Avalanche supports the ArtCrypted NFT marketplace

Non-fungible tokens (NFTs) have become increasingly popular over the past year. The NFT craze enjoyed a major hype last year, with the sale of the Beeple NFT at $69 million. While NFTs are concentrated on the Ethereum network, they have also found their way into other scalable networks such as Avalanche.

ArtCrypted launches on Avalanche

Avalanche is quickly becoming a top choice for NFT marketplaces that want to ensure their users escape the high gas fees on Ethereum. ArtCrypted has become the latest marketplace to launch on Avalanche.

The NFT market is currently under heavy competition. The largest NFT marketplaces include OpenSea, Coinbase, LooksRare and Binance. However, as the NFT space grows and interest increases, other competing marketplaces and blockchains will sprout. Besides Ethereum and Avalanche, NFTs are also popular on Cardano, Polygon and Solana.

In a Twitter post, ArtCrypted announced that its NFT marketplace would go live on the Avalanche network. “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 also talked about the objectives of this NFT marketplace. They said that the marketplace wanted to change the market by meeting the community’s needs. To achieve this, the platform wanted to bring artists and collectors together and make them the centre of the project and create a community that focuses on art

“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 said. It also added that Avalanche allowed the marketplace “to have very low fees compared with other blockchains, this way, artists only need to worry about creating.”

Avalanche is also home to other NFT marketplaces such as Kalao, NFTrade and YetiSwap. The growing NFT activities on the Avalanche network could create a positive price action for the AVAX token, and the launch of ArtCrypted could trigger more gains.

AVAX’s price action

At the time of writing, AVAX had gained 6.9% to $32.29. The token has managed to break past the resistance at $30 after garnering support from the market. If the market continues with the gains, AVAX’s price could make a breakthrough.

The next major resistance level to be tested is $34.32. if it fails to meet this resistance level, short-term sellers could start selling off. The selling pressure will bring the first major support level at $28.47. If it fails to recover, the lower support of $27.12 will also be tested.

Despite the slight gains made during the past 24 hours, the price of AVAX is still in a bearish action. The price of AVAX is still bearish, and it could drop to lower levels. The price of AVAX is 77% below its all-time high, and AVAX still has much to do to recover its ATH. These gains could be boosted with the growing adoption of the Avalanche blockchain.