OpenSea Keeps on Expanding: Onboards Avalanche (AVAX) Blockchain

OpenSea Keeps on Expanding: Onboards Avalanche (AVAX) Blockchain

Non-fungible token (NFT) marketplace OpenSea announced that the Avalanche (AVAX) blockchain is already live on their platform.

OpenSea Onboards Its 7th Blockchain

Avalanche (AVAX) is the 7th blockchain onboarded by the world’s largest NFT marketplace. AVAX is an open-source network featuring three distinct blockchains, one known as the C-Chain. The network also has the native token AVAX.

According to statistics from CryptoSlam, Avalanche is rated as the 7th largest in terms of all-time sales, reaching $404 million in total. The network ranks 9th in terms of 24-hour NFT sales volume.

Listing Avalanche-Based NFT Collections

Around 10 of the network’s native NFT projects have been first posted on OpenSea, with more to follow, the Avalanche team said in a blog post on October 12th.

"On Avalanche, OpenSea users will benefit from the fastest time to finality for NFT trades — regularly settling transactions in under a second — and consistently low transaction fees as a result of Avalanche's success in horizontally scaling with Subnets," writes the company.

According to OpenSea’s rankings, Avalanche’s top two NFT collections are the “Smol Joes” and the “Smol Lands.” The “Smol Apas” and “Smol Creeps” are also included in the top 10 list.

Avalanche NFT projects may receive much-needed exposure due to the integration with OpenSea since not a single project from the network has placed among the top 100 NFT projects in terms of sales volume over the last 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 marketplace⁠—Ethereum, Solana, Polygon, Klaytn, Arbitrum, and Optimism.

On the Flipside

  • The monthly trade volume on OpenSea decreased to $242 million, a significant decrease from the record-breaking $4.8 billion traded in January 2022. Similar declines in activity have been observed on a number of other marketplaces, including Magic Eden, LooksRare, Rarible, and SuperRare.
  • The Avalanche NFT economy is small. In September, there were around 25,000 sales on the network totaling $2.4 million, with just 4,488 purchasers.
  • There are mainly five different marketplaces where the Avalanche NFTs are supported. According to Dune statistics, just a few hundred unique users each day are trading on rival NFT marketplaces, such as Kalao, JoePegs, NFTrade, and Campfire.

Why Should You Care

Avalanche (AVAX) rivals Ethereum and is known for its speed and scalability. Avalanche’s smart contracts platform supports both decentralized applications and autonomous blockchains. OpenSea is the world’s biggest marketplace. Recently, the platform has been onboarding new blockchains to bring in their communities.

Read more about OpenSea onboarding Optimism:
OpenSea Introduces Optimism (OP) Blockchain

Read more about OpenSea introducing Arbitrum:
OpenSea Launches Support For Ethereum L2 Arbitrum

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