Mintable is aiming targeting the NFT industry leader, OpenSea, which has been criticized for a number of difficulties on its platform. Mintable, sponsored by billionaire entrepreneur Mark Cuban, is undertaking unprecedented measures to put itself at the top of the NFT market.
Problems with OpenSea
OpenSea is currently in the midst of a crisis. They have spent the first few months of 2022 putting out fires, mostly as a result of a listing problem on its platform. Many users are unhappy with the platform’s response, and many big crypto/NFT influencers are speaking out about the problems.
Mintable is now seeking to capitalize on this and gain a larger share of the market.
As a result of recent hacks caused by a glitch that allows individuals to acquire NFTs at previously advertised prices, some people have had their NFTs sold for far less than they are worth. The exploit has decimated some high-profile NFT collections. In one occasion, a BAYC NFT sold for less than 1 ETH.
As you can expect, this has a tremendous impact on confidence in the NFT community. It will be interesting to see how this plays out in the coming months. OpenSea has issued a statement regarding the issues. Nonetheless, it continues to be a big issue for the platform.
What exactly is Mintable?
Mintable has a long history in the NFT sector. It was founded in 2018 and has now established certain essential characteristics of what appears to be conventional NFT practice. It pioneered gasless minting and credit card purchases for NFTs in particular.
Mintable’s platform is mostly based on Ethereum. Although it does not have the same market share as more well-known platforms like OpenSea and Rarible, it is well respected and established in the NFT field.
Mintable has been attempting to build a stronger presence in the market in recent months. They consolidated all NFTs on the Ethereum blockchain in November of last year and integrated the layer two solution, Immutable X. They also improved their platform with a better user interface and a slew of new features.
The site also has no downtime and allows buyers and sellers to communicate directly with one another.
In a fire sale, Mintable sells Mutant Apes for a ridiculously low price.
Mintable made an excellent move by launching an unplanned fire sale on their marketplace. The NFTs in question were Mutant Ape Yacht Club NFTs, which are very popular. Mintable showed 9 Mutant Apes ranging from 1 ETH to 2 ETH ($2,459-$4,918). Surprisingly, this was 16-17 ETH below the current floor price.
This is referred to as a vampire attack. It is a well-known tactic for stealing customers and attracting them away from your competitors. It works by selling a product at a dramatically lower price, compelling customers to join your platform.
These NFTs, of course, sold in a matter of minutes. Although many may question the ethics, it allows anyone to participate in a high-profile project for a modest cost. OpenSea is up against some competition, and the Mintable founder has some tricks up his sleeve.
Obviously, Mintable lost money on these sales, but this might turn into a profit for the NFT platform in the long run. It’s unclear whether they intend to do it again. Just in case, keep an eye on the website.