For a long time now, OpenSea has been the top dog when it comes to NFT marketplaces. From being the home of top collections like the Bored Ape Yacht Club to being perhaps the most recognizable marketplace in the space, OpenSea has reigned supreme.
But now, the marketplace might have a bit of competition on its hands thanks to Sudoswap, an upcoming NFT marketplace. In less than a month of opening, Sudoswap has secured around 10% of OpenSea’s daily trading volume.
Sudoswap Throws its Hat into the Ring
This accomplishment by Sudoswap is significant not just because the marketplace is newer but also because it offers customers unique features. For example, the sudoAMM is fully on-chain. This means that marketplace users can access the same liquidity that the platform does by making use of Ethereum.
Then there are low fees that it charges for transactions. Your typical marketplace charges around 7.5% of the transaction value in fees but Sudoswap only charges 0.5%. This means that sellers can keep more of their profits than usual.
Finally, there is the cost of gas fees that Sudoswap helps users save on. Compared to its competitors, bulk trading NFTs on Sudoswap can be up to 40% cheaper. With all these perks available to customers, it is no surprise that the marketplace has amassed such a trading volume in such a short time.
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