High costs and fees continue to be one of the most significant issues in Web3, which is why NFT marketplace LooksRare and blockchain Solana are taking initiatives to tackle it.
LooksRare recently announced the launch of “LooksRare V2,” a more scalable, efficient, and flexible foundation for its marketplace.
The updated version lowered LooksRare’s protocol fee from 2% to 0.5%, and saved approximately 50% on gas fees when compared to other markets like Blur, and 30% on gas fees when compared to V1.
V2 would also support bulk purchases, allowing collectors to add more than 70 NFTs to their cart and purchase them all at once, among other features such as bulk listings and receiving ETH instead of WETH.
Meanwhile, Solana introduced “state compression,” a new way to store data directly on-chain that reduces costs by magnitudes of scale.
Although state compression can be used to store any type of data on-chain, compressed NFTs are the first use of this cutting-edge technology.
Compressed NFTs are just like ordinary NFTs, but much cheaper — minting 100 million compressed NFTs costs around 50 SOL (about $1,030) to keep on-chain, compared to 1.2 million SOL (roughly $24,714,000) for its uncompressed equivalent, making NFTs 2,400-24,000x cheaper.
These are just two efforts taken to lower the costs associated with NFTs; additional more advanced solutions could arise in the near future to make the minting and trading experiences even more seamless and accessible to everyone.