OpenSea faces competition from the SudoSwap NFT marketplace

The non-fungible token (NFT) sector has experienced massive growth over the past year. OpenSea has cemented its presence as one of the largest NFT marketplaces, but it is currently facing stiff competition from upcoming marketplaces.

OpenSea faces competition from new NFT marketplaces

One of the companies that are currently facing competition from OpenSea is SudoSwap. The daily trading volumes on this NFT marketplace currently stand at 10% of those of OpenSea, and the platform is ready to give more competition to the NFT marketplaces.

The cryptocurrency market has been on a bearish trend since the beginning of the year. However, NFTs have been solid and have not dipped like the rest of the cryptocurrency market. The growth has also attracted new projects in the market.

One of the newest NFT projects in the market right now is SudoSwap. Despite being a new project, it is giving competition to the largest NFT marketplace, OpenSea. SudoSwap is slowly snatching away a small percentage of OpenSea’s market share.

SudoSwap is a leading decentralized NFT marketplace. The marketplace is providing stiff competition to the top NFT marketplace. SudoSwap is already disrupting the powerful hold of OpenSea over the NFT market. The daily trading volumes of this NFT marketplace currently comprise around 10% of OpenSea’s trading volumes within one month.

Despite the apparent success that it is having, SudoSwap is a new project. The decentralized NFT marketplace was started in early July. The company has sold itself as highly flexible, gas-efficient, and fully operating on-chain.

SudoSwap plans to be different

The NFT market has become one of the top web3 and crypto areas. SudoSwap plans to be different from the other NFT marketplaces. The NFT market currently uses centralized order books that can be affected by downtime and face a risk of centralization.

SudoAMM plans to become fully on-chain. Anyone can source the same liquidity used by the SudoSwap marketplace and use it in other applications, just like Ethereum. NFT buyers also opt to trade with SudoSwap because they only have to pay a 0.5% fee, which is notably low compared to the 75% usual fees on other platforms.

SudoAMM has also been developed with a robust framework to guarantee gas efficiency for traders. Trading a single NFT on the platform is straightforward and optimized the same as NFT swapping contracts. If trading large NFT volumes, SudoAMM can be notably cheaper. The SudoSwap TVL currently stands at around $3 million, representing a 900% increase.