12/08/2022 Avalanche Jumps Nearly 15% Amid Surging NFT Volumes

Popular Ethereum competitor Avalanche has gained double-digits as NFTs on the network gain traction.

Avalanche (AVAX). Image: Shutterstock
Avalanche (AVAX). Image: Shutterstock

Avalanche(AVAX) is leading the gains among the top-20 largest cryptocurrencies by market capitalization.

AVAX, the coin powering the layer-1 blockchain, gained 14.18% and has seen a 23% uptick in trading volume over the past 24 hours.

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The coin currently trades at around $29.3, according to data fromCoinMarketCap. Despite its 25% jump over the past seven days, the coin is still down 80.55% from its all-time high of $146.22 in November 2021.

The total value locked (TVL), a metric that shows on-chain DeFi activity, has also gained 1.74% over the past 24 hours, according to data fromDefiLlama. As of today, Avalanche has a TVL of $2.42 billion.

Today’s bullish also action crushed short traders. AVAX short trades worth $1.98 million were liquidated over the past 24 hours, according to data fromCoinglass. Long transactions worth $363.8K were also liquidated over the same period.

Growing NFT Demand on Avalanche

One of the key reasons behind today’s bullish price action appears to be the hefty growth of Avalanche-based NFTs.

Trading volumes have increased by 30.90% over the past 24 hours, according to data fromCryptoSlam. The total number of sales has also increased 12%, rising from 125 to 140 over the same period.

Leading Avalanche NFT collectionNavy Seal Gametrading volume jumped 62.7% over the past 24 hours, suggests data fromCryptoSlam. Other NFT collections, includingAvapepesandPizza Game Chefs,have also posted tremendous gains in trading volume over the same period.

Apart from Avalanche, leading cryptocurrenciesBitcoin(BTC) andEthereum(ETH) have also posted gains over the past 24 hours.

BTC has gained 5% over the past 24 hours and changes hands at around $24,129, according to data fromCoinMarketCap.

ETH is also up 5.3% and trades around $1,772 over the past 24 hours, suggests data fromCoinMarketCap.

Arts

https://decrypt.co/106941/avalanche-jumps-nearly-15-amid-surging-nft-volumes

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Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.