It’s been a long time coming. Today marks the beginning of a new era for your favorite NFT marketplace.
As you probably know, V2 has been our utmost priority for some time now. The temptation to rapidly push out flashy new features was strong, but we see a future where NFTs are 10x, 100x, 1,000x bigger than they are now.
And, since we’re building for that future, we first needed to build a scalable, efficient and flexible foundation for what’s to come next. That’s V2.
🚀 What V2 Means For You
As mentioned, this is a foundational layer which will allow us to ship functionality much more efficiently. But there’s some immediate benefits you should know about:
Slashed protocol fees (by 75%)
LooksRare’s protocol fee is now a fixed 0.5%, all the way down from 2%. Given the current market meta, we’re removing creator rebates for the time being.
Yuge savings on gas fees
You can save a whopping ~50% on gas fees compared to other marketplaces like Blur, and ~30% on gas fees compared to V1. Meaning more ETH left in your stash for sweeping.
WETH is out, ETH is in
Sellers now receive ETH instead of WETH — unless they’re accepting an offer, or if the transaction reverts (i.e., if the recipient is a smart contract, they might get WETH instead).
Native bulk buys
Who doesn’t love a good shopping spree? From now on, you’ll be able to seamlessly add 70+ NFTs to your cart — and buy them in a single transaction.
Went too crazy on your bulk buys? Good news — It’s just as easy to list the pieces you don’t want. Again, all with a single transaction.
Approve a collection once. Then, never again, even as we iterate on new versions of the exchange. Unless you choose to manually revoke it, of course.
This isn’t available via the front-end just yet. But it means cheaper transactions for aggregators, as it enables users to buy an NFT with one wallet, but to send it to another.
🔮 What V2 Means for the Future
Lots of things that weren’t possible on V1. We probably haven’t even thought of the killer app yet. But here’s some of what we can do. Cards on the table — we haven’t decided which of these to prioritize, or which of them not to bother with. That’s actually something we’d love to hear your thoughts on!
Upgraded collection offers
Want to buy 10 Pudgy Penguins for 5 ETH apiece? Easy. Just set it up in a single order instead of 10 individual ones, and get filled along the way. LooksConvenientTM.
Buy and sell with ERC-20 tokens, like LOOKS
Sell NFTs via the age-old auction formats you know, and maybe love.
Fixed price listings in USD
ETH’s volatility can be incredibly annoying when you’re trying to sell an NFT for a specific USD price. With this upgrade, you’ll be able to list at a dynamic ETH price but for a fixed amount of USD — regardless of how ETH is trading.
Listings relative to floor price
You’ll be able to create a listing that dynamically changes in relative to the floor price (expressed as a percentage), ensuring you can keep up with market movements without staying glued to the screen.
A wise man once said turn your friends into revenue. Refer friends to LooksRare and earn a share of the protocol fees.
Cancellations, listings, partial fills. Staples of the traditional crypto markets, but they’re a bit harder to implement in NFT land. Well, not for long.
With V2 comes much better modularity, meaning that you can soon get really granular with how you want your activities to go.
An offer you can’t refuse
Same goes for offers. Expect bundle offers (e.g., I want to sell ALL of these for 1 ETH) and more.
Whether it’s a single trait or ten of them that you’re looking for, you’ll easily be able to place offers on items that perfectly suit your needs.
Transfer your NFTs, all at once
Not sure what to add here — it’s exactly what it sounds like.
⚠️ Stuff You Need to Know About the V2 Rollout
We don’t want to hit you with this all at once. So, over the course of the next week, we’re going to keep the V1 contracts alive while the V2 one gains traction.
That means, for the next few days, both V1 and V2 activities will be eligible for Trading Rewards. After that, V1 orders will be disabled (although OCO will still be possible).
Has V2 been audited?
It has indeed.
Here’s a full detailed report from our friends over at Spearbit for your reading pleasure.
We’re excited. Hopefully, you are, too.
A massive thank-you to the community for your patience. Let’s get it.