LooksRare V2 is Now Live; V1’s End is On the Horizon
- LooksRare V2 went live on April 6 with new features and reduced protocol fees from 2% in V1 to 0.5% in V2 (a 75% drop).
- V2 consists of gas-efficient contracts, and as a result, users will be able to save as much as 30% on gas fees as compared to V1 of the platform.
- LooksRare V2 will allow users to receive Ether (ETH) for most sales instead of wrapped Ether (ETH) as in the case of V1.
- Developers have planned to keep the V1 contracts alive for some time as the V2 gains more traction among users.
As the crypto market gradually recovers from the decline of the leading cryptocurrency, Bitcoin (BTC), in 2022, major crypto projects are making their moves in an attempt to capitalize on BTC’s recent hike in price. Interestingly, LooksRare, a popular non-fungible token (NFT) marketplace that made its name by giving tough competition to OpenSea in early 2022, has announced the launch of its V2 with new features for all users.
According to a blog post, LooksRare V2 was made live on April 6, and the sunset of V1 was also announced the very same day. The new version of the NFT marketplace will allow users to enjoy significantly reduced protocol fees, from 2% to 0.5% (around 75%).
“As you probably know, V2 has been our utmost priority for some time now. The temptation to rapidly push out flashy new features was strong, but we see a future where NFTs are 10x, 100x, 1,000x bigger than they are now. And, since we’re building for that future, we first needed to build a scalable, efficient, and flexible foundation for what’s to come next. That’s V2,” said LooksRare in the blog post.
The previous version of the app charged 2% and wasted a lot of users’ funds on gas fees. The new version of LooksRare consists of gas-efficient contracts and as a result, the users will be able to save as much as 30% on gas fees as compared to V1 of the platform.
The blog further revealed that LooksRare V2 will allow users to receive Ether (ETH) for most sales instead of wrapped Ether (ETH) as in the case of V1. Moreover, the smart contracts will support multiple orders simultaneously so that users can transact in bulk.
The new version of the NFT marketplace will support aggregators that can now implement custom recipients. This will allow users to purchase an NFT with one wallet but send it to another. Sellers will also be able to list their NFTs at token prices instead of in ETH, including at a fixed U.S. dollar price regardless of the price at which ETH is trading.
The LooksRare developers have planned to keep the V1 contracts alive for some time as the V2 gains more traction among users. According to another blog post, “Trading Rewards will continue to be shared between V1 and V2 until the period ending 9AM (UTC) on Thursday, April 13th” following which only V2 will be available.
It seems that LooksRare has debuted V2 in an attempt to compete with OpenSea’s OpenSea Pro and Blur, another leading NFT marketplace. As reported earlier by BitcoinWisdom, OpenSea has debuted a new, advanced, and efficient NFT marketplace aggregator called OpenSea Pro which will provide many new features to the users.
On the other hand, many crypto exchanges have started winding down their NFT marketplaces due to their inability to compete with the existing giants in the industry. Recently, Indian crypto exchange WazirX announced that it would shut down its NFT platform, while Coinbase recently paused creator Drops on its NFT marketplace.