OpenSea Now Supports Avalanche NFT

OpenSea Now Supports Avalanche NFT

OpenSea now offers art on seven blockchains, including Avalanche NFTs.
October 14, 2022

OpenSea announced Tuesday that it has added NFTs from the Avalanche blockchain to its online marketplace.

The OpenSea NFT marketplace now supports NFTs from seven different blockchains, including Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and now Avalanche, which saw roughly $350 million in Ethereum NFT volume traded last month.

Avalanche is an open-source network that includes the native token AVAX and three blockchains, one of which is known as the C-Chain. The C-Chain is designed for Ethereum compatibility and smart contracts, which are used by NFTs (NFTs can exist on either the C-Chain or the X-Chain).

While OpenSea's announcement is welcome for Avalanche NFT supporters, it remains to be seen whether the increased visibility will help the blockchain's NFT economy. Some Avalanche supporters may refer to it as a "Ethereum killer," but in terms of NFTs, Avalanche has barely made a dent.

According to CryptoSlam data, Avalanche saw $2.4 million in total NFT volume traded in September, spread across approximately 25,000 transactions and 4,488 buyers.

In comparison, Solana, which launched around the same time as Avalanche, saw nearly $130 million in total NFT volume traded last month across nearly 3 million transactions and 143,000 buyers. Solana processed approximately 193% more NFT-related funds than Avalanche in September, and it has 187% more users trading NFTs.

OpenSea NFT Marketplace

While the Avalanche NFT economy is small, it appears to be capitalizing on it. Avalanche's top two NFT collections of all time, according to OpenSea, are the "Smol Joes" and the "Smol Lands." The "Smol Apas" and "Smol Creeps" are also in the top ten.

But don't forget about the "Smol Turds," who joined the poop-themed Ethereum NFT trend of intentionally ugly and gross art this summer.

Despite the fact that it was first minted in July with the slogan "Turd is love. Turd is life," the minimum purchase price for "Smol Turds" has increased 996% in the last 24 hours. At the time of writing, a Smol Turd NFT costs about 200 AVAX, or about $3,200.

The Avalanche NFT market was also pumped earlier this year with the Crabada game and Yield Hunt Hunters, which have raked in $227 million and $81 million, respectively, since their launches.

Avalanche Blockchain

While meme-based NFTs currently dominate the market, Ava Labs' Business Development Lead Dominic Carbonaro believes Avalanche's NFT developers are just getting started.

"Avalanche's NFT community has a distinct identity and a strong desire to experiment with both the art and applications of NFTs," said Carbonaro in a statement. "Here, creators are still only scratching the surface."

While OpenSea is not the first NFT marketplace to offer Avalanche NFTs, its Avalanche-supporting competitors aren't seeing the same results. The Avalanche NFT economy is divided into five marketplaces, the largest of which is devoted to Chikn NFTs—a collection of chickens holding guns, smoking pipes, or wearing Ethereum bling.

According to Dune data, NFTrade, Kalao, Campfire, and JoePegs each have a few hundred unique daily users transacting aon Avalanche.

OpenSea may or may not send Avalanche NFTs to the major leagues.

Disclaimer. NFT Mint Radar does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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