OpenSea, the digital marketplace for crypto and non-fungible tokens (NFTs), has expanded its service offering to include digital assets developed on Avalanche, a decentralized blockchain.


The NFT marketplace acknowledged its service expansion to incorporate Avalanche-powered digital assets in a blog post published on October 12. This collaboration comes just a few days after Opensea announced support for Ethereum scaling solutions Arbitrum and Optimism. 


Here are some fast facts about the collaboration of NFT and avalanche network:

  • Beginning October 12, content providers on Avalanche will be able to show, list, and trade their NFTs on the world's largest NFT marketplace. Avalanche creators will also be allowed to determine their own creator fees utilizing OpenSea.

  • According to trading volume on OpenSea, the top Avalanche-native NFT collections are Rich Peon Poor Peon, Chikn, Smol Joes, Smol Turds, and Smol Creeps.

  • According to Avalanche's Medium release, "On Avalanche, OpenSea users will benefit from the shortest time to finality for NFT trades."

  • The fastest time to finality for NFT deals will be available on Avalanche, according to a Medium announcement from the company.

  • 24-hour NFT sales volume on Avalanche increased by 175% after the release on October 11 after Cryptoslam data.

  • Dominic Carbonaro, Business Development Lead, NFTs and Arts at Ava Labs, stated that the Avalanche NFT community has a distinctive identity and a drive for experimenting with both the art and uses of NFTs.

The above shows a short description of the partnership between OpenSea and Avalanche network. If it confuses you, let me give a brief description of the current news.


A quick glance at Avalanche


Avalanche is the quickest smart contracts platform in the blockchain market in terms of time-to-finality, and it has the most validators securing its activity of any proof-of-stake protocol. Avalanche is lightning quick, inexpensive, and environmentally friendly. By deploying on Avalanche, any smart contract-enabled application can surpass its rivals. You don't believe me? Try Avalanche right now!!


A quick glance at OpenSea


OpenSea is the world’s largest peer-to-peer NFT marketplace. Their major mission of them is to assist the world’s creators, collectors, and collaborators in directly owning and shaping their relationships. Additionally, they also created the world’s most trustworthy and inclusive NFT marketplace with the best choices, making minting, purchasing, and selling NFTs easy and enjoyable, and providing unrivaled selection and multi-chain possibilities for creators and collectors of all types. The OpenSea leadership team hails from Google, Palantir, Uber, Stanford, and Berkeley and is based in New York. a16z, Paradigm, Coatue, YCombinator, Founders Fund, Coinbase Ventures, 1Confirmation, and Blockchain Capital are among those who have invented. 


OpenSea now supports avalanche NFTs


The marketplace, which saw around $350 million in Ethereum NFT volume traded last month, now offers NFTs from seven distinct blockchains: Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and now Avalanche.




Avalanche is an open-source network that includes the native coin AVAX and three blockchains, one of which is known as the C-Chain. The C-Chain is intended for Ethereum interoperability and smart contracts, both of which NFTs make use of (NFTs can exist on either the C-Chain or the X-Chain).


OpenSea announced the integration of Avalanche blockchain NFTs into its online market. Avalanche, which is primarily promoted as a decentralized finance (DeFi) chain, is commonly cited as a competitor to Ethereum due to its fast transaction times and low gas costs. The new alliance's goal is to compensate for Avalanche's lack of a strong presence in the NFT industry.


10 Local NFT Projects on OpenSea


According to the Avalanche team, approximately ten of its native NFT projects were first submitted on OpenSea. According to the post, due to Avalanche's experience horizontally scaling with Subnets, OpenSea users would benefit from the lowest time to finality for NFT trades, with transactions usually completed within seconds and transaction costs consistently low.


9th-largest Blockchain: Avalanche


Avalanche is currently the ninth largest blockchain in terms of 24-hour NFT sales volume with just $75,690 and seventh in terms of all-time sales with $404 million, according to data. When compared to Ethereum, Solana, and ImmutableX, which reported $6.8 million, $1.5 million, and $662,335 worth of purchases during that period, respectively, Avalanche has experienced the most volume growth over the past 24 hours (151%), but the 24-hour figure is still quite small.


Furthermore, the team observed that Avalanches' NFT market activity is rapidly expanding this year, with NFT total sales increasing 180% since Q2.


Advantages of Collaboration


Because of the collaboration with OpenSea, Avalanche NFT projects may receive much-needed exposure, as not a single project from the network has placed among the top 100 NFT projects in terms of sales volume over the last 24 hours, seven days, 30 days, or overall. Aside from Avalanche, OpenSea also supports Ethereum, Klaytn, Polygon, and Solana.


Conclusion

This partnership of two giant technology will also cause an effect on the market growth of the OpenSea NFT.  It’s worth remembering that OpenSea has had a difficult year. In the last 90 days, the NFT market has dropped by more than 95%. Furthermore, the market fell for the sixth consecutive month this September, with only $350 million recorded. 


However, in recent weeks, the marketplace has welcomed a number of innovations, including the ability for users to bulk list and acquire non-fungible tokens (NFTs). OpenSea thinks that these developments, together with recent avalanche integrations, will help to improve its market health. 


Meanwhile, Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and Avalanche are among the seven decentralized blockchains supported by OpenSea. 


As per the recent update and news, it can clearly note that there is the emergence of NFT and other blockchain-related work.  So, entrepreneurs who are looking to start their own venture can utilize this opportunity.  And creating an NFT marketplace like OpenSea, rarible, and so on will definitely provide you with massive ROI and helps to enhance your business as well. Therefore, creating your own NFT marketplace will be more profitable and among them, Opensea NFT marketplace will be widely attracted to people.  You might hear that creating an OpenSea NFT marketplace is difficult. But it is not true. Creating an OpenSea NFT marketplace is quite simple.  In the market, there are many  NFT marketplace providers where you can create your own NFT marketplace. So, don't worry and grasp the opportunity and enhance your upcoming business venture…!!!

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