- A NFT marketplace called Artion has launched on the Fantom blockchain
- Artion is the brainchild of developer Andre Cronje, and is fully open source
- Artion doesn’t charge a platform fee on transactions, compared to OpenSea’s 2.5% flat fee
NFT marketplace Artion launches on Fantom
The Fantom blockchain platform is vying to become a significant player in the non-fungible token (NFT) market with the recent announcement of the Artion NFT marketplace.
The Artion marketplace supports payments with 4 tokens (fUSDT, USDC, DAI and wFTM), and users can connect to it via either MetaMask or Coinbase Wallet. The fee for minting NFTs was initially 10 FTM, but it has since been lowered to 1 FTM (about $1.25 at current prices).
Just by taking a glance at the Artion frontpage, it seems pretty clear that Artion is meant to be a competitor to OpenSea, which is currently the go-to marketplace for trading NFTs on the Ethereum, Polygon and Klaytn blockchains.
One of Artion’s main selling points is that it doesn’t charge a platform fee, compared to OpenSea’s flat 2.5% fee on all NFT purchases. Of course, Artion uses the Fantom blockchain, which means users will be paying less for on-chain transaction fees as well. Artion has also open-sourced all of their code, giving developers the opportunity to propose improvements or even fork the code and use it as a basis for entirely new NFT marketplaces.
Artion is the brainchild of Andre Cronje, a blockchain developer who achieved stardom in the cryptocurrency community last year as the creator of DeFi protocol Yearn Finance. In an interview with CoinDesk, Cronje said that he is encouraging developers to fork Artion and create their own marketplaces, potentially with their own native tokens (Artion itself does not have a native token).
With OpenSea being on the receiving end of controversy recently, alternatives to the platform are a hot topic. Earlier in September, Twitter users discovered that OpenSea’s former head of product Nate Chastain was buying NFTs from collections before they would become featured on the OpenSea frontpage. These NFTs were more likely to appreciate in price due to the increased exposure.
In response, OpenSea introduced new company policies prohibiting employees from using confidential information to inform their NFT purchases. According to Chastain’s Twitter profile, he’s no longer part of the OpenSea team.
Even though open source competitors like Artion could mount a real challenge to OpenSea, it’s not going to be easy to dethrone it. In August alone, the platform saw $3.4 billion in volume. The project also has plenty of capital on hand to grow further – in July, OpenSea raised $100 million at a valuation of $1.5 billion.
Source link: https://coincodex.com/article/12406/artion-nft-marketplace-launches-on-fantom-to-provide-alternative-to-opensea/