The NFT market is going through a rough patch at the moment however, some players within the space are innovating and getting themselves prepared for the market turnaround in the near future.
OpenSea, the largest NFT marketplace has partnered with blockchain startup Avalanche to establish an NFT marketplace. With Avalanche, OpenSea users will be able to settle NFT transactions in under a second with low transaction fees, said the company.
“The future of web3 is multichain; and it’s always been our goal to offer the best selection and connect people with projects and creators across the chains they prefer,” Shiva Rajaraman, VP of product at OpenSea, told TechCrunch in an email.
“We listen to our community, and part of our community really wanted to have OpenSea,” John Wu, president of Ava Labs, told TechCrunch. “We have a budding and vibrant creator and NFT community, and they wanted OpenSea as a choice.”
According to Wu, unlike other NFT marketplaces, OpenSea is uniquely positioned as the majority of brands and users prefer the platform.
“They want to know there is a chain that’s scalable, because [Web 2.0] is so much bigger than web3. They want a chain that can handle massive amounts of activity from its users,” Wu said. “These brands are far more comfortable working with OpenSea.”
