OpenSea Adds Avalanche Marketplace, AVAX Traders Shrug

OpenSea now supports seven blockchains with NFT trading

October 11, 2022 04:15 pm

Source: Shutterstock

key takeaways

Gemini also adds support for AVAX on exchange on Tuesday
AVAX price has been in decline for the past few months

OpenSea, the largest peer-to-peer marketplace for NFTs on Ethereum, has launched today on the Avalanche (AVAX) proof-of-stake blockchain.

Avalanche joins six other supported chains including Ethereum, Solana, Arbitrum, Klaytn, Polygon and Optimism.

OpenSea is currently featuring 200 Avalanche-native collections with more to come, according to Ava Labs, which stated that the total NFT sales volume has increased by 180% since the second quarter of 2022.

The top three chains with the most NFT sales volume denominated in USD are Ethereum, Ronin and Solana, according to CryptoSlam data. Avalanche ranks seventh, with an estimated $404.6 million in sales.

The NFT collections trending on OpenSea on Avalanche at the time of publication include Smol Jones, Rich Peon Poor Peon, and Chikn.

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Separately, digital assets exchange and custodian Gemini announced support for trading of native AVAX on Tuesday.

The past few weeks, however, have not been kind to AVAX’s token valuation.

In decline for almost a year, AVAX once peaked at $134.87 in Nov. 2021 and has been hovering under $20 for the past month, according to data compiled by Blockworks.

The layer-1 network was dogged by allegations surrounding a former legal adviser in August.

Its total value locked has declined from a peak of $12.15 billion to $1.55 billion, according to DefiLlama.

Neither OpenSea’s nor Gemini’s support served to lift the cryptoasset in Tuesday trading, which was changing hands at around $16 as of 3:55 pm ET.

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