New Competitor Cuts Away at OpenSea’s Non-Fungible Token (NFT) Marketplace Supremacy
A new non-fungible token (NFT) marketplace competitor is ripping away a small percentage of market share from OpenSea, the dominant company in the space.
Crypto insights firm Messari notes that decentralized NFT marketplace SudoSwap “has begun to cut into OpenSea’s stranglehold on the NFT space,” with its daily trading volume reaching 10% of OpenSea’s in less than a month.
The decentralized NFT marketplace launched in early July, billed itself as “highly flexible, gas-efficient and fully on-chain.”
Claims the project,
“Currently, the NFT market relies on centralized order books that are subject to downtime and centralization risk. sudoAMM changes that by being completely on-chain. Anyone can pull the same liquidity used by the sudoswap marketplace into their applications using just Ethereum.
The market structure for NFTs has been inefficient due to fees. Buyers often need a 10% price increase just to break even. Trading on SudoSwap means you only pay a 0.5% fee versus the usual 7.5% fee (2.5% + 5% royalty) on other platforms, enabling better price discovery.
SudoAMM is written from the ground up to be gas efficient for traders. Trading individual NFTs is as cheap as the most optimized NFT swaps, and when trading NFTs in bulk, sudoAMM can be up to 40% cheaper!”
SudoSwap’s total value locked (TVL) currently hovers above $3 million, up more than 900% from $298,000 in early August, according to data tracker DeFi Llama.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of security locked into the network by the current value of the assets.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/eliahinsomnia
