LooksRare, one of the most promising NFT marketplaces, has recently announced the release of Version 2 update. This update has received a warm welcome from the NFT community, as it introduces several new features that enhance the user experience and improve trading efficiency.
LooksRare unveils new features in V2
The update introduces several key features that make trading NFTs more efficient and affordable. For instance, Version 2 reduces fees by 75%, making it more accessible for small-time collectors and creators. This means that it will be easier for beginners to enter the NFT market and for established buyers and sellers to make more profits.
Another significant change brought about by Version 2 is the gas-efficient contracts. This means that the smart contracts consume less gas, ensuring that buyers and sellers have to pay lesser gas fees to complete a transaction. It also improves the security of the transactions by reducing the risk of network congestion.
In addition, with Version 2, trading is now done in token prices instead of ETH. This means that buyers and sellers can now trade without worrying about the fluctuating value of ETH. This feature ensures that users get the best prices for their NFTs when buying or selling, making trading on LooksRare more efficient than ever before.
However, with the introduction of the Version 2 update, the legacy Version 1 is being phased out. This means that eventually, all auctions on Version 1 will be removed, and the smart contracts and dApps disabled. The timeline for this transition has been laid out, giving users ample time to move their NFTs and other assets over to the new platform.
Users show mixed reactions to the update
As with every major update, there have been mixed reactions from the NFT community regarding the LooksRare Version 2 upgrade. Some appreciate the new features, while others have criticized the platform for missing some essential tools that are present in other NFT marketplaces. However, it is worth noting that the LooksRare team has been working tirelessly to listen to and address these concerns.
Regardless of the pros and cons, LooksRare has been continuously improving its platform and adapting to the fast-paced NFT market. The recent surge in NFT prices has undoubtedly benefited the platform, as more sellers are looking to list their NFTs on the marketplace.
However, the platform has also faced controversy as it recently announced that it would eliminate creator royalties in October. This decision has been met with mixed reactions, with some content creators arguing that they should be compensated for their work.
Nevertheless, LooksRare remains one of the most promising NFT marketplaces to watch out for in the coming years, as it continues to innovate and adapt to the ever-changing NFT market.
