Transaction Fees At The NFT LooksRare Marketplace Drop 75 Percent After V2 Release

Marketplace NFT LooksRare lowers transaction fees. (Photo; Doc. NFT Hours)

JAKARTA - The Looksrare non-fungible token (NFT) marketplace announced the launch of version two (v2) on April 6, 2023. One important change is the reduction in Looksrare costs by 75 percent with v2.

"Looksrare protocol costs are now 0.5 percent, down from 2 percent," the team noted in a blog post. "In the current market context, we removed returns for creators for a while."

According to statistics from Dune Analytics, Blur and Opensea traders dominated the market in terms of the number of traders and volume market share this week. Looksrare is the 10th largest NFT market in terms of the number of traders and volumes this week, according to the metrics of Dune Analytics and Dappradar.

Looksrare claims that users can save "50 percent gas fee compared to other markets like Blur, and 30 percent gas fee compared to Looksrare version one."

Additionally, Looksrare v2 will use ethereum (ETH) instead of ethereum coated (WETH). With Looksrare v2, users can make large purchases by adding "70+ NFT to your shopping cart."

In addition, Looksrare announced that version one (v1) will be deleted and provide a timeline for the process. "Starting at 7 p.m. (UTC) on April 12, you no longer get a POST order v1 through the public API," said Looksrare.

LooksRare Version 1 Deleted

Looksrare v1 will completely stop on April 13, and all operations will migrate to v2. Looksrare also shared a new public API endpoint for v2 in the same blog post.

In an effort to strengthen user experience, Looksrare introduced some significant changes to their platform. One of them is reducing transaction fees that can increase user purchasing power.

Users can save their money by buying large amounts of NFT, as Looksrare v2 allows users to add more than 70 NFTs to their shopping carts. Looksrare v2 will also use ethereum as a base currency, which can help avoid liquidity problems that may arise in the NFT market.

However, Looksrare will remove revenue for NFT creators over a certain period of time. The move could affect the desire of some creators to sell their work on the Looksrare market, but Looksrare expects that significant transaction cost savings could offset the loss of creator income.

Looksrare has built a solid reputation as a strong NFT marketplace, and with a new version of their platform, Looksrare is targeting a better user experience. In addition, Looksrare continues to occupy important positions in the NFT market, despite some big players in the market like Blur and Opensea.