This article comes fromdecrypt, Original Author: Reza Jafery

Odaily Translator |

Odaily Translator |

On the other hand, there are also many controversies in the NFT market. For example, Cobie caused dissatisfaction among collectors after social media criticized "NFT is actually an altcoin with pictures". Cobie believes that if you ignore the nuances and strictly abide by the smart contract, then NFT is essentially an "altcoin with a picture", but many people think this rhetoric is an insult. However, perhaps it was the emergence of these provocative ideas that stimulated SudoSwap to become popular quickly.

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Sudoswap: The next new thing in the NFT field

SudoSwap was developed by an anonymous team formed by Statelayer, 0xmons, 0xHamachi and boredGenius and will be officially launched in July 2022. In fact, from the name "SudoSwap", we can see that it more or less "borrowed" from UniSwap. According to SudoSwap, they are the first honest decentralized NFT exchange in the current crypto market that cooperates with on-chain automatic market makers (AMMs).

In the past period of time, some people have also tried to solve the NFT liquidity problem, but so far, it seems that only SudoSwap has really done it. Frankly speaking, NFT platforms such as OpenSea and LooksRare are more like "traditional markets", while SudoSwap operates more like a "real exchange".

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Sudoswap is to NFT what Uniswap is to DeFi

It is no exaggeration to say that Sudoswap is doing in the NFT field what Uniswap is doing in the DeFi field.

Regardless of the financial vertical field, liquidity is an important cornerstone and a necessary element for the success of any Token (FT or NFT). For quite a long time in the past, AMM has been the most missing piece of the "puzzle" in the NFT ecosystem. As Sudoswap allocates part of SUDO Token to platform liquidity providers (same as Uniswap), it will undoubtedly provide Sudoswap and its AMM Attract more liquidity.

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Tricky Royalty Questions

Although SudoSwap's innovation is amazing, it does not mean that these initiatives will lead to its ultimate success, especially when SudoSwap announced the cancellation of royalties.

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Why the Sudoswap Model Might Be Better Than Royalty for Creators

As it turns out, it seems short-sighted for creators to focus only on NFTs if they want to be successful. If you take a long-term view, NFT creators can actually "turn" themselves into artists, sellers, and brokers. In other words, on SudoSwap, they can become "entrepreneurs", start projects by themselves, obtain liquidity, and benefit from equity. Transaction fees are charged in the pool, and with so many revenue streams, it is possible to end up earning much more than royalties.

To date, the most successful series of NFTs attempting the SudoSwap model is Sudonauts, developed by Brentsketit. Through SudoSwap's AMM, every Sudonaut NFT sale adds liquidity to the stake pool, ultimately creating a more liquid and less volatile market, which is great for both NFT creators and buyers .

Another explorer entering Sudoswap is John Patten, CEO of Treasure DAO, who recently launched an NFT project called DAO Cats, which also plans to launch through SudoAMM. DAO Cats bills itself as a "DAO-owned IP experiment", liquidity is controlled by the protocol itself, in the total supply of Cats NFT and Catcoin (tokens that NFT holders can earn by depositing their Cat NFT into the DAOs vault) Of the total amount, 40% will be locked in the liquidity pool and will only be removed when the holders vote for it.

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"Altcoins with images" is a feature, not a bug

Perhaps, sooner or later, creators will understand that "NFT is just an altcoin with a picture", and perhaps this is also a fair summary of NFT-but it doesn't matter, because the NFT industry is not standing still, but actively innovating, SudoSwap is an example .

Let's end this article with a question: If you had a time machine and let you go back to before the DeFi Summer broke out, would you know what strategies worked? What doesn't work? and what needs to be built?