OpenSea, the largest NFT marketplace in the world, has recently added support for its seventh blockchain network, Avalanche, according to the company’s announcement published this Tuesday, October 11th. OpenSea stated on Twitter that Avalanche is officially live, meaning that it joined the likes of Ethereum, Solana, Polygon, Arbitrum, Klaytn, and Optimism.
This is a big move for Avalanche, as the NFT sector is still booming as strongly as ever, especially on OpenSea. In fact, the online marketplace saw roughly $350 million in Ethereum NFT volume alone, traded in September 2022.
— OpenSea (@opensea) October 11, 2022
OpenSea also announced that it is onboarding some of the biggest and most popular collections from Avalanche’s ecosystem, including Chikn, TapTapKaboom, The Stoics, Castle Crush, and OpenBlox.
Will OpenSea’s support lead to the growth of Avalanche’s NFT sector?
Avalanche is itself a big and popular open-source network featuring a naive cryptocurrency called AVAX. The project actually consists of three separate blockchains, one of which is known as C-Chain. This is a blockchain optimized to be compatible with Ethereum’s smart contracts, which are used by non-fungible tokens. However, this is not the only one of the three chains that can support NFTs — they can also exist on Avalanche’s X-Chain.
OpenSea’s announcement of supporting Avalanche NFTs was perceived as great news for the fans of the collections that exist in Avalanche’s network. However, it still remains t be seen if the listing of said collections will actually boost Avalanche’s NFT economy.
Some members of the crypto industry consider Avalanche to be a candidate for the title of “Ethereum killer,” but as far as NFTs are concerned, Avalanche’s impact has so far been minimal. The project saw only around $2.4 million in total NFT trading volume in September 2022, with a total of around 25,000 transactions and less than 4,500 buyers.
On the other hand, Solana, which is another candidate for the Ethereum killer title, saw $130 million in NFT trading last month. Its transaction count nearly reached 3 million transactions, and the number of buyers is roughly 143,000. Even though the two projects have launched close to one another, Solana is clearly winning in all aspects of NFT trading. It processed roughly 193% more NFT-related funds than Avalanche last month, with 187% more buyers.
Avalanche NFT creators are just getting started
Avalanche’s NFT economy is still quite small, but it is showing signs of growth. The project has two NFT collections that share similar figures in terms of popularity — Smol Joes and Smol Lands. Other popular collections on the top 10 list include Smol Apas and Smol Creeps, with the addition of Smol Turds, which is a collection that picked up the Ethereum-based poop-themed trend of “intentionally gross and ugly art.”
Meanwhile, Avalanche’s Business Development Lead, Dominic Carbonaro, believes that the project’s NFT market is on the rise and that its NFT creators are only getting started. With the project now supported by OpenSea, it is likely that more NFTs might emerge soon in hopes of being listed on the major NFT marketplace.
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