ON–136: NFTs (Part 2)

Coverage on Avalanche NFTs.

Sep 2, 2022

④ Avalanche NFTs

👥 jp12

📈 Avalanche has no dominant NFT marketplace

  • Avalanche received lots of attention this week. While quieter than other alt-L1s, it’s a budding ecosystem of EVM compatible apps. However, its NFT ecosystem is often overlooked. In absence of a clear market leader like OpenSea or Magic Eden, the landscape is scattered amongst 4–5 competitors.
Source: Flipside Crypto
  • NFTrade and Chikn marketplaces have driven the most volume since March 2022, with both exceeding 150k AVAX volume. JoePegs which is built by Avalanche’s top DEX - Trader Joe - has quickly risen to #3 rank after its launch in May. Trader Joe has a very strong brand, so this emergence is expected.
Source: Flipside Crypto
  • Observing the weekly averages, we find the “Chikn” marketplace is tracking above the rest. Chikn is doing around 18–22 AVAX per sale, while every other marketplace is averaging at least 2–3x less. This is not an anomaly as the floor price for a “common” NFT is 35 AVAX.
Source: Flipside Crypto