Trader Joe to launch Joepegs, an NFT marketplace with a launchpad which supports Dutch auctions, mark-up auctions, fixed-price sales, and whitelist sales
Avalanche’s biggest exchange TraderJoe is set to launch a non-fungible tokens marketplace. The new platform called Joepeg will have a launchpad called Launchpeg which will facilitate Dutch auctions, mark-up auctions, fixed-price sales, and whitelist sales. The platform is also expected to have permissionless, off-chain storage of listed prices, filtering functions, and rarity display.
Avalanche NFT’s Catching Steam
It would seem TraderJoes foray into NFT has been timed perfectly, especially with Avalanche getting greater attention for its NFTs. According to Cryptoslam, the network ranks third behind Ethereum and Solana for NFT sales volume in the last 30-days.
The data shows that Avalanche had over $41 million in NFT sales last month with over 10639 unique buyers. This strong performance dictates a growing interest in NFTs on the platform that Traderjoe wants to tap.
Source: Cryptoslam
A further breakdown of Avanlanches’s performance shows that interest in the chain peaked in November 2021. However, the spike in interest did not bring about a corresponding increase in sales volume. Eventually, sales picked up and reached their zenith in February and March 2022. Since then, both metrics have somewhat formed a direct relationship.
Interestingly, the bulk of the NFT transaction on Avalanche is being done on the Crabada collection. Currently, it is the 16th ranked collection by sales volume in the last 30 days. It also happens to be the only non-Ethereum collection within the top twenty.
Data shows that Crabada had almost $38 million in sales volume last month. That volume is equivalent to over 90% of the sales volume on Avalanche in the same period. Furthermore, it boasts 7,947 active wallets and over 65,000 transactions in the last month.
NFT Traders Get Boost As Coinbase NFT MarketPlace Launches In Beta
The competition within the NFT marketplace space is set to heat up significantly. Crypto exchange, Coinbase, which announced the launch of a marketplace six months ago, has launched the beta version. The platform is developed on the Ethereum blockchain and is called Coinbase NFT.
Consequently, Coinbase is set to curate and showcase several NFT collections like Doodles, World of women and Azuki. Also, all Ethereum-based Collections would be available on the platform with the integration of other chains scheduled for later.
Speaking about the launch, Sanchan Saxena, vice president of product, revealed that no transaction fees would be charged on the platform for a limited time. He further said that users could either use a Coinbase wallet or any self-custody wallet they own to trade NFTs on the marketplace.
Coinbase NFT intends to expand its functionality in the future, including NFT drops, minting, and token-gated communities. It also plans to add the ability to buy NFTs with a Coinbase account or credit card, making the ecosystem more accessible. To further attract more users to it, the platform will collaborate with NFT artists globally to release collections on in the future.
Do you think the new NFT marketplaces can rival OpenSea’s dominance? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
