OpenSea NFT Marketplace expands reach with Avalanche Launch
The total volume of NFT sales has fallen from $17 billion in January 2022 to $466 million in September 2022. The OpenSea NFT marketplace has remained relatively functional despite the market disaster, generating $144 million in the third quarter of this year, according to The Post W3B.
According to an August Fortune report, the daily volume of NFT transactions on OpenSea peaked at $2.7 billion on May 1, but then fell by 99% in less than four months to just $9.34 million on the 28th. August, and daily users fell by a third to 24,020. Based on the report, the massive volume drop in the NFT market has corresponded with a drop in crypto prices.
This apparent decline forced online non-fungible tokens (NFT) marketplaces to seek ways to stay in business. These methods include forming alliances with major blockchain platforms and players to increase their influence in the NFT market.
On Tuesday, October 11, TechCrunch confirmed that OpenSea decided to expand its reach by launching its marketplace on the layer-1 blockchain platform Avalanche.
OpenSea joins Avalanche
Shiva Rajaraman, a top official at OpenSea, told TechCrunch that it has always been the marketplace’s goal to offer the best selection and connect people with projects and creators across the chains they prefer. “The future of web3 is multi-chain,” said the OpenSea VP.
According to reports, OpenSea will resume operations with NFTrade and other blockchain platforms with NFT marketplaces launched with Avalanche, such as Joepegs and Kalao. According to OpenSea, users with Avalanche will be able to settle NFT transactions in under one second and with low transaction fees.
Today, OpenSea users who may not have tried the platform yet already have access to the active NFT community, which has seen a total NFT volume increase of 180% in the second quarter of 2022. At the time of launch, more than ten Avalanche native projects will be available on OpenSea. This is from official updates from Avalanche.
Also read: OpenSea to add plagiarism and fake NFT detector features
Moreover, Avalanche believes that the NFT community has a unique identity and passion for experimenting with both the art and use of NFTs. Dominic Carbonaro, Business Development Lead, NFTs and Arts at Ava Labs, said in a statement, “We are excited to welcome the OpenSea community to Avalanche, and expand the reach of Avalanche NFTs into new territory.”
Explore OpenSea
Interested parties should first visit the Avalanche landing page to view featured catalogs and browse an extended list of projects to get started with Avalanche NFTs on OpenSea. You can do so by clicking on this link.
You can visit the OpenSea Support Center for a quick guide if you’re having trouble accessing the sites mentioned or if you might encounter errors when interacting with selected collections.
If you are new to the site, the Support Center also contains helpful instructions for buying and selling NFTs. To learn more about the OpenSea Marketplace, read the site’s policies and user safety articles.
Related article: OpenSea fixes vulnerabilities that hackers can use to steal crypto
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