LooksRare, a non-fungible token (NFT) marketplace, has released its much-awaited V2 version, which substantially reduces fees and hopes to deliver a number of exciting new features.
Developers of LooksRare assert that protocol fees have been reduced from 2% to a set of 0.5%.
Prior to LooksRare, NFT sellers received Wrapped Ethereum (WETH) from buyers. In the latest update, Version 2, sellers will be receiving Ethereum (ETH) by default, unless a particular offer or smart contract requires Wrapped ETH (WETH).
One of the features introduced to V2 is the ability to purchase NFTs in bulk. Rather than purchasing one item at a time, buyers can add NFTs to their shopping cart and complete their purchase in a single transaction. In contrast, sellers can list a collection of NFTs for sale in a single transaction rather than dispose of them individually.
LooksRare has stated that the latest upgrade also aims to introduce order flexibility, a feature that is currently exclusive to traditional cryptocurrency exchanges.
According to LooksRare, the purpose of the update is to introduce order flexibility, a feature that is currently only available in conventional cryptocurrency exchanges. The update is designed to enable cancellations, listings, and partial fills, which are common practices in the traditional crypto markets but are difficult to execute in the NFT realm.
With the introduction of V2, the system will be significantly more modular, which will allow users to customize their activities to a greater degree. The update will also allow for bundle offers, enabling users to sell a group of NFTs for a single price, such as one ETH.
A blog post by co-founder Zodd says that V1 of the LooksRare marketplace will be closed down on April 12.