OpenSea Again Faces ‘vampire attack’ By Singapore-Based NFT-Marketplace Mintable

• The NFT marketplace is supported by Mark Cuban, who claimed the move as a “vampire attack” against the world’s leading NFT marketplace, OpenSea, by selling the popular collectibles at a loss.
• On Jan 26, Mintable, a Singapore-based NFT marketplace, sold at least nine Mutant Ape Yacht Club NFTs for 1 to 2 ETH, below their floor prices.

• It is not the first time the leading marketplace has faced the “vampire attack”. Earlier also, marketplaces such as LooksRare and Infinity had pulled an attack on the marketplace, becoming the favorite target of such attacks.

Mintable, a Singapore-based NFT marketplace, sold nine Mutant Ape Yacht Club NFTs below their floor prices, at 1 to 2 ETH as of Jan 26. On the other hand, another was purchased at 18.7 ETH and sold at a loss of US$1,587 at the time — for 18.05 ETH The NFT marketplace made a statement in which it stated the platform plans to make such sales in the future even after facing the losses on some individual sales to chip away at OpenSea.

“Vampire attack” in the crypto sector refers to an attempt by a platform to attract a pre-existing project’s user base. In simple words, a “vampire attack” is a strategy in which a platform lures the users of another platform to attract them towards another platform.

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OpenSea is the favorite target of the platforms. Recently, OpenSea faced a second major vampire attack attempt by LooksRare, and the first was by Infinity. LooksRare marketplace, even after being relatively new, has offered its native LOOKS tokens to OpenSea users who exhausted around 3 ETH in the second half of 2021.

As mentioned earlier, a similar airdropping strategy was adopted by competing marketplace Infinity last October.

Open’s Sea’s more than US$5 billion monthly sales volume in January surpassed the monthly sales of Mintable for the same month.

The seven-day volume of the Mintable was $604.8k, with the balance being $189.53k and transactions 206. Currently, it hosts 125 users.