NFT marketplace OpenSea has added support for NFTs from the Avalanche ecosystem.
In an update on Tuesday, OpenSea said that non-fungible tokens on the Avalanche blockchain are now available for users to trade on its platform. OpenSea said it had added collections from OpenBlox, Castle Crush and Chikn.
OpenSea is the largest NFT marketplace and now supports seven different blockchains, including Ethereum, Solana and Avalanche.
With the crypto market experiencing a general downtrend over the last few months, it is unsurprising that trading volumes on OpenSea have also been declining since the start of the year. Data from Dune Analytics shows that monthly trading volume was down to $348 million last month, marking a considerable decline from the $4.8 billion recorded in January.
Avalanche NFTs in particular have been particularly slow moving, with just $2.4 million worth of monthly sales recorded last month, data from Crypto Slam shows. By comparison, Solana NFTs saw $130 million worth of sales over the same period. However, these blockchains are overshadowed by Ethereum which recorded $354 million worth of NFT trading volume in September, driven largely from sales of the Bored Ape Yacht Club (BAYC) collection.
The massive interest in BAYC has caught the attention of regulators, including the United States Securities and Exchange Commission (SEC), that is reportedly probing BAYC creator Yuga Labs to see whether Yuga violated federal securities laws with its NFT sales.
