FacebookTwitterLinkedInTelegramCopy LinkEmail
NFTs and Metaverse

NFT Marketplace LooksRare Reduces Fees by 75% After Latest Update

NFT Marketplace LooksRare Reduces Fees by 75% After Latest Update

LooksRare, a marketplace for Nonfungible tokens (NFTs), has announced the release of version 2.

The company has reduced fees by 75% and introduced several new features, as per the April 6 announcement.

The previous version charged 2% per trade, while the new version only charges 0.5%. The new platform also has more gas-efficient contracts that can save users up to 30% on gas fees.

Moreover, in version 2, sellers receive ETH instead of Wrapped ETH for most sales, and the smart contracts allow bulk buying and selling orders.

READ MORE: Terra Execs Profit Over $300M from Failed Project

Additionally, aggregators can now implement custom recipients, and sellers can list their NFTs for sale in token prices, including for a fixed US dollar price.

However, some users are still skeptical about the new version‘s token incentives and listing capacity.

Despite this, the announcement has received positive reactions from many LooksRare users, who believe that the new features will provide a strong challenge to competitors like OpenSea and Blur.

The company has also stated that version 1 will be sunsetted on April 13.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.