LooksRare is implementing a zero-fee policy for all NFT sales, ensuring that sellers receive the full value of their listed items without any deductions. This bold move comes as a direct challenge to industry giant OpenSea, which has faced criticism for its fee structure.
LooksRare is a decentralized NFT marketplace that operates on the Ethereum network. It is a community-first platform that rewards all its creators, collectors, and traders with its native utility token, LOOKS.
The platform emphasizes giving back to the NFT community and has adopted a modular framework for its smart contract, which facilitates the addition of new features in the future. LooksRare used to charge a 2% sales fee on NFT sales.
It offers several attractive features such as trading rewards, staking rewards, trait offers, and more. Users buying or selling NFTs on the platform receive rewards in LOOKS.
The LOOKS token is central to the LooksRare ecosystem and can be staked to receive shares of daily trading fees, received in LOOKS and wrapped ether (wETH).
LooksRare stated that its users can now enjoy a fee-free experience, a stark contrast to some other platforms that continue to charge fees on transactions. The company is taking a dig at OpenSea.
OpenSea has been known for its fee structure associated with NFT transactions. Unlike some platforms that have introduced zero-fee initiatives, OpenSea typically charges fees on transactions that occur on its marketplace.
Users on OpenSea are accustomed to facing fees when buying, selling, or transferring NFTs. These fees can include gas fees, which are associated with the Ethereum blockchain, as well as platform fees implemented by OpenSea itself.
Gas fees are variable and depend on network congestion and transaction complexity, while OpenSea’s platform fees are a percentage of the transaction value.
Criticism has been directed at OpenSea and similar platforms for the impact of these fees on users’ overall experience. Some users have expressed concerns about the transparency of fee structures and the potential impact on the profitability of NFT transactions.
As part of this promotional initiative, LooksRare said it’s not only eliminating transaction fees but also waiving all protocol fees on both the LooksRare V2 marketplace and LooksRare’s Seaport implementation.
It was added that the promotional period is set to run for the next 30 days, concluding on December 16th, 2023, at 13:00 (UTC). Sellers on LooksRare can leverage this fee-free period to participate in the NFT market without the usual transaction-related costs.