DeFi

YFI Creator Andre Cronje Launches a Vampire Attack on Popular Ethereum NFT Marketplace OpenSea

“It’s not about money. It’s about sending a message,” says the GIF featuring the Joker from The Dark Knight used by Andre Cronje to define this vampire attack on popular non-fungible token (NFT) marketplace OpenSea.

OpenSea exploded in popularity in the past couple of months to record an all-time high of $3.2 billion volume in August, $236.4 million in fees the same month, and a record of almost 250k active traders this month, according to Dune Analytics.

OpenSea is actually the biggest contributor to the amount of Ether burned, accounting for more than 14% of 364,176 ETH worth over $1.2 billion burned since August 5th.

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In March, OpenSea raised $23 million led by VC giant a16z with other participants, including Naval Ravikant, Mark Cuban, Alexis Ohanian, Dylan Field, and Linda Xie. As NFT mania went further mainstream in June, it raised another $100 million at a $1.5 billion value from a16z.

Amidst this came the controversy of an OpenSea employee resigning after it became public knowledge that its head of product Nate Chastain was involved in insider trading.

Low Minting Fees, 0% Sales Commission

Cronje, who created the decentralized finance (DeFi) project Yearn Finance (YFI), is the one behind the OpenSea competitor.

On Friday, Fantom Foundation announced the launch of the beta version of Artion, an NFT marketplace built on Fantom, a layer 1 blockchain that uses a single consensus layer to support the creation of multiple execution chains.

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It currently supports Fantom-based ERC20 tokens, including fUSDT, USDC, DAI, and wFTM, with more to be added. The platform can be accessed through MetaMask and Coinbase Wallet.

This open-source, fast, and inexpensive marketplace claims to have 0% commissions on sales and having near-zero transaction costs. Creators can also set royalties at the time of minting to earn revenue on secondary market sales.

For minting NFTs, Artion charges 10 FTM, which costs just above $13 at a current price of $1.32 per FTM token. The token is up more than 20% in the past 24 hours and currently down 31% from its all-time high of $1.92 hit 16 days back.

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The team plans to add an Ethereum-Fantom NFT bridge for interoperability with Ethereum in its next release so that digital art can be moved cross-chain. Artion’s roadmap also includes creating ERC-721 or ERC-1155 collections, ERC-1155 support and tracking, and support for ERC-2981 and additional ERC-20 payment options.




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