Quick take:
- OpenSea joins other Avalanche-based NFT marketplaces such as Joepegs and Kalao.
- Ten Avalanche-based NFT projects will be featured on OpenSea for a start.
- Cryptoslam data shows that Avalanche is the eleventh-largest blockchain by NFT sales volume.
OpenSea has integrated Avalanche as part of its multi-chain expansion, TechCrunch first reported. The leading NFT marketplace will operate natively on Avalanche alongside other NFT marketplaces focused on the layer-1 blockchain such as NFTrade, Joepegs and Kalao.
“The future of web3 is multi-chain; and it’s always been our goal to offer the best selection and connect people with projects and creators across the chains they prefer,” Shiva Rajaraman, VP of product at OpenSea, told TechCrunch.
John Wu, the president of Ava Labs said that Avalanche’s creator and NFT community wanted OpenSea as one of the marketplaces they could sell their NFTs. With Avalanche, OpenSea users can complete transactions in under a second at a low cost.
For a start, 10 Avalanche-based NFT projects including Chikn, TapTapKaBoom, Castle Crush and OpenBlox will be listed on OpenSea, with more to be added over time. Wu added that Avalanche is working with Web2 businesses such as consumer brands and sports teams, which wanted OpenSea as an option on Avalanche.
“They want to know there is a chain that’s scalable, because web2 is so much bigger than web3. They want a chain that can handle massive amounts of activity from its users,” Wu said. “These brands are far more comfortable working with OpenSea.”
Since its founding in 2017, OpenSea has seen a total of over $20 billion in trading volume with over 80 million NFT transactions. In January, the marketplace completed a $300 million Series C funding round at a valuation of $13.3 billion. However, NFT trading volume on OpenSea is down 99% from its peak in May.
In September, OpenSea added Arbitrum to its list of supported blockchains, joining Ethereum, the zero-knowledge proof-based Polygon, the leading Layer-1 blockchain network for NFTs Solana, and Kakao’s blockchain platform Klaytn.
According to Cryptoslam data, Avalanche is the eleventh-largest blockchain by NFT sales volume. Despite the overall market slump, Avalanche’s NFT sales volume went defied the odds as it rose 38.52% to $2.1 million in sales over the past 30 days
“The whole NFT market is down, and it’s down a lot,” Wu told TechCrunch. “But if you break down the NFT market […] a lot of the fluff is gone. What is starting to pick up is a new category of utility and fan engagement, along other categories outside of the collectible world.”
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