Competition from the New Marketplace Sudoswap Threatens OpenSea

When it comes to NFT marketplaces, OpenSea has long held the top spot. OpenSea has dominated the industry, hosting notable collections like the Bored Ape Yacht Club and possibly being the most well-known marketplace.

But now that Sudoswap, a new NFT marketplace, is on the scene, the market may face some competition. After opening for less than a month, Sudoswap has already acquired almost 10% of OpenSea's daily trading volume.

Sudoswap Enters the Ring with its Hat

This achievement by Sudoswap is noteworthy not just because the market is younger but also because it provides users with distinctive features. The sudoAMM, for instance, is entirely on-chain. This implies that by utilizing Ethereum, market participants can gain access to the same liquidity as the platform itself.

Then there are the modest transaction fees it levies. Sudoswap only levies 0.5% of the transaction value in fees, compared to the typical marketplace's 7.5%. Sellers can now keep a larger portion of their revenues than normal.

The price of gas is another expense that Sudoswap users can reduce. Bulk trading NFTs on Sudoswap can be up to 40% less expensive than its rivals. It is not surprising that the market has gathered such a trade volume in such a short period of time given all the benefits offered to users.

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