The recent avalanche showed more seriousness in exploiting growth opportunities in the NFT market. One of the latest network-related updates reveals expanded support for multiple NFT platforms.
This is the AMBCrypto Avalanche Price Prediction (AVAX)
A recent post from AVAX revealed just how focused the avalanche is on the NFT market. According to the announcement, Avalanche now supports at least 16 of the top NFT marketplaces.
Avalanche NFT Marketplace Landscape
Thanks to the power of the avalanche ecosystem, it’s fast, safe, and cheap.
It not only attracts users to use DeFi applications, but NFT is also very hot, and the direct benefit is the NFT market.
– Avax Daily 🔺 (@AVAXDaily) October 23, 2022
Why partnering with NFT platforms is important
The NFT market was among the major sectors that drove growth during the bear market. Not surprisingly, blockchain networks are struggling to secure more volumes from the NFT market.
One possible effect of the increased avalanche focus is that the NFT market could boost AVAX’s recovery during the next uptrend.
The decision could lead to increased demand for drivers from various sectors. They include domain names, collectibles, virtual worlds, GameFi, and more.
The avalanche is likely to achieve higher trading volumes on the NFT thanks to the increased availability on multiple NFT platforms. Notably, NFT trading volumes have decreased significantly over the past six months.
The highest total NFT volume recorded by AVAX in the past six months was $8.07 million on June 18.
By comparison, the highest number recorded in October so far was $1.95 million.
In terms of size, more expensive or premium NFTs are more popular than the more affordable options. The total volume of NFTs over $100,000 has been more active over the past six months than those under $1,000.
The above data reveal that most of the NFTs selling on the avalanche network are advanced NFTs. This information is important, especially for NFT sellers who want to take advantage of network availability across multiple NFT platforms.
Possible effect on AVAX
The ability to buy or sell NFT across multiple NFT platforms through Avalanche can benefit creators and sellers. If the network can take advantage of more volumes of NFT, it can achieve higher demand for AVAX as a means of payment.
A sufficiently large volume can increase the utility of the cryptocurrency, and thus increase the potential value.
AVAX is trading at $15.97 at the time of writing and is up nearly 10% over the past five days. The upside saw some friction and dropped slightly after reaching the 50% RSI level.
AVAX’s short-term forecast indicates a high probability of a break above the $17 level in the next few days.
That is if it can maintain the bullish trajectory and push towards the 50-day moving average. On the other hand, a bearish result may lead to a retest of another support near the $14.6 price level.