The Avalanche (AVAX) blockchain possesses a rapidly growing AVAX ecosystem of projects. In the last 16 months alone, there have been over 400 different developments within this ecosystem (1). Many of these are AVAX NFT projects which means that they are applications that focus specifically on non-fungible tokens.
NFTs are unique pieces of information that identify a specific entity on a blockchain. Currently, one of the most common ways NFTs are used is to allow for digital art purchases and collections. Using an NFT, the digital art can be tied to the blockchain with a permanent address that only the owner possesses unless they choose to sell it. This is how non-fungible tokens create ownership in the digital space. NFTs have been used for more than art. They have also been used for digital wearables for avatars in the metaverse, for music, and even for short videos. One of the characteristics of these NFTs is that they are usually tied to the blockchain on which they are created. However, with the right projects and applications, they can still be portable across a number of different platforms that rely on that same blockchain. This means that, for example, users could bring their digital wearables from one metaverse to another, seamlessly.
There are even marketplaces where these NFTs can be bought and sold between users. On the AVAX blockchain, marketplaces have been built such as 420Swap (2), or CryptoNeed (3). In addition, a whole number of NFT projects have been built on the platform such as AVAXRealms (4). This NFT creation has the stated intention of becoming the ‘definitive set of RPG experiences on the Avalanche network.’ Recent AVAX news shows reports discussing how there has been a large expansion in the number of applications being built on the AVAX platform (5). Furthermore, the report describes how the objective of AVAX is to become the hub for decentralized finance innovation as well as for NFTs and the metaverse.
AVAX NFT Market
There are many different ways to approach the AVAX NFT market, where users can purchase or sell NFTs. One popular NFT trading platform is NFTrade (6), where users can buy and sell NFTs from any blockchain network they want. This allows for more flexibility and means that you only ever need to visit one platform.
Other NFT marketplaces that are focused on the Avalanche platform include Kalao (7), Yeti Swap (8), and others. NFTKey is another AVAX NFT marketplace where users can collect NFTs using their AVAX coins (9). The marketplace also supports other cryptocurrencies and makes it easy to connect one of the more popular crypto wallets so that you can jump straight in and start making trades. NFTKey is also decentralized, meaning that it is not owned by any single entity. Decentralization carries with it many benefits including that it means the platform is more resistant to things like censorship. Snowflake Marketplace is yet another AVAX NFT market (10). They are experiencing strong growth and recently announced that they had reached 1,000 sales on their platform (11). There are many marketplaces such as these and they form the foundation of the idea of NFTs themselves. By providing a space for users to share, collect, and trade, marketplaces are absolutely essential to the continued growth and success of the NFT sector.
AVAX NFT Drops
When the release of a new NFT is announced it is termed an NFT drop. The reason NFT drops are important is that they often feature the exact date and time the NFT minting will happen which means that you can get in early and often get your NFT cheaper. NFT minting refers to the actual creation of new NFTs. There are actually NFT drop trackers that you can check that maintain a record of all upcoming NFT drops.
By simply typing the name of your chosen blockchain network, you can filter out everything except the NFT drops on your network. For instance, on NFTCalender (12), you can search for “AVAX” and see all the latest AVAX NFT drops. These AVAX NFTs include collectible digital items for use in virtual worlds and virtual art. One such AVAX NFT was for a digital collectible known as AVAX Rangers (13). These NFT drops present an exciting opportunity for artists and digital entrepreneurs as they offer a new way to have the authorship and ownership of your work recognized and monetized. Furthermore, because these tokens are non-fungible, they can exist as a permanent and recognizable record of your ownership. This means that you can assign royalty fees and receive a percentage each time your NFT is re-sold to other parties.
AVAX Projects
AVAX projects are applications built on the Avalanche network and there are now hundreds of them. Determining what are the best AVAX projects depends on a number of different factors. One of the most important projects may be Avalaunch (14), a launchpad for AVAX projects where teams can raise money to get their projects started. Another project which should be included in a discussion of the best projects is Trader Joe (15). Unlike the American chain of grocery stores which share a similar name, Trader Joe is an AVAX decentralized finance (DeFi) project that allows users to complete a variety of transactions with their AVAX tokens including trading, pooling, staking, and farming.
Using Benqi (16), users on the Avalanche blockchain network can lend, borrow, and earn interest using digital assets. The Benqi application is intuitive and fast and aims to solve some of the problems that have plagued the Ethereum blockchain. One of the oldest projects on Avalanche (17) is Penguin Finance (18). This is also a DeFi app that offers crypto enthusiasts a wide range of products including NFT collectibles, AVAX games, and more. The team behind it is anonymous, but it is nonetheless considered a solid AVAX project to watch in the future.
