• New NFT marketplace takes direct aim at OpenSea – in the form of tokens

  • A new NFT marketplace called Infinity has been launched, and it’s targeting OpenSea users.

    Infinity is repurposing some of OpenSea’s smart contracts and hopes to attract OpenSea users through airdrops.

    The latest entrant to the non-replaceable token trading market plans to compete directly with market leader Opensea for users. The team behind the project, called Infinity, is also hoping that a token and some well-regarded backers will help it take on bigger rivals.

    Infinity – which officially launches today – is branding itself as the “FTX of NTF,” alluding to its desire to serve as a community-driven, anti-establishment, alternative to the more mainstream NFT platform.

    Already a number of large NFT influencers, including NFT whale 0x_b1, are backing the project.

    Competing with OpenSea won’t be easy, as users are already flocking to the a16z-backed platform. The marketplace saw monthly trading volume of more than $2.72 billion in September. It also has a $100 million war chest from its recent fundraising and recently launched a mobile app. It also has a wide range of high-profile investors, including Naval Ravikant, Mark Cuban and Alexis Ohanian.

    But OpenSea has also faced its share of setbacks, including bugs and the departure of a longtime executive who used insider information to trade NFT.

    Vampire Airdrop.

    Infinity has the ambition to eat up some of this volume by airdropping its tokens to OpenSea users.” 10% of the governance token supply ($NFT) will be allocated to existing OpenSea users who trade before October 4, 2021 at 11:59PM UTC.

    “The airdrop amount is a tier based on OpenSea transaction volume. The airdrop will be available for application after trading activity on the Infinity marketplace ends within 30 days. Once the 30-day period ends, the tokens are transferable.”

    In a sense, the project is taking a page from the playbook of automated market maker SushiSwap, which – it’s a clone fork of Uniswap – launched what it called a vampire attack to garner more than $1 billion worth of liquidity from its much larger rival. To use SushiSwap, users had to deposit Uniswap LP tokens, which quickly sucked up much of Uniswap’s liquidity.

    Similar to Sushi, Infinity is modeled after OpenSea, reusing some of its smart contracts.

    “Overall,” says Garret Allan, co-founder of the project, “we want to be on par with OpenSea’s capabilities in the marketplace.” However, we plan to build a platform that incorporates more integrations and tools to evaluate, provide liquidity, and add more utility to NFTs.”

    That said, reusing OpenSea’s smart contracts didn’t make sense to one market insider, who said they were built on the old Solidity. This could potentially open the door for OpenSea to target the project.

    “The contracts are audited/verified, which means there is more trust in using them, and if OpenSea users are already listed they don’t need to re-initialize their wallets or tokens, which means they don’t need to pay gas fees to be listed and can keep their NFTs listed on OpenSea as our platform grows,” Allan said.

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