NFT Marketplace OpenSea launches support for Avalanche

Key Takeaways

  • OpenSea claims that with Avalanche, users will be able to settle NFT transactions in under a second with minimal transaction fees. 
  • OpenSea now supports NFTs from 7 different blockchains, including Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and Avalanche.
  • With around $404.6 million in sales, Avalanche is the seventh-largest blockchain by NFT sales volume.

The world’s largest NFT Marketplace OpenSea has launched natively on the layer-1 blockchain, Avalanche. The company claims that with Avalanche, OpenSea users will be able to settle NFT transactions in under a second with minimal transaction fees. 

Commenting on the latest development, Dominic Carbonaro, Business Development Lead, NFTs and Arts at Ava Labs said, “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.” He added that they are excited to welcome the OpenSea community to Avalanche and expand the reach of Avalanche NFTs into new territory.

With this latest development, OpenSea now supports NFTs from seven different blockchains, including Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and Avalanche. OpenSea was launched on Solana Blockchain only in March, while in September, it added support for Ethereum rollup Arbitrum.

Avalanche, viewed as an Ethereum Killer Blockchain, claims to combine scaling capabilities and quick confirmation times through its Avalanche Consensus Protocol. It can process 4,500 TPS (transactions per second), while Ethereum’s TPS is 14. Despite its big claims, Avalanche is yet to make a name for itself in the NFT space.

Per the latest data, Avalanche saw only $2.4 million in total NFT volume traded in September across roughly 25,000 transactions and just 4,488 buyers. Avalanche’s blockchain is home to NFT marketplaces such as YetiSwap, Kalao, and NFTrade. According to CryptoSlam, with around $404.6 million in sales, Avalanche is the seventh-largest blockchain by NFT sales volume.

“OpenSea users who have yet to explore Avalanche now also have access to its robust NFT community, which has seen total NFT volume increase by 180% from Q2 2022″, Avalanche’s blog post announcing the OpenSea addition reads.

Avalanche has its own native cryptocurrency called AVAX coin and has three different blockchains, including the X-Chain, C-Chain, and P-Chain. It is to be seen whether the OpenSea addition will help increase the price of AVAX. At the time of writing, AVAX is trading at US$16.24, with a 24-hour trading volume of $155.15 M. AVAX is +0.54% in the last 24 hours.


Saniya Raahath
Saniya Raahath

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