Two months after launching SudoAMM, the royalty-free NFT trading platform has reached over $50 million in total trading volume, as shown by Dune Analytics’ crypto data tracking system.
The platform keeps trading fees as low as possible by waiving royalties, a move that has sparked controversy over the role of royalties on NFT trading floors. SudoAMM’s results show that many NFT traders don’t mind waiving royalties.
The Automated Market Maker (AMM) also reached other milestones by surpassing the total number of transactions over 90,000, seeing 29,000 users, and accumulating $251,000 in total platform usage fees.
SudoAMM total trading volume from user 0xRob.
SudoAMM was launched in July by the same team behind Sudoswap, a decentralized NFT marketplace. SudoAMM sparked controversy last month when the platform eliminated royalties, an element of rewards for creators accepted among NFT marketplaces to keep fees as low as possible.
Royalties allow NFT artists to earn income from NFT transactions on top of the main sale, but marketplaces have chiefly enforced this phenomenon. Due to the wrapping of NFTs and the decentralized nature of Ethereum, there is no workable way to enforce NFT royalties on the network.
The high usage and trading volume show that despite the controversy, SudoAMM still attracts a strong contingent of NFT traders who don’t mind royalty waivers.
