Mark Cuban-backed non-fungible token (NFT) marketplace Mintable launched a self-described vampire attack against top marketplace OpenSea by selling popular collectibles at a loss.
Fast facts
- Singapore-based Mintable conducted a fire sale of nine Mutant Ape Yacht Club NFTs by selling them 1 to 2 ETH below their floor price on Jan. 26, while another was bought for 18.7 ETH and sold for 18.05 ETH — a loss of US$1,587 at the time.
- Mintable said in a statement shared with Forkast the platform intends to repeat such sales to chip away at OpenSea despite running at a loss on some individual sales.
- A vampire attack is a strategy of offering rewards or incentives to users of a particular platform to lure them away to another platform.
- OpenSea has been the target of recent vampire attacks including from newcomer marketplace LooksRare airdropping its native LOOKS tokens to OpenSea users that spent at least 3 ETH in the second half of 2021.
- A similar airdropping tactic was used by competing marketplace Infinity last October.
- Mintable’s monthly sales volume of US$755,000 January is dwarfed by OpenSea’s over US$5 billion for the same month.