While NFT activity remains sluggish, some of the industry’s top players have teamed up to broaden its appeal. The most recent to do so is the world’s largest NFT marketplace OpenSea, which reportedly debuted natively on layer-1 blockchain Avalanche.
According to a recent report by TechCrunch, Vice President of Product at OpenSea Shiva Rajaraman believes that multi-chain is the future of Web3 and the company always aims to “offer the best selection and connect people with projects and creators across the chains they prefer.”
OpenSea to start with 10 Avalanche-based projects
Along with current platforms like NFTrade and other Avalanche-focused NFT marketplaces like Joepegs and Kalao, OpenSea will function on the blockchain. OpenSea customers will be able to complete NFT transactions with Avalanche in less than a second and pay minimal transaction costs, according to the company.
About ten Avalanche-based projects will be introduced on OpenSea initially, and more will follow. Ava Labs president John Wu commented on the recent development by stating:
“We listen to our community, and part of our community really wanted to have OpenSea. We have a budding and vibrant creator and NFT community, and they wanted OpenSea as a choice.”
Additionally, Wu noted that Avalanche collaborates with a small number of web2 firms, including business and consumer brands and athletic organizations. According to Wu, these companies desired the option of OpenSea on Avalanche.
“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. These brands are far more comfortable working with OpenSea,” he stated.
80 million NFTs totaling more than $20 billion in volume have been exchanged on OpenSea so far. When the sub-sector was seeing a spectacular rise in popularity, the platform’s valuation reached $13.3 billion in January. In September, OpenSea decided to support Layer-2 network Arbitrum. Moreover, a few weeks back, it also announced support for the layer-2 Polygon blockchain on its new Web3 protocol Seaport.
