NFT marketplace OpenSea adds Avalanche support

    12 Oct 2022

    According to a TechCrunch report, OpenSea, the largest NFT marketplace, is starting to support Avalanche. The platform will now allow creators to mint, list, and trade NFTs on the Avalanche layer 1 network.

    Avalanche, which is well-known as a DeFi chain and often mentioned as a challenger to Ethereum, is making its steps in the NFT space via OpenSea. However, Avalanche has not a strong presence in the NFT space, which this new partnership aims to address.

    Ava Labs, the firm behind Avalanche, told CoinDesk the chain’s bridge released in June revealed “surprising” insights about the chain’s amount of DeFi activity, and that “a lot of people will discover the same surprise about Avalanche NFTs with OpenSea joining the community.”

    Avalanche joins six other supported chains including Ethereum, Solana, Arbitrum, Klaytn, Polygon, and Optimism.

    The top three chains with the most NFT sales volume denominated in USD are Ethereum, Ronin, and Solana, according to CryptoSlam data. Avalanche ranks seventh, with an estimated $404.6 million in sales.   

    OpenSea is currently featuring 200 Avalanche-native collections with more to come, according to Ava Labs, which stated that the total NFT sales volume has increased by 180% since the second quarter of 2022.

    OpenSea has been rolling out its marketplace to additional chains since 2021. This March, it implemented Solana at the start of the network’s growing interest in the NFT space. Last month it added support for Ethereum rollup Arbitrum.

    However, Avalanche’s total value locked (TVL) has declined from a peak of $12.15 billion last year to $1.55 billion, according to DefiLlama.

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