Avalanche Foundation launches NFT art initiative

Art Blockchain
Avalanche Foundation launches NFT art initiative

The Avalanche Foundation has unveiled a novel program to aid digital artists in generating and circulating non-fungible tokens (NFTs). The Avaissance initiative, as detailed in a recent blog entry, is composed of two main elements: the Artist in Residence (AIR) initiative and the Mona Lisa Initiative (MLI) – a cooperative digital art curation project.

The AIR initiative

Over fifty digital artists are set to benefit from the AIR initiative, which will provide financial backing, coaching, and virtual workshops to assist them in creating and launching NFT collections on the Avalanche blockchain. Emonee LaRussa, Dave Krugman, and Ryan Wen are already on board as mentors for the program.

On the other hand, the MLI project strives to furnish NFTs to diverse digital art DAOs and establish Avalanche’s very own permanent collection of handpicked works. Digital artists can apply for the initiative via Avalanche’s official online application form until April 28, 2023.

Avalanche NFT ecosystem lagging behind other blockchains

Despite NFTs’ increasing prominence, the majority of tokens continue to be produced and circulated on the Ethereum blockchain. In January 2023, DAppRadar reported that NFT trading volume had surpassed $946 million, with Ethereum contributing $659 million or 78.5% of that sum. In contrast, Avalanche represented a mere $1.7 million, accounting for roughly 0.2% of all NFT trading volume that month.

Tezos and WAX, like Avalanche, experienced similar trading volumes, while Ronin and BNB Chain exceeded their totals by at least twofold. Nonetheless, the Avaissance initiative by Avalanche strives to incentivize more digital artists to adopt the platform and boost NFT popularity on the network.

Despite the relatively low NFT trading volume on Avalanche compared to other networks, the platform has exhibited substantial potential for expansion. Avalanche’s rapid transaction times and affordable fees render it a compelling choice for both NFT creators and collectors, and initiatives such as Avaissance could stimulate further growth on the network.

The debut of Avaissance marks a crucial milestone for the Avalanche Foundation and its endeavors to establish itself as the foremost layer 1 blockchain for NFTs, aiding digital artists and generating fresh avenues for the production and dissemination of NFTs.

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