OpenSea, a significant non-fungible token (NFT) exchange, has opened on layer-1 blockchain Avalanche (AVAX).
Both businesses reportedly verified the announcement, according to TechCrunch, that OpenSea will function on the blockchain alongside other platforms including NFTrade, Joepegs, and Kalao.
The firm was cited in the research that claimed OpenSea customers will be able to settle NFT transactions quickly and with little transaction cost.
Additionally, all Avalanche-based NFT collections will be available in the marketplace, and additional ones will be added later.
According to Shiva Rajaraman, vice president of product at OpenSea, “the future of Web3 is multichain,” and according to John Wu, president of Avalanche creator Ava Labs,
“We pay attention to our community, and a portion of them was really interested in having OpenSea.
Our maker and NFT communities are growing and thriving, and they requested OpenSea as an option.
Additionally, the Web 2.0 businesses Avalanche collaborates with, including corporations, consumer brands, and sports teams, wanted OpenSea to be an option on Avalanche.
Wu stated and added:
“Because [Web 2.0] is so much greater than Web 3, they want to know if there is a chain that is scalable.
They desire a chain that can manage extremely high user activity levels.
Working with OpenSea is much more pleasant for these companies.
Due to Avalanche’s faster transaction times and, most significantly, its reduced gas costs, it is frequently referred to as a rival to Ethereum (ETH).
Avalanche is now the ninth-largest blockchain by NFT sales volume, according to CryptoSlam.
In contrast, OpenSea has the highest trading volume in the NFT market.
On Wednesday morning (UTC), it had a volume of $9.88 million in a day and $74.53 million in a week, according to DappRadar.
TechCrunch cited Wu as saying, “The entire NFT market is down, and it’s down a lot.
But if you analyze the NFT market, a lot of the filler is eliminated.
A new category of usefulness and fan involvement, along with other categories outside of the collectibles industry, are what are beginning to pick steam.