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OpenSea Integrates Avalanche Blockchain, Expanding NFT Ecosystem

OpenSea, the world's largest NFT marketplace, has added support for Avalanche, enhancing its blockchain offerings and bringing new opportunities for creators and traders.
Published on 2022-10-13

OpenSea Expands Blockchain Support with Avalanche Integration

OpenSea, the leading NFT marketplace, has announced the integration of Avalanche (AVAX), marking its seventh supported blockchain. This move aims to broaden the platform's reach and offer users faster transactions and lower fees.

Avalanche's Capabilities and Market Position

Avalanche, known for its high-speed and scalable network, features three distinct blockchains, including the C-Chain, which supports smart contracts. The platform's native token, AVAX, powers its ecosystem. Avalanche ranks 7th in all-time NFT sales at $404 million but currently holds the 9th position in 24-hour volume, indicating a need for growth in recent activity.

Enhanced Exposure for Avalanche NFTs

The integration introduces around 10 Avalanche-based NFT collections to OpenSea, with more expected. This exposure is crucial as none of Avalanche's projects are currently in the top 100 by sales volume. Popular collections like "Smol Joes" and "Smol Lands" are now accessible to a broader audience.

Benefits for Users and the Marketplace

Users will benefit from Avalanche's sub-second transaction finality and consistently low fees due to its Subnet scaling. This integration aligns with OpenSea's strategy to expand its blockchain support, which includes Ethereum, Solana, and Polygon, among others.

Market Context and Challenges

Despite this positive step, OpenSea's monthly trade volume has declined to $242 million from its January peak of $4.8 billion, reflecting a broader market downturn. Avalanche's NFT economy remains small, with September seeing 25,000 sales totaling $2.4 million. Other Avalanche NFT marketplaces like Kalao and NFTrade also have limited user activity, highlighting the need for growth.

Strategic Significance

This partnership is strategic for both parties. OpenSea gains access to Avalanche's scalable ecosystem, while Avalanche's NFT projects gain visibility on the largest marketplace. The integration underscores the evolving NFT landscape and the importance of interoperability in driving ecosystem growth.

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