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Avalanche NFT Traders Volume Surges Following OpenSea Support

Avalanche NFT Traders Volume Surges Following OpenSea Support
  • Avalanche NFT traded volume surged by more than 200% in the last 24 hours.
  • Also, the Gemini exchange supports AVAX trading.

OpenSea, the world’s largest peer-to-peer marketplace for NFT on Ethereum added NFTs from the Avalanche blockchain to its marketplace. Avalanche joins the other six supported chains, including Optimism, Solana, Arbitrum, Klaytn, and Polygon. Last month, OpenSea saw traded volume worth almost $350 million in Ethereum NFT.

Avalanche has a so-called name that is “Ethereum killer,” Avalanche hasn’t made much of an impact on NFTs. However, OpenSea’s announcement is good news for Avalanche NFT supporters but it is unclear whether the NFT market on the blockchain would benefit from the increased visibility. 

Avalanche Performance in The Market 

Ava Labs reported that OpenSea now offers 200 Avalanche-native NFT collections and the overall volume of NFT sales has surged by 180% since the second quarter of 2022. According to CryptoSlam, the top three chains with an enormous volume of NFT sales in USD are Ronin, Solana, and Ethereum, and Avalanche is in 8th place with approximately $404.6 million in sales.

Following the OpenSea declaration, Avalanche NFT sales traded volume skyrocketed by more than 200%, roughly 96,928 with nearly 827 transactions and 289 buyers. Furthermore, Gemini, a custodian and exchange of digital assets on Tuesday announced that it will support Avalanche native token AVAX trading.

However, At the time of writing, Avalanche (AVAX) traded at around $16.03 with a trading volume of $137,595,360. Still, AVAX is down by over 89% from its all-time high of $146.22, which is recorded on November 2021. And AVAX has a market cap of $4 billion. as per CoinMarketCap.

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