LooksRare, a community-driven NFT marketplace, has recently announced that it’s extending its no-fee policy for another 30 days, coinciding with the Christmas holiday season. In this blog post, we’ll explore LooksRare’s initiative and how it impacts NFT collectors and investors.
Zero-Fee Initiative
LooksRare is a decentralized NFT marketplace built on the Ethereum blockchain. Since its launch early in 2022, LooksRare has become one of the most popular trading platforms in the NFT ecosystem. In November, LooksRare revised its fee structure, offering a temporary zero-fee policy on NFT sales that began on November 16 and remained in effect until December 16. As a result, NFT sellers received 100% of what they listed their NFTs for.
LooksRare’s recent announcement indicates that the zero-fee selling initiative will continue until mid-January, with the goal of attracting more sellers and increasing platform activity, especially during the festive season. This initiative provides an opportunity for sellers to maximize their profits without having to pay any transaction fees. It’s also a valuable opportunity for collectors to purchase NFTs at a discounted price, making the platform more accessible to trading enthusiasts and investors.
Enhancing NFT Market Dynamics
The zero-fee initiative is the result of the launch of LooksRare’s Version 2 upgrade and a shift to zero-royalty trading. These upgrades have contributed to LooksRare’s adaptability and responsiveness to the highly competitive NFT market environment. The initiative is expected to encourage more participation among NFT collectors, investors, and sellers, thus driving more activities on their platform.
By extending the zero-fee policy until January, LooksRare has seized the opportunity to bank on Christmas holiday traffic and boost activities on its platform, which is also part of their strategic plan for growth. This initiative is expected to bring a steady flow of new buyers and sellers to the platform and increase the platform’s volume, liquidity, and user base.
Conclusion
The extension of LooksRare’s zero-fee policy on NFT sales is a strategic move that aligns with their central aim of becoming the go-to marketplace for NFT enthusiasts and investors. The initiative is expected to increase platform activities, volumes, and liquidity while providing NFT sellers with an opportunity to maximize their profits.
The extension will also make the platform more accessible to new trading enthusiasts and buyers. It will be interesting to see how this initiative impacts the NFT market and how LooksRare will continue to evolve to succeed in the highly competitive NFT space.
