According to the platform's verified Twitter account, OpenSea, the peer-to-peer non-fungible token (NFT) marketplace, has begun offering native support for the Avalanche blockchain. On October 12, Avalanche content providers will be able to exhibit, list, and trade their NFTs on the biggest NFT marketplace on the planet. By leveraging OpenSea, Avalanche creators will now be allowed to determine their own creator fees. 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 Shiva Rajaraman, VP of product at OpenSea, "the future of Web3 is multi-chain, and it's always been our mission to give the best selection and link consumers with projects and creators across the chains they choose."
The founder of Avalanche and the NFT community, according to Ava Labs' president John Wu, intended OpenSea to be one of the marketplaces where they could sell their NFTs. Users of OpenSea may complete transactions quickly and affordably with Avalanche.
"They are curious about a scalable chain because Web2 is so much larger than Web3. They seek a chain that can manage extremely high user activity levels, "said Wu. These companies feel much more at ease collaborating with OpenSea.
Over 80 million NFT transactions totaling over $20 billion (approximately Rs. 1,64,643 crore) have been completed on OpenSea since its inception in 2017. At a valuation of $13.3 billion, the marketplace closed a $300 million (approximately Rs. 2,468 crore) Series C fundraising round in January (roughly Rs. 1,09,439 crore). However, compared to its high in May, NFT trade volume on OpenSea is down 99%.
In addition to Ethereum, Polygon, which uses zero-knowledge proofs, the top Layer-1 blockchain network for NFTs known as Solana, and Kakao's blockchain platform Klaytn, OpenSea adds Arbitrum to its list of supported blockchains in September.
