OpenSea NFT Marketplace Expands Reach With Avalanche Launch

The total volume of NFT sales has dropped 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 a Fortune report from August, the daily volume of NFT transactions on OpenSea peaked at $2.7 billion on May 1 but then declined by 99% in less than four months to just $9.34 million on Aug. 28, with daily users dropping by a third to 24,020. Based on the report, the massive drop in volume on the NFT marketplace has corresponded with a drop in crypto prices.

This apparent decline compelled online non-fungible token (NFT) marketplaces to seek ways to stay in business. These methods include forming alliances with major blockchain platforms and players in order to increase their influence in the NFT market.

On Tuesday, Oct. 11, TechCrunch confirmed that OpenSea decided to broaden its reach by launching its marketplace on the layer-1 blockchain platform Avalanche.

OpenSea Joins Avalanche

Shiva Rajaraman, an OpenSea top official, 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," the OpenSea VP said.

Following 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, with Avalanche, users will be able to settle NFT transactions in under a second and with low transaction fees.

Today, OpenSea users who may not have tried the platform out yet already have access to its active NFT community, which has seen a total NFT volume increase by 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.

Moreover, Avalanche believes that its NFT community has a unique identity and passion for experimenting with both the art and applications of NFTs. Dominic Carbonaro, Business Development Lead, NFTs and Arts at Ava Labs, said in a statement, "We're 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 expanded list of projects in order to get started with Avalanche NFTs on OpenSea. You can do that by clicking this link.

You can visit the OpenSea support center for a quick guide if you are having trouble accessing the mentioned sites or if perhaps errors appear when you interact with featured 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 website's policies and user safety articles.