OpenSea NFT Marketplace Launches Support for Avalanche NFTs on Its Platform

OpenSea, the peer-to-peer non-fungible token (NFT) marketplace, has launched native support for the Avalanche blockchain, according to the platform's verified Twitter account. Starting on October 12, content creators on Avalanche can display, list, and trade their NFTs on the world's largest NFT marketplace. Avalanche creators will also be able to set up their own creator fees by using OpenSea. The top Avalanche-native NFT collections by trading volume on OpenSea include Smol Joes, Rich Peon Poor Peon, Chikn, Smol Turds, and Smol Creeps.

"The future of Web3 is multi-chain, and it's always been our goal to offer the best selection and connect people with projects and creators across the chains they prefer," Shiva Rajaraman, VP of product at OpenSea, told TechCrunch.

John Wu, the president of Ava Labs said that Avalanche's creator and NFT community wanted OpenSea as one of the marketplaces where they could sell their NFTs. With Avalanche, OpenSea users can complete transactions in under a second at a low cost.

"They want to know there is a chain that's scalable because Web2 is so much bigger than Web3. They want a chain that can handle massive amounts of activity from its users," Wu said. "These brands are far more comfortable working with OpenSea."

Since its founding in 2017, OpenSea has seen a total of over $20 billion (roughly Rs. 1,64,643 crore) in trading volume with over 80 million (roughly Rs. 658 crore) NFT transactions. In January, the marketplace completed a $300 million (roughly Rs. 2,468 crore) Series C funding round at a valuation of $13.3 billion (roughly Rs. 1,09,439 crore). However, NFT trading volume on OpenSea is down 99 percent from its peak in May.

In September, OpenSea added Arbitrum to its list of supported blockchains, joining Ethereum, the zero-knowledge proof-based Polygon, the leading Layer-1 blockchain network for NFTs — Solana, and Kakao's blockchain platform Klaytn.