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The New NFT Marketplace by Andre Cronje is a Vampire Attack Suicide Pact

Artion, the new Fantom-based NFT marketplace, is more than just a soft launch: it’s an invitation to reshape the industry as a whole.

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As NFT behemoth OpenSea deals with the consequences of an insider front-running scandal, a new threat could emerge; an open-source competitor aiming to lay the basis for a vampire attack.

Andre Cronje has launched Artion, an NFT marketplace on the Fantom blockchain, after weeks of promoting the launch on Twitter.

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 said to control over 95 percent of all NFT sales.

Unlike OpenSea, Artion’s code is completely open-source, and there are no fees associated with minting or acquiring NFTs. OpenSea features a flat 2.5 percent cost on all purchases and is built on Ethereum, a network that excessive fees have recently plagued. The cost of approving a contract transaction can easily exceed $15 in network fees.

Artion is preparing a powerful cross-chain market with an NFT token bridge, according to Cronje, and the platform will launch “on a new chain every week,” with Ethereum, Arbitrum, Avalanche, and Polygon as early targets.

Cronje also stated that he “encourages” forks of his new project – spin-offs that will siphon volume from Artion and OpenSea simultaneously.

Vampire coven

Artion appears to be a straightforward vampire attack on OpenSea at first glance.

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.

Sushi, whose vampire assault in September 2020 caused the decentralized exchange to momentarily overtake rival Uniswap in the well-monitored total value locked (TVL) measure, is perhaps the most notable example.

Vampire attacks are frequently rationalized as ideological, even though they are usually mercenary. For example, sushi supporters claimed that a disproportionate number of Uniswap’s UNI tokens went to early venture capital investors. In contrast, according to supporters, Sushi distributes tokens more widely to users — a mechanism that better represents the open, permissionless essence of crypto.

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

OpenSea raised $100 million in July with a valuation of $1.5 billion.

Starting fires

Despite being a target, Cronje stated that a direct vampire attack is “not my play.”

“We’re entirely open-sourcing it and encourage teams to fork it. There is a built-in fee mechanism, so anyone can turn it on and pay fees to token holders.”

For the “lifecycle” of the project, Cronje said that Artion will not charge for minting, listing, or selling NFTs, but that “we urge forks to take it and add a token” and that the technology is built to make adding fees and tokens straightforward.

Forks of Artion could theoretically provide token incentives for users who bridge NFTs from one chain to another, in addition to potentially lucrative platform usage fees.

Artion is, in fact, a marketplace that intentionally invites a vampire attack on itself – and, by extension, an attack on OpenSea.

Cronje said the ripple effects motivate him and the rest of the seven-person Artion team to spend months constructing a project that has the potential to be enormously successful but for which they will receive no definite remuneration.

He remarked, “I enjoy designing open protocols and then seeing what people can do with them.”

Cronje went on to say:

“I like starting fires.”

Attack-ready

The attack-by-proxy occurs at a particularly inconvenient time for OpenSea.

On Sept. 14, a viral Twitter thread revealed on-chain evidence that Nate Chastain, the then-OpenSea Head of Product, was buying pieces from artists before they were shown on the marketplace’s homepage.

According to community-sourced efforts, the executive, who has since amended his Twitter bio to reflect he has quit, profited as much as $65,000 flipping these works.

One significant distinction between the platforms, according to Cronje, is that Artion encourages third-party development and forks.

He described the platform as “developer-first,” saying, “Artion smart contracts are meant to support third-party [user interfaces] and on-chain only contracts.”

Artion will be released under a modestly modified version of the GPL-3 license, a prominent open-source standard that requires forks to start on Fantom first before moving on to other chains but is otherwise very permissive.

While the tools to start an attack are now openly available, Cronje estimates that viable forks will take up to a month to emerge.

“Even for a skilled team, getting acclimated to the code base should take roughly five days, followed by another 5-10 days for setup and deployment. So it’ll take 3-4 weeks to get a good fork,” he wrote.

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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Projects

The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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