Avalanche NFT Market Booming? What Should Be Noted?

Overview

Recently, OpenSea's announcement of its rollout to Avalanche caused excitement in the community. With the expectation of a strong growth wave from now until the end of this year.

In the past, when OpenSea launched on Solana around the end of March, the NFT array in this ecosystem really exploded. With the trading volume in $SOL increased from 500k to 1.2M, more than double the previous time.

After the above announcement, the number of NFT traders on Avalanche increased dramatically. Notably, First-time Buyers reached 6359 wallets on 21/21. 10 recently, an increase of 75 times compared to the previous 5 days with only 84 wallets.

Besides, the team of Joepegs - The largest NFT exchange in the "red triangle" ecosystem has also announced Royalties protection for artists. Making a part of Artists from other ecosystems tend to flock here before the limited moves to collect royalties from X2Y2, Magic Eden,...

So what should you learn before participating in Avalanche NFT?

Exchanges

Exchanges are one of the key players in NFT trading. In the Avalanche ecosystem, there are currently exchanges

OpenSea

Although it was launched on October 14, currently the trading volume on the NFT exchange with the largest revenue in the market has not yet attracted users from AVAX.

Joepegs

As part of AMM TraderJoe, having a large share of the trading market is not too difficult to understand. The volume and number of transactions of Joepegs are always at the top and create quite a distance from current competitors. Joepegs has a large share of the trading market on Avalanche.

Kalao

Kalao is an NFT exchange and allows users to Stake the $KLO token to receive a share of the platform's transaction fees. But low trading volume coupled with token inflation causes $KLO to decrease in value. However, this is still a platform worth using if you want to hunt low-cap collections.

Campfire

This NFT exchange is popular for minting small collectibles that attract users with low capital. However, you should be careful because collections like this are usually anonymous teams, not very reputable and worst of all, there is no liquidity.

Tools

Currently, there are not too many tools for the NFT market on Avalanche at the moment, so I only regularly use www.avalytics.xyz

This is a tool that helps users to check their information. NFT collection before purchase. In particular, this tool has a Floor Book section that allows users to review and calculate before "Sweep The Floor" a certain collection. View Floor Book and Previous Transactions for a sound investment strategy.

Onchain Analysis

Last week's number of buy and sell transactions According to Nansen, the total volume of NFT buying/selling last week increased sharply up about 30,000 transactions, more than 6 times compared to the previous week. Most of the transactions were buying and there was no strong selling pressure yet.

There has been a money flow from Smart Money and OpenSea Users pouring into the ecosystem Avalanche.

If you haven't started looking for potential opportunities from this booming market, what are you waiting for?

Disclaimer:
The information, statements and conjecture contained in this article, including opinions expressed, are based on information sources that Holdstation believes those are reliable. The opinions expressed in this article are personal opinions expressed after careful consideration and based on the best information we have at the writing's time. This article is not and should not be explained as an offer or solicitation to buy/sell any tokens/NFTs.
Holdstation is not responsible for any direct or indirect damages arising from the use of this article content.