Andrew Cronje Launches a New NFT Marketplace to Rival OpenSea

Andrew Cronje Launches a New NFT Marketplace to Rival OpenSea

NFT
September 27, 2021 by Editor's Desk
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Cryptocurrency is known for being a revolutionary world where changes are made almost daily, and innovations change the status quo, making it a competitive space. Recently, NFTs became the most competitive aspect of crypto, and various marketplace such as Openasea have seen increased users and transactions in the platform, but a new marketplace has just
Andrew Cronje Launches a New NFT Marketplace to Rival OpenSea

Cryptocurrency is known for being a revolutionary world where changes are made almost daily, and innovations change the status quo, making it a competitive space. Recently, NFTs became the most competitive aspect of crypto, and various marketplace such as Openasea have seen increased users and transactions in the platform, but a new marketplace has just been launched with features good enough to overhaul the old and establish a new dynasty for itself.

For some months, Andrew Cronje and a team of seven have been bent on introducing a revolution by creating a marketplace that would fiercely compete with OpenSea, but this time around, with features and offers that prove too good to be true. In a tweet shared, coder and DeFi developer Cronje announced that the project, Artion, had just been launched and looks set to become the new deal.

 

More About Artion

Artion is a beta version of a new NFT marketplace on the Fantom network and is the latest ambitious addition to the ecosystem. NFT giant OpenSea has been submerged in an insider saga that threatens its credibility and has left room for a vampire attack which Cronje’s new marketplace is leading.

For the past weeks, the famous developer and crypto enthusiast kept his fans on the edge of their seats with the teaser for his new marketplace, and since announcing the launch, the news has been warmly received by his followers. Artion promotes open-source technology, quick transaction speeds, and inexpensive transaction costs and fees.

Artion has a front end that looks strikingly similar to OpenSea, the undisputed NFT industry leader, which processed $3.5 billion in volume in August and is reputed to control over 95 percent of all NFT sales. While Opensea is undoubtedly a big fish in the NFT waters, Artion made some modifications that mark its platforms out. 

Difference Between Both Platforms

A huge difference between both platforms is that Artion’s code is completely open-source, unlike its counterpart, OpenSea, and there are no fees associated with minting or acquiring NFTs. The cost has been a major limitation of OpenSea users since it levies a flat 2.5 percent cost on all purchases and, in addition to that, is built on Ethereum, whose exorbitant fee has been a major complaint. The cost of approving a contract transaction can easily exceed $15 in-network fees., which to many users is a big turnoff.

Cronje is the creator of Yearn Finance, a prominent DeFi company. Furthermore, DeFi Prime designated him the “DeFi Person of the Year” in 2020 for his services to the Defi space, so his experience and credibility back his new project.

He once revealed that Artion is planning a powerful cross-chain market with an NFT token bridge, noting that the platform will be launched on a new chain every week and has ethereum, Arbitrum, Avalanche, and Polygon as some initial targets. In addition, the famous coder claimed that he encourages fork of his new project, which will siphon volume from both Artion and OpenSea at the same time.

 

Vampire Attacks are Normal

Artion’s seeming attack on OpenSea is not a strange affair in the crypto world. Vampire attacks are a typical occurrence in decentralized finance (DeFi), in which a competitor to an incumbent protocol – commonly a fork of the “victim’s” code – offers higher incentives in the hopes of causing a liquidity migration.

Members of the OpenSea community have long wondered if OpenSea may be the target of a vampire attack since it does not have a token and has spent the last year raising hundreds of millions of dollars in private equity rounds.

Cronje’s Artion marketplace is subtly inviting the public to raid and attack it and, by extension, attack Opensea. Click here to understand more about vampire attacks.