In Brief:
- Newly launched NFT marketplace Infinity calling itself as “FTX of NFTs”
- The project got support from NFT giant 0x_b1
- Infinity is planning to copy ‘Vampire Attack’ model of Sushiswap to steal users from competitor Opensea
The new entrant in the NFT marketplace is aiming to compete directly with the top NFT marketplace, Opensea for users.
The new NFT marketplace, Infinity officially launched by referring to itself as an “FTX of NFTs”, which indicated its intention to serve as a community driven, anti establishment alternative to other NFT giant marketplace.
The Infinity project already got support from prominent NFT influencers such as NFT whale 0x_b1.
It will be an uphill task for Infinity to match a pace with Opensea as it flowed a trading volume of more than $2.72 billion in September. Recently, it has allocated $100 million for War Chest from its recent fundraise and also launched a mobile application for its users with an attractive interface.
Moreover, Opensea is backed by many famous investors including Naval Ravikant, Mark Cuban, and Alexis Ohanian.
But as every coin has two sides, so Opensea also has some downsides. Recently, Opensea faced a fall in its share. Open Sea has become a victim of Bug attacks and insider trading.
Vampire Attack Model
Infinity is planning to grab users from Opensea by giving them a token through an airdrop. “10% of the governance token supply ($NFT) will be distributed to existing OpenSea users who transacted before October 4th, 2021 11:59 PM UTC,” according to the source.
“The airdrop amount is based on tiers derived from OpenSea transaction volumes. The airdrop becomes claimable after transaction activity on the Infinity marketplace within a 30 day period. The token is transferable once the 30 day period has completed.”
Earlier, SushiSwap, the automated market maker, has launched a vampire attack to gain $1 billion worth of liquidity from its competitor. As per the policy, Sushiswap users had to deposit Uniswap LP tokens in order to use the platform, which resulted in a very large portion of liquidation.
It seems like Infinity is planning to follow the same model to seal the Opensea user-base by reusing its smart contracts.
“Overall, we expect to be at feature parity with OpenSea on the marketplace,” the project’s co-founder Garrett Allen said. “However, we plan to build a platform that incorporates more integrations and tools for evaluating, providing liquidity, and adding more utility to NFTs.”
