Friday, June 9, 2023

Looksrare, the online store for not-replicable items (NFTs), has just released its new versionv2 – which reduces the cost of buying things with their protocol by three-quarters. Data from Dune Analytics shows that last week they had more buyers than any other NFT marketplace in tenth place!

Unbelievable Fee Reduction

Looksrare, an NFT marketplace, released version two (v2) on April 6, 2023. One of the biggest changes that come with v2 is a huge reduction in fees – they went from 2%, down to just 0.5%. For now, creators won’t get any rebate when they use Looksrare’s protocol.

This week, Blur and Opensea traders are ahead of everyone else in terms of how many traders they have, plus the amount of trading taking place. According to data from Dune Analytics and Dappradar, Looksrare is the tenth most popular NFT marketplace for trades and volume.

Looksrare says that you can save a lot of money on gas fees with their new version (v2) when compared to other marketplaces such as Blur. This means that you can save around 50% from what you’d pay at Blur, and about 30% on gas fees compared to Looksrare v1. This version will also use Ethereum (ETH) instead of Wrapped Ethereum (WETH). Browsing the platform is even easier since users can now pick out up to 70 different NFTs from just one shopping cart.

Looksrare announced that they are no longer going to use their version one service (v1). At 7 pm on April 12, you will not be able to send orders with the v1 public API. All operations must now use version 2 and new API endpoints for version 2 have been made available. Therefore, by April 13, Looksrare v1 will no longer be used at all.

How do you feel about Looksrare getting rid of version one and moving everything to version two? Let us know in the comments section!

Image Credit: Shutterstock, Pixabay, Wiki Commons, Main Image by David Esser /


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