- Demand for Avalanche subnets grew rapidly in 2023.
- Avalanche’s NFT trading volume hits a 1-year high.
The Avalanche [AVAX] ecosystem expanded considerably since the start of 2023 and a testimony to this fact was the rise in the network’s development activity.
According to a tweet by an analyst, the number of active developers working across different contracts went past 60 in March, its highest in the year-over-year (YoY) period.
Too many in crypto are fading $AVAX and the strong narrative it’s building on:
– Growing development (Hypersdk)
– Partnerships with top-tier gaming and AWS
– Growing $BTC.b deposits
– C-Chain growth
– Expansion into Layer Zero OTF and CosmosFade at your own risk. 🔺🧪 pic.twitter.com/Oy0R7XuuJQ
— Emperor Osmo🧪 (@Flowslikeosmo) March 18, 2023
Additionally, the demand for subnets grew rapidly as well. Subnets are the preferred scaling solution for Avalanche which allows users to create and run their own blockchain networks.
As per Avalanche explorer, there were around 56 subnets on the Avalanche network at the time of writing.
Realistic or not, here’s AVAX’s market cap in BTC terms
Avalanche’s GameFi ecosystem takes shape
GameFi has become one of the fastest-growing sectors in the Avalanche ecosystem. The platform has entered into high-profile partnerships of late to boost its appeal in the play-to-earn landscape.
App-specific blockchains, or subnets, provide a big incentive to gaming platforms if they want greater control over infrastructure such as using a native token for transaction fees, which can ultimately reduce the cost of playing.
Last month, Avalanche announced a collaboration with Indian streaming platform Loco to launch an NFT gaming marketplace ‘Loco Legends’ using its subnets.
The platform also entered into a partnership with Japanese gaming pioneer GREE earlier this month which chose Avalanche for their plunge into the Web3 world.
Furthermore, blockchain-based games on the platform saw promising growth. As per Dappradar, top games like DeFi Kingdoms, Pizza Game, and Avaxtars recorded weekly growth of 19.5%, 5,48%, and 211.7%, in their unique active users.
NFT trading explodes
The growth of these play-to-earn games had a positive impact on the NFT front. As per Santiment, the total NFT trading volume on Avalanche hit nearly 17 million on 18 March, its highest in a year.
Consequently, there was a substantial increase in the number of mentions of AVAX on different crypto social channels. The weighted sentiment surged as well, indicating that investors were optimistic about the coin’s prospects.
Source: Santiment
Read Avalanche’s [AVAX] Price Prediction 2023-24
However, there were a few concerning signals as well at the time of writing. The daily active users on Avalanche fell by 18% in the last week as per Token Terminal. As a result of this, trading activity suffered and the total transaction fees dipped by more than 70%
Source: Token Terminal
