On Tuesday, OpenSea announced that it would begin offering NFTs based on the Avalanche blockchain on its platform.
OpenSea Expands
The exchange, which saw almost $350 million in Ethereum NFT volume traded last month, now accepts NFTs from seven distinct blockchains, including Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and now Avalanche.
In addition, the NFT market has also been listed under Avalance on the blockchain data aggregator DappRadar, hours after the announcement was made.
Commenting on the development, CEO and co-founder of OpenSea, Shiva Rajaraman, was quoted saying:
The future of web3 is multichain, and it’s always been our goal to offer the best selection and connect people with projects and creators across the chains they prefer.
OpenSea will now run on the Avalanche blockchain alongside existing platforms such as NFTrade and other Avalanche-focused NFT markets such as Joepegs and Kaloo. OpenSea claims that using Avalanche, NFT transactions may be settled in under a second at cheap transaction fees.
John Wu, president of Ava Labs, commented:
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.
Over the course of its history, OpenSea has seen transactions totaling over $20 billion, involving roughly 80 million NFTs. At the height of the sector’s popularity in January, the platform’s valuation reached $13.3 billion.
Avalanche NFTs coming into play
Last month, Avalanche saw $2.4 million in NFT volume moved over almost 25,000 transactions and only 4,488 buyers, according to statistics compiled by CryptoSlam.
Even though the Avalanche NFT economy is small, it seems to be banking on that. The “Smol Joes” and the “Smol Lands” are Avalanche’s top two NFT collections, respectively, according to OpenSea’s rankings. There are also two entries for the “Smol Apas” and the “Smol Creeps” in the top ten list on OpenSea.
