OpenSea Aims for an Avalanche of NFT Interest

Avalanche is best known for its DeFi presence, but it is making strides to establish itself in the NFT space with its launch on OpenSea.

AccessTimeIconOct 11, 2022 at 6:54 p.m. UTC
Updated Oct 11, 2022 at 7:44 p.m. UTC

Cam Thompson is a news reporter at CoinDesk.

OpenSea, the largest non-fungible token (NFT) marketplace in terms of trading volume, will now support Avalanche, TechCrunch reported Tuesday. The platform will now allow creators to mint, list and trade NFTs on the layer 1 network.

Avalanche, primarily touted as a decentralized finance (DeFi) chain, is often mentioned as a challenger to Ethereum with its fast transaction speeds and low gas fees. On the other hand, Avalanche has not yet had a strong presence in the NFT space, which this new partnership aims to address.

A spokesperson for Ava Labs, the firm behind Avalanche, told CoinDesk the chain’s bridge released in June revealed “surprising” insights about the chain’s amount of DeFi activity, and that “a lot of people will discover the same [surprise] about Avalanche NFTs with OpenSea joining the community.”

OpenSea has been rolling out its marketplace to additional chains this past year. In March, it implemented Solana in the wake of the network’s growing foray into the NFT space. Last month it added support for Ethereum rollup Arbitrum.

OpenSea did not respond to CoinDesk’s request for comment.

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Cam Thompson is a news reporter at CoinDesk.

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Cam Thompson is a news reporter at CoinDesk.