SudoAMM, the royalty-free NFT trading platform, has achieved over $50 million in total trading volume, the crypto data tracker Dune Analytics shows.
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The automated market maker (AMM) also hit other milestones, surpassing over 90,000 total transactions, seeing 29,000 users and amassing $251,000 in total platform fees.
SudoAMM was launched in July from the same team as Sudoswap, a decentralized NFT marketplace. SudoAMM sparked controversy last month when, in an effort to keep fees as low as possible, the platform removed royalties — a then-staple among NFT marketplaces.
Royalties allow NFT artists to earn revenue from NFT transactions beyond the primary sale, but they were a phenomenon mostly enforced by marketplaces. Because of NFT wrapping and the decentralized nature of Ethereum, there’s no viable way to enforce NFT royalties on-chain.
The high usage and trade volume shows that, despite its controversy, SudoAMM still manages to bring in a strong contingent of NFT traders who don’t mind forgoing royalties.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).
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