blog post.
Analytics from Dune Analytics and DappRadar show that Looksrare is the tenth-largest NFT market in terms of volume and traders this week. The company also claims that its users can save up to 50% on gas fees in comparison to other marketplaces like Blur, and 30% on gas fees compared to Looksrare version one.
The new version of the platform also introduces the ability to add bulk orders, allowing users to purchase over 70 NFTs simultaneously. Additionally, Looksrare v2 will use Ethereum (ETH) instead of Wrapped Ethereum (WETH).
Looksrare has also provided a timeline for the deprecation of version one (v1). “As of 7 p.m. (UTC) on April 12, you’ll no longer be able to POST v1 orders via the public API,” they said. By April 13, v1 will have been completely sunsetted, with all operations migrating to v2. The blog post also included the public API endpoints to v2 that were shared in the same post.
What What do you think about? Looksrare’s decision to deprecate version one and migrate all operations to version two? Share Your thoughts are welcome in the comments below.
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