NFT

LooksRare Adds ‘Conditional NFT Listing’ to Its Marketplace

To help users save money on gas fees.

NFT

LooksRare Adds ‘Conditional NFT Listing’ to Its Marketplace

To help users save money on gas fees.

NFT marketplace LooksRare announced in a tweet on Thursday, June 23, that sales through its smart contracts now allow for the conditional listing of multiple NFTs. 

A conditional listing is a custom order type with an attached condition that allows for a seller to “sell one and keep the other.” According to a newly released guide by LooksRare, the condition is a “One-Cancels-the-Other (OCO),” whereby if one NFT listing is executed (and the item is sold out), the other listing is automatically canceled, ensuring the safe return of the other NFTs in the listing to the seller’s wallet. 

In the event you have two or more NFTs, conditional listing allows for the seller to both increase the chances of it selling, as well as ensure that one NFT can only ever be purchased. Upon the purchase of one NFT, the other listing will automatically be canceled and remain in the seller’s wallet, ultimately saving the seller money on gas fees. Typically, if a seller were to list two NFTs separately and then cancel the listings, they would need to pay gas fees for two separate cancelation transactions. 

With a conditional listing, the seller would only need to pay the gas fee for a “single cancelation transaction.”

The NFT marketplace stressed that conditional listing is only available on the LooksRare NFT marketplace and its associated smart contracts.

“Conditional listing behavior only applies to sales made via LooksRare’s smart contracts (either directly, or via aggregators like Gem/Genie),” the guide explained. “If you list one or more of the items in your conditional listing on another marketplace, they could potentially all be bought.”

In other news, TAG Heuer launches NFT integration for its smartwatch.

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