The renowned creator of Yearn.Finance, Andre Cronje, has launched a rival non-fungible token (NFT) marketplace to OpenSea, which earlier this month came under criticism amid accusations of insider trading.
Although OpenSea claims to be a decentralised marketplace, it actually operates under a centralised manner of authority, which consequently enabled an employee, Nate Chastain, to trade some NFTs based on insider information, according to reports. This meant that Chastain knew which NFTs would list on OpenSea and bought them ahead of listing for quick profits – making up to US$65,000.
The development rattled NFT traders, causing many to seek decentralised alternatives.
Decentraland NFT Marketplace Artion Debuts on Fantom
Just in time, Cronje unveiled Artion, which is similar to OpenSea but fundamentally different. Based on Fantom, Artion is an open-source and decentralised marketplace for NFT trading. It currently supports four Fantom-based ERC20 tokens, which include fUSDT, USDC, DAI, and wFTM. It will also support the ERC721 NFT token standard in the beta release.
Artion runs with Chainlink price feeds to source for real-time exchange rates.
Yearn Finance Creator Launches Vampire Attack on OpenSea
While commenting on a tweet about Artion, Cronje shared a GIF saying, “It’s not about the money, it’s about sending a message”. However, there are people who believe Artion marks the beginning of rip-offs for OpenSea.
Firstly, NFT minting fees at Artion have been reduced to 1 FTM (currently at US$1.30), which is cheaper compared to OpenSea. Additionally, the decentralised platform will charge no commission fees on sales. The fact that Artion is open-source means anyone can replicate the protocol, resulting in more rivals to OpenSea, which holds a significant trading volume in the NFT marketplace.
SushiSwap is a typical example of a successful “vampire attack” on the DeFi space, and many people speculate this will repeat with OpenSea in the NFT market.
Earlier this month, an OpenSea bug destroyed US$130,000 worth of NFTs, as reported in Crypto News Australia. OpenSea users have also been victims of phishing attacks from scammers posing as support staff on the Discord server.
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