By Franklin Smith
Avalanche (AVAX) has recently shown more dedication toward capitalizing on growth opportunities within the NFT marketplace. One of the latest updates about the blockchain indicates increased support of several NFT networks.
AVAX’s recent daily post demonstrated the project’s concentration on the non-fungible token market. The announcement revealed that Avalanche support around sixteen of the leading NFT marketplaces.
Why These Partnerships Are Crucial
The non-fungible token (NFT) market was among the leading sector witnessing growth amidst bearish markets. That might explain why blockchain platforms have scrambled to garner increased volumes from NFTs.
A possible result of Avalanche’s amplified concentration on the NFT marketplaces could be supporting AVAX’s revival during the next bullish rally. The decision could welcome demand drivers from different segments, including GameFi, virtual worlds, collectibles, and domain names.
Avalanche will attain increased NFT trade volumes due to amplified availability on several NFT platforms. Remember, NFT trades have significantly declined over the past six months. The highest NFT trade volume number Avalanche blockchain registered within the past six months came on June 18, at $8.07 million.
Meanwhile, October’s highest figure stood at $1.95 million. In the volume context, premium or pricier NFTs saw more popularity than other affordable options. Premium non-fungible tokens recorded a total volume of over $100,00 over the past six months, while the more affordable ones hovered below $1,000.
That confirms that NFTs with the most selling on the Avalanche blockchain are high-end non-fungible tokens. That information remains crucial for NFT sellers that want to capitalize on the network’s availability across several NFT platforms.
Possible Effect on AVAX
The capability to sell or buy NFTs across several NFT networks through Avalanche could benefit sellers and creators. Also, AVAX can enjoy increased demand as a mode of payment if the blockchain taps more into NFT volumes. Amplified volumes can catalyze more utility for AVAX, driving its value higher.
Avalanched hovered at $15.97 during this publication, gaining 10% within the past five days. Its surges saw some friction ^a brief drop after hitting the 50% Relative Strength Index level. Avalanche’s near-term outlook indicates a substantial probability of upsides past $17 in the coming few days.
That’s if AVAX can retain the bullish stance to push to the 50-day MA. Meanwhile, a bearish result might welcome a support retest around the value area at $14.6.
Editorial credit: Ira Lichi / shutterstock.com
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