OpenSea, a decentralized blockchain-based digital asset marketplace for cryptocurrencies and non-fungible tokens (NFTs), has once again increased the range of services it offers.
The NFT marketplace acknowledged its service extension to incorporate digital assets powered by Avalanche in a blog post on October 12. This collaboration comes shortly after Opensea announced support for the Optimism and Arbitrum scaling solutions for Ethereum.
— OpenSea (@opensea) October 11, 2022
Support For Avalanche NFTs Is Added By OpenSea
Avalanche is a decentralized open-source proof of stake network that uses three different blockchains, including the C-Chain and its own native coin AVAX. Smart contracts and Ethereum compatibility are designed for the C-Chain to enable digital assets. NFT may occur on either the C-Chain or the X-Chain of Avalanche.
With the use of platforms like NFTrade and Avalanche-focused marketplaces like Joepegs and Kalao, OpenSea hopes to let users settle NFT transactions easily and with little transaction cost. Ava Labs president John Wu made the following observation on the new alliance:
“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.”
“They want to know there is a chain that’s scalable, because [Web 2.0] is so much bigger than web3. They want a chain that can handle massive amounts of activity from its users. These brands are far more comfortable working with OpenSea.”
The NFT Market Health of OpenSea
It’s important to note that OpenSea has had a difficult year. In the last 90 days, the NFT market has fallen more than 95%. In September, the market recorded only $350 million, down for the sixth straight month.
The market has, however, accepted a number of developments in recent weeks, including enabling users to bulk list and buy non-fungible tokens (NFTs). With these developments and the most recent Avalanche integrations, according to OpenSea, its market health may begin to improve.
NFTs from seven decentralized blockchains are supported by OpenSea, including those from Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and Avalanche.