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NFT Marketplace Looksrare Launches Version 2, Cuts Protocol Fees by 75% and Introduces Bulk Purchases – Bitcoin News
Looksrare, the non-fungible token (NFT) marketplace, has launched version two, also known as v2, which reduces protocol fees by 75%. According to statistics from Dune Analytics, Looksrare was the tenth largest NFT marketplace in terms of number of traders in the last week.
NFT Market Protocol Looksrare Launches v2
NFT marketplace Looksrare announced the launch of version two (v2) on April 6, 2023. One of the significant changes is the reduction of Looksrare’s fees by 75% with v2. “Lookrare’s protocol fee is now a flat 0.5%, down from 2%,” the team noted in a blog post. “Given today’s market meta, we are removing creator discounts for now.”
According to statistics from Dune Analytics, Blur and Opensea traders dominate the market in terms of traders and market share by volume this week. Looksrare is the tenth largest NFT marketplace in terms of traders and volume this week, according to calculations by Dune Analytics and Dappradar.
Looksrare claims users can save “~50% on gas fees compared to other marketplaces like Blur, and ~30% on gas fees compared to Looksrare version one.” Additionally, Looksrare v2 will use ethereum (ETH) instead of packaged ethereum (WETH). With Looksrare v2, users can make bulk purchases by adding “70+ NFTs to your cart.”
Also, Looksrare announced that version one (v1) will be discontinued and provided a timeline for the process. “Starting at 19:00 (UTC) on April 12th, you will no longer be able to POST v1 orders via the public API,” Looksrare said. Looksrare v1 will be completely sunset by April 13th and all operations will be migrated to v2. Looksrare also shared the new public API endpoints for v2 in the same blog post.
What do you think of Looksrare’s decision to discontinue version one and migrate all operations to version two? Share your thoughts in the comments section below.
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