LooksRare Launches V2 to Compete with Blur and OpenSea Pro: What to Expect?

04/07/2023 00:14 • Metaverse & Beyond • 68 views

On April 7th, it was announced that the NFT market, LooksRare, officially announced the launch of the V2 version, aiming to further reduce platform protocol fees and gas fees to compete with Blur and OpenSea Pro. According to information disclosed by LooksRare, the protocol fee for LooksRare V2 will be significantly reduced by 75% (from 2% to 0.5%), the gas fee will be reduced by 50%, and sellers will also receive ETH directly instead of the previous WETH. In addition, LooksRare also stated that the new version allows for the bulk listing and purchase of over 70 NFTs in a single transaction, and the transaction will support reusable signatures.

NFT Market LooksRare V2 goes live, agreement fees will be reduced by 75%

If you’re an NFT enthusiast, brace yourself for exciting news: LooksRare has officially announced the launch of its V2 version. The platform aims to take on competitors like Blur and OpenSea Pro by reducing platform protocol fees and gas fees. According to the developers behind the upgrade, the benefits are significant:
• The protocol fee for LooksRare V2 will be significantly reduced by 75% (from 2% to 0.5%)
• The gas fee will be reduced by 50%
• Sellers will receive ETH directly instead of the previous WETH
• The new version allows for the bulk listing and purchase of over 70 NFTs in a single transaction
• The transaction will support reusable signatures
So, what does this mean for you as an NFT user or trader? Let’s dive into the details.

The Benefits of the LooksRare V2 Upgrade

The LooksRare V2 launch is set to create a more cost-efficient platform for NFT traders. The reduced protocol fee of 0.5% is a huge advantage, especially for sellers who can now get more from their profits. It’s expected that the lowered gas fee will also make it easier for buyers to acquire NFTs without paying more than necessary.
Moreover, when sellers receive payment in ETH directly, they can easily exchange their earnings for other cryptocurrencies or withdraw them to their bank accounts.
The bulk listing and purchase capability in a single transaction can also save time and effort. By enabling the transaction to support reusable signatures, users don’t have to go through the hassle of signing in every time they perform a transaction.
Overall, the LooksRare V2 upgrade will provide users with a more cost-efficient, streamlined solution to NFT trading.

LooksRare V2 vs. Competition

LooksRare’s V2 launch is significant, but how does it stack up against competitors Blur and OpenSea Pro?
Firstly, the V2 offers a lower protocol fee, with the 0.5% being significantly less than Blur’s 2.5% and OpenSea Pro’s 2.5% to 5%. The lower gas fees make LooksRare more attractive to buyers, especially those who are buying less-expensive NFTs.
Additionally, the bulk listing and purchase of over 70 NFTs in a single transaction could be a game-changer, giving LooksRare the edge over its competitors whose bulk transactions are not as high.
Overall, the LooksRare V2 upgrade may be the platform’s ticket to success in an increasingly competitive market.

Conclusion

The LooksRare V2 upgrade brings about some much-needed enhancements to the platform, making it more attractive than Blur and OpenSea Pro. The platform’s reduced protocol fee, lowered gas fee, and convenience features will undoubtedly be a significant draw for many NFT traders.
So, if you’re an NFT enthusiast, now is the time to take advantage of LooksRare’s V2 upgrade!

FAQs

1. How will the V2 upgrade help sellers on LooksRare?
Ans. The V2 upgrade will help sellers receive ETH directly as payment, making it easier for them to exchange or withdraw their earnings. Additionally, the lowered protocol fee will allow sellers to keep more of their profits.
2. Is LooksRare’s V2 launch better than its competitors?
Ans. LooksRare’s V2 upgrade does have some significant advantages over competitors, such as lower protocol fees and bulk listing and purchase features.
3. How does the transaction supporting reusable signatures work?
Ans. By supporting reusable signatures, users don’t have to sign in every time they perform a transaction, making the process faster and more convenient.

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