LooksRare has introduced a new transfer function that NFT owners will greatly appreciate. Indeed, now NFT owners can use LooksRare to transfer their NFTs. Notably, the listing feature that LooksRare included could give NFT owners yet another reason to use the NFT marketplace over OpenSea.
LooksRare’s new transfer function looks to answer OpenSea’s listing problem
LooksRare recently tweeted about the new feature. To clarify, NFT owners will be able to transfer one ERC-721 token at a time, or multiple ERC-1155 tokens using the same TokenID.
Crucially, LooksRare’s transfer feature will show owners if they’re about to transfer an NFT with a sale listing. Thus owners can make sure to cancel the listing before transferring the NFT.
Without a doubt, this part of the transfer feature will get the most attention from NFT owners. Of course, this is due to the NFT community’s growing frustrations with OpenSea. In particular, with the listing bug that has cost countless NFT owners their most prized NFTs.
OpenSea’s stumbles provide a golden opportunity for LooksRare
This transfer feature is the latest update to LooksRare, which first launched towards the beginning of this year. To be sure, it looked like the NFT marketplace would have a very tall task ahead of itself in taking users away from OpenSea.
As a matter of fact, before LooksRare, OpenSea’s run as the go-to NFT marketplace had gone largely unchallenged.
However, a series of scandals and slip-ups throughout the second half of 2021 had many in the NFT space calling for a viable competitor to come up and challenge OpenSea. Most recently, NFT owners have been expressing anger over OpenSea’s response to its listing problem. Not to mention the decision to limit its free minting tool. In fact, that decision was so unpopular that OpenSea ended up reversing it.
All in all, this is giving LooksRare a chance to close the gap between itself and OpenSea. And it’s fair to say that this new transfer feature from LooksRare is an example of it making the most of its opportunity.