A former OpenSea employee is accused of profiting $65,000 by buying and selling NFTs. The NFT community was outraged by Nate Chastain’s conduct, leaving a gap in the market for a decentralized, open-source NFT marketplace that could compete with OpenSea’s 2.5 percent commission.
Artion, the new NFT marketplace, has recently gone live in beta on the Fantom blockchain. It also has the same appearance and functionality as OpenSea. Andre Cronje, the developer of Yearn Finance, has issued a call to action for developers interested in joining the NFT revolution. “It’s not about the money, it’s about conveying a message,” the inventor remarked.
Artion will support the same ERC-721 tokens as OpenSea, and minting an NFT on Fantom will only cost 1 FTM (Fantom) at an approximate value of $1.3 – compared to the cost of minting NFTs on ETH (Ethereum) on the rival chain, which can reach hundreds of dollars. In addition, Artion does not charge a fee for its services, meaning that users do not have to pay for access to its services. NFTs from Artion are stored on IPFS, a decentralized web hosting network, is limited to 15MB in size. Because it now uses the Fantom blockchain, Artion is also faster and cheaper than its nearest competitor, OpenSea, to process transactions.
Cronje told that he isn’t attempting to sink OpenSea, but rather enjoys “creating flames”. He followed up with a GIF that said, “It’s not about the money, it’s about delivering a message”. Cronje anticipates that others will fork Artion because it is completely open-source.
The paucity of options is currently Artion’s major constraint. There are around 50,000 Fantom NFTs on Artion. The emerging projects in Artion’s portfolio include StrangeBrew, FantomPunks, Ancestral Umans, and Fantom Waifus.
Most well-known NFT projects, as well as OpenSea, which handles the majority of secondary NFT purchases, use Ethereum. Artion, on the other hand, is likely to grow his small collection in the near future. Cronje plans to introduce a new blockchain to his marketplace every week, starting with Ethereum, Avalanche, Polygon, and Arbitrum. The restricted selection of Artion’s transactions on the main chain is unlikely to change anytime soon.
The process of sucking money from a competitor’s platform by forking it or offering similar fees or incentives is referred to as “vampire mining”. Cronje says vampire mining is “not my game,” but other teams may employ its technology to counter OpenSea. OpenSea may struggle if Cronje’s marketplace stimulates smart developers.