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 the decentralized NFT marketplace SudoSwap “has started 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, billing itself as “highly flexible, gas-efficient and fully on-chain.”
Claims the project,
“Currently, the NFT market relies on centralized orderbooks that are subject to downtime and centralization risk. sudoAMM changes that by being fully on-chain. Anyone can source the same liquidity used by the sudoswap marketplace in their applications using just Ethereum.
The market structure for NFTs has been inefficient due to fees. Buyers often need a price increase of 10% to just break even. Trading on SudoSwap means you only pay a 0.5% fee versus the usual 7.5% (2.5% + 5% royalty) fee on other platforms, enabling better price discovery.
SudoAMM is written from the ground up to be gas-efficient for traders. Trading single NFTs is just as cheap as the most highly-optimized NFT swapping contracts, 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 at the beginning of 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 collateral locked into the network by the current value of the assets.