A new non-fungible token (NFT) marketplace competitor has received a small percentage of market share from OpenSea, a prominent company in the space.
Messari, a crypto data analytics company, announced in a new report that the daily trading volume of the decentralized NFT marketplace SudoSwap has reached 10% of OpenSea in less than a month. After the announced data, it caused rumors that SudoSwap could be a strong competitor against OpenSea, which has an important place in the NFT market. The decentralized NFT marketplace SudoSwap was launched in early July. The company, which introduced itself to the NFT markets as “extremely flexible, gas-efficient and fully usable”, achieved great success at the end of the first month. In a report explaining the company policy, he made the following statements:
“The NFT market relies on centralized orderbooks, which are subject to downtime and centralization risk. sudoAMM has a completely usable structure. Investors can use the same liquidity provided by the sudoswap market in their applications using only Ethereum. The market structure for NFTs is inefficient due to high fees "Buyers usually need a 10% price increase to exit their positions without loss. With SudoSwap, there is no such grievance."
However, the company, which has just entered the NFT field, has previously announced that it charges lower fees for transactions compared to companies operating in this field. Sudoswap officials said:
“Our Sudoswap NFT marketplace only charges 0.5% on your trades versus the high 7.5% fees on other platforms. SudoAMM was written from the ground up to be the most efficient with gas fees for investors in mind. Also, trading with single NFTs is the most as cheap as highly optimized NFT swap contracts. When swapping NFTs in bulk, sudoAMM can cost up to 40% less compared to other platforms!"
On the other hand, according to data monitoring company DeFi Llama, the total locked value (TVL) of SudoSwap was $298,000 at the beginning of August, up more than 900% at the time of writing to over $3 million. A Blockchain's TVL represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of cryptocurrencies.