Avalanche Foundation Launches NFT Initiative


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The Avalanche Foundation has launched an initiative that will see it support non-fungible token (NFT) artists, as announced in a blog post.

Avalanche forms digital artist initiative

Avalanche says their initiative, titled Avaissance, will be in two parts.

The first part of the initiative involves an Artist in Residence (AIR) program that will provide funding, mentoring, and virtual workshop sessions to more than fifty digital artists. Each artist will release a collection of NFTs at the avalanche blockchain.

So far, Avalanche has announced three mentors: motion graphics artist Emonee LaRussa, ALLSHIPS founder Dave Krugman, and Valhalla chief of staff Ryan Wen.

The second part of the program is a collaborative digital art curation program called the Mona Lisa Initiative (MLI). This effort aims to give away NFTs to various digital art DAOs. It will also see Avalanche create their own permanent collection with certain pieces of art.

Avalanche invites digital artists to apply through their official site online application form. The project will accept applications until April 28, 2023.

The State of NFTs in Avalanche

Most NFTs are currently created and circulated in the Ethereal block chain. This is the case despite the fact that many competing blockchains try to offer a more favorable platform by promising lower fees and faster transaction times.

dapp-radar suggests that NFT trading volume reached $946 million in January 2023. Ethereum was responsible for $659 million in volume, or 78.5% of all volume, that month. By contrast, Avalanche was responsible for just $1.7 million in NFT trading volume in January, representing roughly 0.2% of all NFT trading volume that month.

Certain other blockchains, such as Tezos (XTZ) and WAX (WAX), saw very similar volumes to Avalanche, while Ronin (RON) and BNB Chain (BNB) saw at least double the volume of Avalanche. Other blockchains had significantly higher trading volumes.

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