Once OpenSea dominated, Coinbase, Binance, LooksRare, and others launched marketplaces to compete for market share.
As the battle for dominance continues, marketplaces are also looking beyond the Ethereum blockchain to host their NFT marketplaces. While Ethereum remains the dominant host, a growing NFT space and interest in alternative blockchains could see Ethereum alternatives materially eat into Ethereum’s long-lasting 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 Marketplaces
This week, ArtCrypted announced the launch of the ArtCrypted NFT marketplace on Avalanche (AVAX).
Taking to Twitter, ArtCrypted said,
“In the search of transforming 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 of transforming our project, we decided to create our own Marketplace to build a community focused on unique 1/1 art on the @avalancheavax blockchain.
— Artcrypted Marketplace 🔺 (@artcrypted) May 20, 2022
ArtCrypted Marketplace went further to highlight the goals of the new NFT marketplace in a series of seven tweets.
ArtCrypted is looking to evolve the market by delivering on community needs. To achieve this, ArtCrypted aims to place artists and collectors at the center of the project to build a community driven by a passion for art.
As part of the goal to deliver unique art, ArtCrypted targets Latin American artists, believing in “the talent and potential of artists” in their region.
ArtCrypted selected Avalanche with belief in the future of the Avalanche project, saying,
“With their subnet technology, we’re guaranteed a superior performance and more stability, at a minimum fraction of the energy cost compared to the other PoW blockchains.”
ArtCrypted also pointed out that Avalanche,
“Allows us to have very low fees compared with other blockchains, this way, artists only need to worry about creating.”
Other NFT marketplaces on the Avalanche blockchain include YetiSwap, Kalao, and NFTrade.
NFT activity on the various marketplaces on the Avalanche blockchain will need to ramp up for AVAX positive price action. The launch of ArtCrypted is a step in the right direction.