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Vampire attack on NFT platform? Brand new NFT platform "Artion" with no transaction fees, extremely low minting fees!

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Vampire attack on NFT platform? Brand new NFT platform "Artion" with no transaction fees, extremely low minting fees!

The leading NFT trading platform OpenSea saw its trading volume surpass $3 billion last month, capturing over 90% of the entire market share. However, a recent insider trading scandal at OpenSea has angered the entire NFT community. Last Friday, the Fantom Foundation launched a new and open-source NFT trading platform called Artion, poised to rival it.

Advantages of Artion

When you visit the homepage of Artion, you will notice that its interface is quite similar to OpenSea, with a simple white and blue design. However, unlike OpenSea, Artion does not charge any transaction fees, while OpenSea has a fixed fee of 2.5%. Additionally, due to the high Gas Fees on the Ethereum network caused by transaction congestion, users often end up paying extra fees on top of that.

Furthermore, the Fantom Foundation announced on Twitter two days ago that they have reduced the cost of minting NFTs on Artion from 10 FTM to 1 FTM, approximately 1.2 USD. Compared to the high minting fees on Ethereum, which can range from tens to hundreds of dollars, Artion seems to have a significant advantage.

Currently, Artion only supports NFTs issued through ERC-721, but they plan to support ERC-1155 and ERC-2981 versions of NFTs in the future. According to Coindesk, Artion has ambitious plans. Andre Cronje, the technical architect of Fantom and founder of Yearn.Finance, stated:

Artion is preparing for a powerful cross-chain market with NFT tokens as a bridge. Artion will also launch on a new chain every week, with Ethereum, Arbitrum, Avalanche, and Polygon as our early targets.

Vampire Attack on NFT Platforms?

Launching a competing platform by forking a rival's platform or offering similar services and additional incentives to attract users from the original platform is known as a "vampire attack." Last summer, the decentralized exchange SushiSwap initiated a vampire attack on UniSwap, another decentralized exchange, and turned its fortunes around, growing into a protocol worth billions of dollars.

At first glance, Artion's interface resembles that of OpenSea, and it offers cheaper and more efficient services, prompting speculation as to whether Artion is launching a vampire attack on OpenSea. However, Andre Cronje stated:

Vampire attacks are not my job, but since Artion is open source, other teams can use Artion's code and try to compete with OpenSea. I'm not trying to bankrupt OpenSea, but I enjoy "stirring the pot."

Subsequently, Andre Cronje also posted a Gif on his Twitter to express that his actions are not motivated by money, but by conveying a certain idea.

https://twitter.com/i/status/1441423154954395662

While it remains uncertain whether Artion will grow to compete with OpenSea in the future, the market seems unable to tolerate being dominated by a single platform in the long run. Insider trading incidents have also led users to push back against OpenSea. With the emergence of a new and seemingly competitive platform, the battle in the NFT market may intensify in the coming months!