NFT Trading Platform LooksRare Launches V2: Fee Reduction, Cheaper Gas Fees, and Batch Ordering

On April 7th, it was announced that the NFT trading platform LooksRare had launched the V2 version, which provided the following updates: a fee reduction of 0.5%; Gas fee is 50% cheaper than Blur; One signature batch order listing; Purchase over 70 NFTs at once; Sellers can receive ETH instead of WETH.

NFT trading platform LooksRare announced the launch of V2 version

If you’re an avid collector of NFTs or a digital artist looking to sell your work, you’re likely familiar with NFT trading platforms. One such platform is LooksRare, which recently launched its V2 version, bringing a host of new updates and exciting features to its users. In this article, we’ll explore the latest updates on LooksRare V2, including a fee reduction of 0.5%, cheaper gas fees, and batch ordering capabilities for purchasing and selling multiple NFTs in one go.

What is LooksRare?

For those just joining the NFT trading scene, LooksRare is a widely-used platform for buying, selling and trading NFTs. NFTs, or non-fungible tokens, are unique digital assets that represent ownership of a piece of artwork, music, or other creative work, and their value is based on digital scarcity and authenticity. The LooksRare platform enables users to trade these assets with other collectors, artists and investors from around the world.

What’s New in LooksRare V2: Fee Reduction and Cheaper Gas Fees

On April 7th, LooksRare announced the launch of its latest version, LooksRare V2. This new version brings a range of new updates, such as a fee reduction of 0.5%, which is an exciting development for buyers and sellers alike. This reduction will make trading on the platform more affordable and attract more users to the site.
Another key feature of the V2 update is cheaper gas fees. Gas fees are the transaction fees payable on the Ethereum blockchain, the platform on which LooksRare operates. These fees can be high and can often result in a large portion of the sale price being taken up by these fees. However, LooksRare V2 has managed to reduce gas fees by 50% as compared to its previous version, making it even more attractive for users looking to buy and sell NFTs.

One Signature Batch Order Listing

With the release of LooksRare V2, buyers and sellers can now take advantage of one signature batch order listing. This new feature allows users to list multiple NFTs for sale or purchase with just one click. It eliminates the need to list each NFT individually or to create a separate transaction for each item, making the experience smoother and more convenient. This is a great addition for users who want to buy or sell multiple NFTs at once.

Purchase Over 70 NFTs At Once

Buying multiple NFTs at once can be a hassle, but with LooksRare V2, the process has become much easier. The platform now supports the purchase of up to 70 NFTs at once, enabling buyers to build their collections quickly and efficiently.

Sellers Can Receive ETH Instead of WETH

WETH (Wrapped Ethereum) is a token that represents Ethereum on the Ethereum blockchain. It is used as an intermediary currency for trading NFTs in some trading platforms, including LooksRare. However, for sellers who prefer to receive their payments in ETH rather than WETH, LooksRare V2 has enabled this feature. This is another example of how LooksRare is striving to offer more flexibility and convenience to its users.

Conclusion

The launch of LooksRare V2 has brought a range of exciting updates and features to the NFT trading platform. With a fee reduction of 0.5%, cheaper gas fees, batch ordering, and the ability to purchase over 70 NFTs at once, the platform has become more attractive to buyers and sellers alike. The option to receive ETH instead of WETH is another welcome feature. Overall, LooksRare V2 promises to offer a smoother, more convenient experience for its users, and it will be interesting to see how these changes are received by the NFT trading community.

FAQs

Q1. What is the difference between WETH and ETH?

WETH is a token that represents Ethereum on the Ethereum blockchain. It is used as an intermediary currency for trading NFTs in some trading platforms, including LooksRare. ETH, on the other hand, is the native cryptocurrency of the Ethereum blockchain.

Q2. How can I buy NFTs on LooksRare?

To buy NFTs on LooksRare, users need to create an account on the platform, deposit funds, and browse the available NFTs for sale. When they find one they like, they can place a bid or purchase it outright if there is a fixed price set by the seller.

Q3. How can I sell NFTs on LooksRare?

To sell NFTs on LooksRare, usersneed to create an account on the platform, and list their NFTs for sale. They can set a fixed price or set up an auction, and wait for buyers to bid on their tokens.