18/06/2024 3:35 PM


Adorn your Feelings

Avalanche to Host ArtCrypted Marketplace as Interest in Ethereum Wanes

3 min read


Key Insights:

  • Avalanche (AVAX) becomes the chosen blockchain host for the digital art platform ArtCrypted.

  • ArtCrypted plans to be the first 1/1NFT art marketplace on Avalanche, with a June launch.

  • ArtCrypted joins a growing list of NFT marketplaces choosing Avalanche over Ethereum (ETH).

Interest in NFTs has continued to grow following the eyewatering $69m sale of Beeple’s First 5000 Days. Avalanche (AVAX) has become a blockchain of choice for NFT marketplaces looking beyond Ethereum (ETH). ArtCrypted is the latest NFT marketplace to opt for Avalanche.

This year has seen a marked increase in interest in NFTs and a rise in the number of NFT marketplaces.

Once OpenSea dominated, Coinbase, Binance, LooksRare, and others launched marketplaces to compete for market share.

As the battle for dominance continues, marketplaces are also looking beyond the Ethereum blockchain to host their NFT marketplaces. While Ethereum remains the dominant host, a growing NFT space and interest in alternative blockchains could see Ethereum alternatives materially eat into Ethereum’s long-lasting dominance.

Other blockchains gaining traction in the NFT space include Avalanche, Cardano (ADA), Polygon (MATIC), and Solana (SOL).

Avalanche Becomes a Viable Ethereum Alternative for NFT Marketplaces

This week, ArtCrypted announced the launch of the ArtCrypted NFT marketplace on Avalanche (AVAX).

Taking to Twitter, ArtCrypted said,

“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 Marketplace went further to highlight the goals of the new NFT marketplace in a series of seven tweets.

ArtCrypted is looking to evolve the market by delivering on community needs. To achieve this, ArtCrypted aims to place artists and collectors at the center of the project to build a community driven by a passion for art.

As part of the goal to deliver unique art, ArtCrypted targets Latin American artists, believing in “the talent and potential of artists” in their region.

ArtCrypted selected Avalanche with belief in the future of the Avalanche project, saying,

“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 also pointed out that Avalanche,

“Allows us to have very low fees compared with other blockchains, this way, artists only need to worry about creating.”

Other NFT marketplaces on the Avalanche blockchain include YetiSwap, Kalao, and NFTrade.

NFT activity on the various marketplaces on the Avalanche blockchain will need to ramp up for AVAX positive price action. The launch of ArtCrypted is a step in the right direction.

AVAX Price Action

At the time of writing, AVAX was down by 1.14% to $29.49.

AVAX 220522 Daily Chart

AVAX 220522 Daily Chart

Technical Indicators

AVAX will need to move through the day’s $29.52 pivot to make a run on the First Major Resistance Level at $30.87. AVAX would need the broader crypto market to support a breakthrough Saturday’s high of $30.56.

An extended rally would test the Second Major Resistance Level at $31.92 and resistance at $32. The Third Major Resistance Level sits at $34.32.

Failure to move through the pivot would test the First Major Support Level at $28.47. Barring an extended sell-off, AVAX should avoid a return to sub-$28. The Second Major Support Level sits at $27.12.

AVAX 220522 Hourly Chart

AVAX 220522 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bearish signal. AVAX sits below the 50-day EMA, currently at $32.64. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also fell back from the 200-day EMA, AVAX negative.

move through the 50-day EMA to $35, however, would bring the 100-day EMA and $40 into play.

AVAX 220522 4-Hourly Chart

AVAX 220522 4-Hourly Chart

This article was originally posted on FX Empire



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