Once OpenSea dominated, Coinbase, Binance, LooksRare and others launched marketplaces to capture market share.
As the battle for dominance continues, markets are also looking beyond the Ethereum blockchain to host their NFT markets. While Ethereum remains the dominant host, a growing NFT space and interest in alternative blockchains could see Ethereum alternatives materially eat away at Ethereum’s enduring dominance.
Other blockchains gaining traction in the NFT space include Avalanche, Cardano (ADA), Polygon (MATIC), and Solana (SOL).
Avalanche becomes a viable Ethereum alternative for NFT markets
This week, ArtCrypted announced the launch of the ArtCrypted NFT Marketplace on Avalanche (AVAX).
Taking to Twitter, ArtCrypted said,
“Looking to transform our project, we decided to create our own Marketplace to build a community focused on unique 1/1 art on the @avalancheavax blockchain.”
An avalanche is coming!
In the search to transform our project, we decided to create our own Marketplace to build a community focused on unique 1/1 art on the @avalancheavax blockchain.
— Artcrypted Market 🔺 (@artcrypted) May 20, 2022
ArtCrypted Marketplace went further to outline the goals of the new NFT Marketplace in a series of seven tweets.
ArtCrypted seeks to evolve the market by meeting the needs of the community. To achieve this, ArtCrypted aims to put artists and collectors at the center of the project to build a community driven by passion for art.
As part of the goal of providing unique art, ArtCrypted targets Latin American artists, believing in the “talent and potential of artists” from their region.
ArtCrypted selected Avalanche with faith in the future of Project Avalanche, saying,
“With their subnet technology, we are assured of superior performance and greater stability, at a minimal fraction of the energy cost compared to other PoW blockchains.”
ArtCrypted also pointed out that Avalanche,
“Allows us to have very low fees compared to other blockchains, this way artists only have to worry about creating.”
Other NFT marketplaces on the Avalanche blockchain include YetiSwap, Kalao, and NFTrade.
NFT activity across the various markets on the Avalanche blockchain will need to ramp up for positive AVAX price action. The launch of ArtCrypted is a step in the right direction.