Avalanche Supports NFT Artists Through Avaissance Initiative

Avalanche made a new initiative for NFT artists. (Photo; Doc. OpenSea)

The Avalanche Foundation recently launched an initiative that will support non-fungible token artists (NFTs), as announced in a blog post. This initiative aims to increase NFT adoption and innovation on Avalanche blockchain, which offers scalability and interoperability solutions for the crypto ecosystem.

Avalanche said that his initiative, named Avaissance, consisted of two parts. The first part of the initiative involved the Artist in Residence (AIR) program which will provide funding, mentorship, and virtual workshop sessions to more than fifty digital artists.

Each artist will release an NFT collection on the Avalanche blockchain. So far, Avalanche has announced three mentors: motion graphics Emonee LaRussa, ALLSHIPS founder Dave Krugman, and00 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 provide NFT to various digital art DAOs. The program will also see Avalanche create its own permanent collection featuring certain works of art.

Avalanche invites digital artists to register through the official online application form. The project will receive the app until April 28, 2023.

Why Does Avalanche Choose NFT?

NFT is a unique digital asset that can represent anything from artwork to concert tickets. NFT has a certificate of authenticity and ownership that cannot be falsified or transferred without the owner's consent. NFT can also create new opportunities for artists to generate revenue from their work.

Most of the NFTs are currently created and disseminated on the Ethereum blockchain. This happens despite many competing blockchains trying to offer more lucrative platforms by promising lower fees and faster transaction times.

According to DAppRadar, NFT trading volume reached US$946 million (Rp14.1 billion) in January 2023. Ethereum was responsible for volume of US$659 million (Rp9.8 trillion), or 78.5 percent of all NFT trading volumes that month.

In contrast, Avalanche was responsible for just $1.7 million in NFT trading volume in January, about 0.2 percent of the entire NFT trading volume in the same month.

A number of other blockchains, such as Tezos (XTZ) and WAX (WAX), see very similar volumes to Avalanche, while Ronin (RON) and BNB Chain (BNB) see at least twice as much volume as Avalanche.

Avalanche hopes that by launching the Avaissance initiative, it can attract more NFT artists and fans to its platform. Avalanche claims that it can offer higher transaction speeds, lower gas costs, and compatibility with Ethereum via inter-chain bridges.

Avalanche also plans to expand its NFT ecosystem by collaborating with industry partners such as OpenSea, Rarible, SuperRare, and Nifty Gateway. Thus, Avalanche hopes to become one of the leaders in the fast-growing NFT space.