A new non-fungible token (NFT) marketplace is taking a small amount of business from OpenSea, which is the market leader in this space.
Crypto insights firm Messari says that the decentralized NFT marketplace SudoSwap “has started to cut into OpenSea’s stranglehold on the NFT space” because its daily trading volume has reached 10% of OpenSea’s in less than a month.
Early in July, the decentralized NFT marketplace opened with the slogan “highly flexible, gas-efficient, and fully on-chain.”
Says that the project,
“Right now, the NFT market depends on centralized orderbooks that can go down and have a risk of being too centralized. This is different with sudoAMM because it is fully on-chain. Anyone can use Ethereum to get access to the same liquidity that is used by the sudoswap marketplace.
Due to fees, the structure of the market for NFTs hasn’t been very good. Most of the time, buyers need a 10% price hike to just break even. When you trade on SudoSwap, you only have to pay a 0.5% fee instead of the usual 7.5% (2.5% + 5% royalty) fee on other platforms. This makes it easier to find the best price.
SudoAMM was made from the ground up to help traders save gas. Trading a single NFT is just as cheap as the best NFT swapping contracts, and sudoAMM can be up to 40% cheaper when trading a lot of NFTs.”
According to data tracker DeFi Llama, SudoSwap’s total value locked (TVL) is just above $3 million. This is up more than 900% from $298,000 at the beginning of August.
The total amount of money in a blockchain’s smart contracts is shown by its TVL. TVL is found by multiplying the amount of collateral locked into the network by the current value of the assets.