NFT Marketplace Looksrare Launches Version 2, Cutting Protocol Fees by 75% and Introducing Bulk Purchases

Looksrare, the non-fungible token (NFT) marketplace, has launched version two, also known as v2, which reduces protocol fees by 75%. According to statistics from Dune Analytics, Looksrare was the tenth-largest NFT marketplace in terms of trader count during the past week.

NFT Market Protocol Looksrare Launches v2

NFT marketplace Looksrare announced the launch of version two (v2) on April 6, 2023. One of the significant changes is the reduction of Looksrare’s fees by 75% with v2. “Looksrare’s protocol fee is now a fixed 0.5%, down from 2%,” the team noted in a blog post. “Given the current market meta, we’re removing creator rebates for the time being.”

According to stats from Dune Analytics, Blur and Opensea traders dominate the market in terms of traders and market share in volume this week. Looksrare is the tenth-largest NFT marketplace in terms of traders and volume this week, according to metrics from Dune Analytics and Dappradar.

Looksrare claims that users can save “~50% on gas fees compared to other marketplaces like Blur, and ~30% on gas fees compared to Looksrare version one.” In addition, Looksrare v2 will use ethereum (ETH) instead of wrapped ethereum (WETH). With Looksrare v2, users can make bulk purchases by adding “70+ NFTs to your cart.”

Moreover, Looksrare announced that version one (v1) will be deprecated and provided a timeline for the process. “As of 7 p.m. (UTC) on April 12, you’ll no longer be able to POST v1 orders via the public API,” Looksrare said. Looksrare v1 will be completely sunsetted by April 13, and all operations will be migrated to v2. Looksrare also shared the new public API endpoints for v2 in the same blog post.

What do you think of Looksrare’s decision to deprecate version one and migrate all operations to version two? Share your thoughts in the comments section below.