OpenSea Introduces Avalanche as the Newest Blockchain Supported

OpenSea Introduces Avalanche as the Newest Blockchain Supported

Avalanche is now available on OpenSea, bringing the total number of blockchains supported on this leading NFT marketplace to seven besides Ethereum, Solana, Arbitrum, Klaytn, Polygon and Optimism. The platform will allow creators to mint, list and trade NFTs on the layer 1 network.

According to Ava Labs, the overall NFT sales volume has climbed by 180% since the second quarter of 2022, and OpenSea presently features 200 Avalanche-native collections with more to come. The first Avalanche collections on OpenSea will include Chikn, TapTapKaboom, The Stoics, Castle Crush, and Open Blox…

The Avalanche comes weeks after the platform announced support for Arbitrum and Optimism, as well as Solana NFT indexing. In addition, OpenSea has partnered with Warner Music Group to expand the Web3 game for artists.

However, OpenSea has been slowly losing its dominance recently. NFT trading activity has dropped dramatically in recent months, causing OpenSea trade volume to fall into a series of bottom days, dropping more than 30% in September 2022.

Even though it is backed by numerous well-known investment funds; raised capital of $300 million USD, increased the valuation to 13.3 billion USD; established an incubation fund... OpenSea appears to be in a significant crisis. It shows in the decision to lay off 20% of the staff, to the recent departure of co-founder Alex Atallah and CFO Brian Roberts.