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Avalanche [AVAX] doubles down on the NFT industry, here’s how

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Avalanche’s latest announcements underscore a stronger focus on NFTs in 2023. AVAX bulls failed to yield a substantial upside in the short term. The Avalanche layer 1 blockchain recently announced interesting developments that may reveal more about what to expect in 2023. This includes a deeper focus on the NFT industry through strategic partnerships. Read […]

will likely boost Avalanche NFTs. Over the last 12 months, the network’s total NFT trades volume dropped substantially. However, we do see some slight stimulation in the same metric in the last two weeks.These developments underscore more growth opportunities for the Avalanche network. They may also lay the foundation for more utility and demand for AVAX.

Multiple on-chain metrics currently support a higher probability of a sentiment shift in favor of the bulls. For example, Avalanche development activity has been declining for most of December but it managed to pivot in the last four days.Similarly, Avalanche’s market cap is up by roughly $322 million so far this month. This is proof that there is significant accumulation. This demand also reflects observations in the derivatives market.

The Binance and DYDX funding rates also improved since the start of January. These indicators confirm that AVAX derivatives demand is on the rise.

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