In this Wealth Mastery Coin Review, we’ll discuss the following topics about Sudoswap:
- What is Sudoswap?
- Is Sudoswap better than Opensea?
- How to get Sudoswap coins?
- How to use Sudoswap AMM?
- Is Sudoswap a good investment?
What is Sudoswap?
Sudoswap is the next step in the natural evolution of NFTs. Created in 2021 and discussed in your Airdrop inbox section last December. Sudoswap began its journey as a way for Ethereum NFT owners to swap NFTs without needing a middleman to facilitate the transfer. With products like Opensea, users are required to pay high fees when buying and selling NFTs. This includes royalties and other baked-in fees, something that Sudoswap has limited use of on their protocol. Sudoswap started as a simple way for two parties to swap equally priced NFTs or NFTs for ETH. But, with the recent deployment of a Sudoswap Automated Market Maker (AMM). It’s causing a lot of commotion in the NFT community for a good reason. As a surge of new users begins using Sudoswap for the first time, it’s time to dive deeper into the project.
First off, Sudoswap affects NFT royalties in a big way. If you’re not familiar with how royalties work, when someone creates new NFTs on marketplaces such as Opensea, Looksrare, Raribles, and other similar NFT marketplaces, the creator can set the value of royalties they would like to receive every time one of their creations is traded. Without going too far into the politics of royalties, depending on what side of the argument you lean towards generally dictates your opinion of the matter.
While I’m not here to debate whether royalties are good or bad, the fact is that royalties in NFT marketplaces have taken a toll on the NFT trading community, sometimes requiring up to 15% of a purchase price to be taken from the seller and given to the creators. Adding a marketplace fee on top of royalties can sometimes see up to 20% of the sales price siphoned off from the seller. Meaning that if you purchased an NFT for 10 ETH and came back to sell it a month later for the same price purchased. You would be left with 8 ETH. This has dramatically hindered the trading and advancement of the NFT market. With the release of Sudoswap AMM, these royalties disappear from that equation. While a small number of fees are collected by Sudoswap, sellers, and NFT LPs, it’s nowhere near the cost of doing business with other options currently available on the market. This leads us to the next topic of our discussion.
Is Sudoswap Better than Opensea?
This would inevitably be one of the first questions everyone has about Sudoswap. Especially if you consider that Uniswap has already announced it will deploy Sudoswap onto the Uniswap Protocol this year.
In the same way that Uniswap revolutionized order books. Sudoswap has accomplished this for NFTs. Suppose you want to buy or sell NFTs, in that case, all available options require that you participate in a process that works the same as purchasing cryptocurrency on a centralized exchange like Binance. An Opensea order book is just hosted data on centralized servers, instead of at the protocol level like Sudoswap, on the actual Ethereum blockchain. This is how Opensea can charge a fee and royalty for every NFT bought and sold on the platform. These “royalties” are not coded into an NFT Smart Contract. Meaning that if I send…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
