Non-fungible token (NFT) marketplace LooksRare has launched its highly anticipated V2 iteration, which drastically lowers fees and aims to ship a myriad of new features.
According to LooksRare developers, protocol fees have been slashed from 2% down to a fixed 0.5%.
[adinserter block="1"]Previously, NFT sellers on LooksRare received Wrapped Ethereum (WETH) from buyers. Now, under V2, sellers will receive Ethereum (ETH), unless WETH is required under a specific offer or smart contract.
One of the features added to V2 is the ability to conduct bulk purchases of NFTs. Instead of buying one thing at a time, buys can essentially add NFTs to their shopping cart and make their purchase with one transaction. Conversely, sellers can list a collection of NFTs to be sold under one transaction instead of getting rid of them in individual listings.
LooksRare says the update also aims to bring in order flexibility, which is currently only seen in regular crypto exchanges.
“Cancellations, listings, partial fills. Staples of the traditional crypto markets, but they’re a bit harder to implement in NFT land. Well, not for long.
With V2 comes much better modularity, meaning that you can soon get really granular with how you want your activities to go…
Same goes for offers. Expect bundle offers (e.g., I want to sell ALL of these for 1 ETH) and more.”
V1 of the LooksRare marketplace will be sunsetted on April 12th, according to a blog post by co-founder Zodd.
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