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 factsSingapore-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.