The LooksRare platform has been updated to a new version

NFT Marketplace LooksRare announced about the launch of V2. It brings a number of important changes. Including reduction of commission for transactions from 2% to 0.5%.

The team said gas fees will now be 50% lower than Blur. And the purchase of more than 70 NFTs can be processed in one transaction – it will be cheaper in bulk.

It is important that sellers will now receive ETH instead of WETH. But there are two exceptions – if transactions are canceled or if the buyer is a smart contract.

For convenience, the new version has a reusable signature. The user approves the collection once, and then everything happens automatically, even if the exchange introduces new versions of the software. But if necessary, you can, of course, revoke your signature manually.

Future updates

The platform is also thinking about some new ideas. For example, allow collections with dynamic prices in ETH, but for a fixed fee in dollars. This solution is for those who are annoyed by the volatility of Ethereum.

Another idea is to bring back the old auction formats that many old users miss.

In the future, users will be able to create a listing that dynamically changes the price in relation to the floor (expressed as a percentage). They are also preparing reward programs for the “invite a friend” promotion and other new items.

Recently, LooksRare got into a scandal: they issued themselves $73 million in cryptocurrency bonuses.

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