OpenSea Launches Support for Avalanche NFTs
OpenSea, the world’s largest NFT marketplace by volume, has launched support for the Avalanche blockchain. The update will provide the Avalanche ecosystem with a venue to display, list, and trade all its NFTs.
OpenSea Joins Other Leading NFT Marketplaces Like Joepegs, Kalao, Campfire, and NFTrade
Many of the largest blockchains by volume are supported by OpenSea, including Ethereum, Polygon, and Solana. Now, the leading NFT marketplace has launched support for another major layer-1, offering its users access to new functionalities within the Avalanche blockchain.
OpenSea is a key player in NFT adoption, with over $20 billion in trading volume across more than 80 million NFTs that are listed and traded on the marketplace. The aim of this partnership is to provide NFTs creators and collectors with more chains and access to the best NFT selection possible.
Thanks to Avalanche’s success in horizontally scaling with subnets, OpenSea users will benefit from lower transaction fees and a faster transaction time. On the other hand, more than 10 Avalanche native projects are now set to be featured on OpenSea, and more are scheduled to be added.
Impact on NFT Trading Volume
Avalanche users were able to list and trade their NFTs in marketplaces like Joepegs, Kalao, Campfire, and NFTrade. But now, they’ll be able to access a high-quality venue for listing and trading their NFTs.
In the second quarter of 2022, OpenSea saw a 180% increase in NFT trading volume, and at the beginning of the year, it closed a $300 million Series C round that valued the company at a massive $13.3 billion valuation.
With $404.6 million in sales, Avalanche is the seventh-largest blockchain by NFT sales volume. According to CryptoSlam data, although the NFT market has slowed down recently, NFT sales volume on Avalanche rose 38.52% to $2.1 million over the past 30 days.
Dominic Carbonaro, Business Development Lead, NFTs and Arts at Ava Labs (the entity responsible for developing the blockchain), has commented on this partnership:
“Avalanche’s NFT community has a unique identity and passion for experimenting with both the art and applications of NFTs, and creators here are still just scratching the surface. We’re excited to welcome the OpenSea community to Avalanche, and expand the reach of Avalanche NFTs into new territory”.
NFT Market Faces a Downturn
Despite the sales volume of NFT trading displayed by both OpenSea and Avalanche, the market is facing a steep decline in NFT’s valuation as a consequence of the crypto winter.
According to data gathered by analytics firm Dune Analytics, NFT holders are having a hard time getting a resale value on their collections, with total trading volume falling 97% from $17 billion to $466 million in September 2022.
But one cannot underrate the power of hype on the NFT value, as Jake Paul has shown recently. The American YouTuber, who took to Snapchat to comment on the decrease in value of his 0N1 Force NFTfrom $623,000 in August 2021 to $10 in September 2022, saw his complaint trigger a 10,390% surge to $1,304.