The Tie Research
Joepegs: Bringing NFTs to Avalanche
By Jack Melnick
April 28, 2023
- NFT Launchpad, Incubators, and Artist Support. Launchpad features Dutch Auctions, Ascending Auctions, Flat Mints and Whitelists
- Batch Reveal
- Permissionless listing, and off-chain pricing
- Filterable Traits
- Collection Tiers, based on verification of NFT projects
- The total DeFi trading market volume in each ecosystem tends to be larger (4x+) than the NFT trading volume.
- Users on Ethereum tend to be more venue agnostic. While Uniswap commands a large portion of DEX trading, NFT statistics was more mixed - LooksRare and X2Y2 also moved meaningful volume.
- Avalanche's DeFi economy is mature, but concentrated. Trader Joe boasts the highest total for unique 7 day users of any single platform. As the incumbent, they'll have the easiest access to those looking to trade NFTs on Avalanche.
- Avalanche's DeFi economy still operates on lower total volume traded than either Solana or Ethereum. Additionally, given the relative youth of its NFT space, a market leading protocol would likely deal in lower volumes than peer ecosystems even if volumes were equal. These two factors combine to suggest Market Cap for Joepegs will scale up over time.
- OpenSea is also deployed on Solana. Interestingly, despite being a familiar marketplace for many Ethereum users, it sits at just 10% market share on that chain. Clearly, there's room for chain-native players to dominate ecosystem NFT trading.
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Jack Melnick
Jack Melnick, Author at The Tie
VP of Research