Best AVAX NFT Marketplace
The best AVAX NFT marketplace in terms of user experience, and trustworthiness would probably be NFTrade. As one of the first cross-chain marketplaces, this platform has provided users with several innovative solutions. The platform offers many features including the option to swap, farm, buy, or sell NFTs. NFTrade is compatible with the Avalanche blockchain and several others. Using this AVAX marketplace, you can purchase or sell AVAX ecosystem tokens as well as AVAX itself. These coins are the cryptocurrencies that have been built using the Avalanche blockchain network as a foundation. Some AVAX ecosystem coins were built on other networks and then accepted into the AVAX ecosystem and attached to the Avalanche network. CoinGecko shows the top Avalanche ecosystem coins to include Tether (USDT) (19), Binance Coin (BNB) (20), and USD Coin (USDC) (21).
Furthermore, you can use NFTrade to create your own NFT on the platform. With a platform like NFTrade, creating your own NFT is as easy as uploading a video to YouTube or an image to Instagram. This makes it easy for artists, creators, and other digital entrepreneurs to get involved in this exciting new space. There are many other AVAX NFT marketplaces that provide these kinds of functions and it is difficult to say for sure which marketplace is the best. Much depends on the variables the specific customer is looking for in the marketplace.
AVAX Coins NFT
The concept of AVAX coins NFT may seem fairly self-explanatory. AVAX coins are what you can use to purchase NFTs on the Avalanche blockchain network. These tokens are the native cryptocurrency for Avalanche. These coins are not created through the proof-of-work algorithm that relies on large amounts of energy to solve complex math problems, but are rather created through something called the proof-of-stake algorithm. Proof-of-Stake (PoS) uses less energy than the traditional proof-of-work algorithm and is a more sustainable approach to cryptocurrencies.
Rather than mining the coins, users who want to participate in the production of new coins must simply purchase a certain amount of the currency in order to become “validators” (22). Validators are picked randomly to receive new coins. In this way, new AVAX coins are created and distributed throughout the blockchain network.
One of the most important factors determining the value of an AVAX NFT or any other NFT is its rarity. AVAX NFT rarity can take some time to understand at first. Although no two NFTs are identical, there can be several non-fungible tokens of the same type, category, or collection. The fewer available NFTs in that category or for that project, the higher their rarity. Higher rarity means the higher value which is why the rarest NFTs are thought to be the best investment if you can find them. AVAX Daily is a Twitter page you can follow in order to keep track of the AVAX coin market.
First NFT on AVAX
It is believed that the first NFT on AVAX was AVAX Punks, added in March of 2021 (23). Avalanche Punks is an art collection of NFTs that are based on earlier forms that were for other blockchains. This NFT or any other can be purchased from online marketplaces, such as AVAXPunks.com (24). If you’re wondering where to buy AVAX NFT, you could check the AVAX NFT Marketplace Reddit where different community members share their opinions and reviews on different marketplaces (25). For example, you can find information about AVAX apes Reddit. Checking Reddit is also a good way to get updates (26) on the latest NFTs such as AVAX Apes, another NFT collection. One final important NFT to mention would be AVAX Chikn (27). According to reports, AVAX Chikn provides a number of different features and possesses strong positive sentiment in the community. There are many NFTs available on the Avalanche blockchain, finding the right ones for you is simply a matter of getting on the marketplaces and making purchases.
Resources
(1) https://www.avax-projects.com/
(2) https://420swap.app/#/
(3) https://cryptoneed.io/
(4) https://avaxrealms.com/
(5) https://ambcrypto.com/avalanche-avax-and-what-it-defying-bitcoin-means-going-forward/
(6) https://nftrade.com/
(7) https://kalao.io/
(8) https://exchange.yetiswap.app/#/nft-marketplace?category=ALL&collection=ALL¤cy=ALL&sort=NewestItems&perPage=20
(9) https://nftkey.app/
(10) https://twitter.com/snowflakeavax?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1435183530137501701%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Favaxnfts.com%2F2021%2F12%2F2021s-top-5-avalanche-nft-marketplaces%2F
(11) https://twitter.com/snowflakeavax/status/1435183530137501701?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1435183530137501701%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Favaxnfts.com%2F2021%2F12%2F2021s-top-5-avalanche-nft-marketplaces%2F
(12) https://nftcalendar.io/
(13) https://nftcalendar.io/event/avax-rangers-mint/
(14) https://avalaunch.app/
(15) https://traderjoexyz.com/home#/
(16) https://benqi.fi/
(17) https://medium.com/flagship-defi/our-favourite-7-avalanche-projects-14dd6d4d156
(18) https://penguinfinance.org/
(19) https://www.coingecko.com/en/coins/tether
(20) https://www.coingecko.com/en/coins/bnb
(21) https://www.coingecko.com/en/coins/usd-coin
(22) https://www.gobankingrates.com/investing/crypto/what-is-avax/#:~:text=AVAX%20coins%20are%20the%20native,secure%20method%20of%20creating%20coins.
(23) https://medium.com/@avalanchepunks
(24) https://avaxpunks.com/
(25) https://www.reddit.com/r/Avax/comments/qshh89/best_nft_marketplace_on_avax_and_future_upcoming/
(26) https://www.reddit.com/r/avalanchenfts/comments/pgf15k/avax_apes_sold_10000_nfts_in_13_minutes_avalanche/
(27) https://chikn.farm/