Avalanche (AVAX) Slides 13% Despite Being Added to OpenSea NFT Marketplace

Avalanche (AVAX) Slides 13% Despite Being Added By OpenSea NFT Marketplace

Avalanche (AVAX), the cryptocurrency behind the Avalanche blockchain, has fallen 13% in value over the last 7 days, despite numerous successful partnerships. The powerful scaling solution, known for its high speed and cheap transactions, aims to challenge Ethereum (ETH), but has faced challenges due to the ongoing RSI-infused crypto winter, leading to double-digit losses.

Avalanche (AVAX) Falling Behind in the NFT Market

Despite the breaking news that OpenSea, the top NFT marketplace, has added support for Avalanche (AVAX), statistics indicate that the ambitious blockchain is barely acknowledged in the NFT world.

Illustrating this, Avalanche (AVAX) holds a total trading volume in NFTs of just over $2 million. To put this into perspective, the metrics of Solana (SOL), one of its main competitors, outshone Avalanche (AVAX), recording the sale of more than $130 million worth of non-fungible tokens (NFTs).

The network’s struggle to make a dent in the NFT world is made apparent by the fact that the top NFT projects on Avalanche include such lesser known projects as ‘Smol Lands‘, ‘Smol Joes’, and ‘Smol Creeps’. Despite lacking NFT heavy hitters, Avalanche (AVAX) was still able to generate $350 million with Web 3.0 games ‘Crabada’  and ‘Yield Hunt Hunters’.

Ava Labs’ Head of Business Development Dominic Carbonaro remains unflustered by the situation, highlighting that “creators here are still just scratching the surface”. He went on to say that the blockchain provides users a unique identity and “passion for experimenting with both the art and applications of NFTs”, and therefore Avalanche (AVAX) might just be ready to snowball into an NFT mountain.

Coinbase Users on a Buying Spree

As the market price of Avalanche (AVAX) continues to slide, trading sentiment on Coinbase indicates that 9 out of 10 users are buying Avalanche (AVAX), rather than selling. Even though the Crypto Fear & Greed Index indicates “Extreme Fear, users on America’s most popular crypto platform seem to believe the asset represents a great buying opportunity.

At press time, the #18 ranked Altcoin trades at $14.94, according to CoinGecko, representing a 6.7% downturn over the last 24 hours, and a 13.9% weekly deficit. Furthermore, the Ethereum (ETH) Killer is near full retraction from its all-time high of $144.96. The slumping stats come even despite AVAX’s listing on Gemini, one of the top retail crypto platforms on the market.

On the Flipside

  • Avalanche’s (AVAX) total market cap has tumbled by $1.5 billion in just 30 days, dropping from $5.9B to $4.4B.
  • Avalanche (AVAX) is a Proof Of Stake network, which puts it at an advantage in terms of retail adoption.

Why You Should Care

Avalanche (AVAX) is one of Ethereum’s (ETH) main competitors, along with Solana (SOL). The successful implementation of Avalanche (AVAX) onto OpenSea, among other recent partnerships, could yet serve to significantly increase the total market capitalization of the crypto.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.