Andre Cronje, a recognized name in the crypto space, has recently announced the beta version of a new open-source NFT marketplace. 

This new open-source marketplace called ‘Artion’ is for trading virtual items without platform fees, which is the aftermath of an insider scandal of non-fungible token behemoth OpenSea. 

Nate Chastain, a former OpenSea employee, was accused of insider trading this month. He knew which tokens were going to be featured on OpenSea’s homepage and bought and sold those NFTs to make about $65,000.

Artion becomes the new non-fungible token marketplace on the Fantom blockchain. It was launched by Andre Cronje, who promoted it for weeks after his announcement on Twitter.

OpenSea, which transacted $3.5 billion in volume in August, claims to control 95 percent of all NFT sales. Unlike OpenSea, Artion’s code is completely open-source and there are no fees for minting or acquiring NFTs. OpenSea is a decentralized marketplace that charges a 2.5% flat fee on all purchases and is built on Ethereum, the world’s leading platform for building decentralized applications, which has been plagued by excessive fees.

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 accomplishments in the space.

Artion’s release is the most important announcement from the Fantom network. Fantom made another huge announcement in late August by launching a 370 million FTM incentive scheme for network protocol teams.

The project by Fantom was designed to incentivize both builders and users and the network.

As decentralized financing solutions continue to grow in popularity among developers and investors alike, innovative platforms will support this growth within their proprietary ecosystems for both parties.

Pavan A

CBW - External Analyst

INDIA