Avalanche is best known for its DeFi presence, but it is making strides to establish itself in the NFT space with its launch on OpenSea, as part of the marketplace’s multi-chain expansion. Moreover, against the backdrop of the overwhelming NFT slowdown, major market players are joining efforts to leverage their influence in the realm and stand the turbulence. Among the latest companies to do so there is a leading NFT trading platform OpenSea and the layer-1 blockchain Avalanche.
“The future of web3 is multi-chain; and it’s always been our goal to offer the best selection and connect people with projects and creators across the chains they prefer,” Shiva Rajaraman, VP of product at OpenSea, told TechCrunch.
This partnership promises to be mutually beneficial. OpenSea will help the blockchain, which is better known for its DeFi presence, to conquer the NFT space, while Avalanche will offer the giant marketplace low-cost transactions accomplished in a wink.
The integration begins with the listing of 10 major Avalanche-driven NFT collections on OpenSea. These include Chikn, TapTapKaBoom, Castle Crush, and OpenBlox, while others will be added in the shortest possible time. Avalanche is working with web2 businesses such as consumer brands and sports teams, which wanted OpenSea to adopt Avalanche, the same as it was with Solana, Ape Coin, and Arbitrum. Currently, OpenSea also supports Ethereum, Klaytn, and Polygon’s MATIC.
“We listen to our community, and part of our community really wanted to have OpenSea. We have a budding and vibrant creator and NFT community, and they wanted OpenSea as a choice," John Wu, president of Ava Labs, said.
To date, over $20 billion in volume has been traded across about 80 million NFTs on OpenSea. In January 2022, the platform exceeded a whopping $13.3 billion valuation. Avalanche currently occupies the ninth position in the list of largest blockchains in terms of 24-hour NFT sales volume, reaching $75,690. Moreover, it takes the seventh position with $404 million in terms of all-time sales, so far.
Moreover, a significant 38.52% increase in sales over the last month amidst the NFT bear trend, might have also tipped the scales in favor of Avalanche.
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