LooksRare launches version 2, gas fees reduced from 2% to 0.5%


  • LooksRare’s previous version will be terminated by April 13.
  • Users can add more than 70 NFTs to their cart and purchase them in just one transaction.
  • Reusable signatures will allow users to approve a collection for once and all and not again and again.

LooksRare has updated to version 2 and decreased fees by 75% besides introducing many other features, as announced on April 6. 

Version 1 used to charge 2% per trade, which has now been decreased to 0.5% in Version 2. Furthermore, the new version has more gas-efficient contracts. As compared to marketplaces such as Blur, users can save ~50% on gas fees and ~30% on gas fees in comparison to V1.

From now on, sellers will get ether rather than wrapped ether for most sales. Smart contracts enable the bulk purchase and sale of orders if a user wishes to place several trades together. Also, aggregators can incorporate custom recipients to enable users to purchase a non-fungible token with one wallet and send it to another. 

Sellers can also list non-fungible tokens for sale in token price and not in ETH, which also includes a fixed U.S. dollar price meant to be paid in equivalent ETH.

In an April 7 post, the team shared that the LooksRare version will be discontinued. On April 12, the front end of the application won’t enable users anymore to post version 1 auctions via the public API. On April 13, the existing v1 auctions will be eliminated at 10:00 am UTC from the website. Moreover, smart contracts will be disabled at 11:00 UTC via an admin function.

The announcement mostly received a positive response, with several users believing the new features offered an incredible challenge to leaders like OpenSea and Blur.

However, not everyone seems to believe that LooksRare version 2 will be able to impress users better than other platforms. According to them, version 2 won’t offer good token incentives or enable ample collections to be listed.

In October, LooksRare faced controversy regarding its decision to remove creator royalties. The marketplace has benefited from the recent increase in the price of NFTs.