looks rare is implementing a zero-fee policy for all NFT sales, ensuring that sellers receive the full value of their listed items without any cuts. The bold move is a direct challenge to industry giant OpenSea, which has faced criticism for its fee structure.
Luxray 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 places an emphasis on giving back to the NFT community and has adopted a modular framework for its smart contracts, which facilitates the addition of new features in the future. Luxray used to charge a 2% sales fee on NFT sales.
It offers many attractive features such as trading rewards, staking rewards, specialty offers and more. Users who buy or sell NFTs on the platform receive rewards in Looks.
The LUX token is central to the LUXARE ecosystem and can be staked to receive shares of the daily trading fees earned in LUX and Wrapped Ether (WETH).
Luxray said its users can now enjoy a fee-free experience, unlike some other platforms that continue to charge fees on transactions. The company is taking a dig at OpenSea.
OpenSea is known for its fee structure associated with NFT transactions. Unlike some platforms that have launched zero-fee initiatives, OpenSea generally charges fees on transactions occurring on its marketplace.
Users on OpenSea are accustomed to facing fees when buying, selling, or transferring NFTs. These fees may include gas fees, which are tied to the Ethereum blockchain, as well as platform fees implemented by OpenSea.
Gas fees are variable and depend on network congestion and transaction complexity, while OpenSea’s platform fee is a percentage of the transaction value.
OpenSea and similar platforms have been criticized 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, Luxray said it is not only eliminating transaction fees, but also waiving all protocol fees on both the Luxray v2 Marketplace and Luxray’s Seaport implementation.
It added that the promotional period is set to run for the next 30 days, ending on December 16, 2023 at 13:00 (UTC). Sellers on Luxray can take advantage of this fee-free period to participate in the NFT market without the usual transaction-related costs.
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