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OpenSea NFT Marketplace Launches on Avalanche Blockchain

08/12/2022

MetaVentures Bangkok 2022

Bangkok, Thailand
14/12/2022
27/02/2023

ICBM Expo

Dubai, UAE
03/03/2023
OpenSea NFT Marketplace Launches on Avalanche Blockchain

Major non-fungible token (NFT) market OpenSea has launched on the layer-1 blockchain Avalanche (AVAX).

The market shared the information through a tweet on Tuesday:

TechCrunch reported that each corporations have confirmed the information, saying that OpenSea will function on the blockchain alongside present platforms, together with NFTrade, Joepegs, and Kalao.

Per the report, citing the corporate, OpenSea customers will be capable to settle NFT transactions in lower than a second with low transaction charges.

Furthermore, {the marketplace} will function all Avalanche-based NFT collections, whereas extra can be added over time.

Shiva Rajaraman, VP of product at OpenSea, is quoted as saying that “the future of web3 is multichain,” whereas John Wu, president of Avalanche developer Ava Labs, mentioned that,

“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.”

Also, the Web 2.0 enterprises Avalanche is working with, resembling enterprise, shopper manufacturers, and sports activities groups, additionally needed OpenSea as a selection on Avalanche, Wu mentioned, including:

“They want to know there is a chain that’s scalable, because [Web 2.0] is so much bigger than web3. They want a chain that can handle massive amounts of activity from its users. […] These brands are far more comfortable working with OpenSea.”

Avalanche is commonly talked about as a challenger to Ethereum (ETH), given its larger transaction speeds and, notably, low gasoline charges. According to CryptoSlam, Avalanche is the ninth-largest blockchain by NFT gross sales quantity presently.

1665577950 293 OpenSea NFT Marketplace Launches on Avalanche Blockchain
Source: cryptoslam.io

OpenSea, in the meantime, is the most important NFT market when it comes to buying and selling quantity. Per DappRadar, on Wednesday morning (UTC time), it had a quantity of $9.88 million in a day and $74.53 million in every week.

1665577950 787 OpenSea NFT Marketplace Launches on Avalanche Blockchain
Source: dappradar.com

Wu was quoted by TechCrunch as stating that,

“The whole NFT market is down, and it’s down a lot. […] But if you break down the NFT market […] a lot of the fluff is gone. What is starting to pick up is a new category of utility and fan engagement, along other categories outside of the collectible world.”

Meanwhile, the worth of AVAX, the 17th coin by market capitalization, is unchanged in a day, down 8% in every week and 22% in a month. It’s additionally down 89% from its November 2021 all-time excessive.

1665577950 265 OpenSea NFT Marketplace Launches on Avalanche Blockchain
AVAX 30-day value chart. Source: coingecko.com

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Compiled by Coinbold

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