OpenSea Continues to Develop: Onboards Avalanche (AVAX) Blockchain
The non-fungible token (NFT) market OpenSea has announced that the blockchain (AVAX) has gone live on its platform.
OpenSea Onboards its 7th Blockchain
GM! We’re happy to share that @avalancheavax #Avalanche is officially live on OpenSea!! pic.twitter.com/3nDP3zQGAx
— OpenSea (@opensea) October 11, 2022
Avalanche (AVAX) is the 7th blockchain installed on the world’s largest NFT market. AVAX is an open source network that features three distinct blockchains, one of which is known as C-Chain. The network also has the native token AVAX.
According to statistics from CryptoSlam, Avalanche is rated as the 7th biggest in terms of sales of all time, reaching $404 million in total. The network is ranked 9th in terms of 24-hour NFT sales volume.
Listing Avalanche-Based NFT Collections
About 10 network-native NFT projects have been deployed for the first time on OpenSea, with more to come, the Avalanche team said in a blog post on October 12.
“On Avalanche, OpenSea users will benefit from the fastest time-to-end for NFT trades – routinely completing transactions within one second – and low transaction fees as a result of Avalanche’s success in scaling horizontally with Subnets,” the company wrote. According to OpenSea’s ranking, Avalanche’s top two NFT collections are “Smol Joes” and “Smol Lands.” “Smol Apas” and “Smol Creeps” are also included in the top 10 list.
The Avalanche NFT project may receive the necessary exposure due to its integration with OpenSea because not a single project from the network is placed among the top 100 NFT projects in terms of sales volume in 24 hours, 7 days, 30 days, or overall. .
OpenSea has recently been onboarding new blockchains to their platform. Avalanche joins six other networks currently supported on the market—, , Polygon, Klaytn, Arbitrum, and Optimisme.
On the Flipside
- Monthly trading volume on OpenSea decreased to $242 million, a significant decrease from the record $4.8 billion traded in January 2022. A similar decrease in activity has been observed in several other markets, including Magic Eden, LooksRare, Rarible, and SuperRare.
- The Avalanche NFT economy is small. In September, there were about 25,000 sales in the network for a total of $2.4 million, with only 4,488 buyers.
- There are generally five different markets where Avalanche NFTs are supported. according to Sand dunes Statistically, only a few hundred unique users per day trade on competing NFT markets, such as Kalao, JoePegs, NFTrade, and Campfire.
Why Should You Care?
Avalanche (AVAX) competes with Ethereum and is known for its speed and scalability. Avalanche’s smart contract platform supports decentralized applications and autonomous blockchains. OpenSea is the largest marketplace in the world. Recently, the platform has been onboarding new blockchains to bring in the community.
Read more about OpenSea onboarding Optimism:
OpenSea Introduces Optimism (OP) Blockchain
Read more about OpenSea introducing Arbitrum:
OpenSea Launches Support For Ethereum L2 Arbitrum