The NFT ecosystem hosted on Ethereum (ETH) has seen unprecedented growth in recent months. On the other hand, faced with insanely high fees, many projects are turning to other more affordable blockchains, such as Avalanche (AVAX).
Kanye West forever on Avalanche
Kanye West is undoubtedly one of the most influential rap artists in the world. Following the release of his latest album, artist Jason Peterson wanted to pay tribute to him by painting a mural in his likeness in the streets of Chicago, the hometown of the street artist.
Faced with the growing craze around NFTs, Peterson could not resist the urge to digitize his work to sell it as an NFT. To do so, the artist partnered with startup Kalao and Ava Labs, the company behind the Avalanche blockchain, to develop the NFT sales platform YeahProbablyNothing.com, which will host the sale.
The NFT sale began on October 11 at an initial price of 201 AVAX, or just over $10,000, and will close on October 22.
The beginning of a long series of NFTs
The mural depicting Kanye West is the first tokenized work by artist Jason Peterson. However, the latter does not intend to stop there and already plans to repeat the experience.
“Contemporary artists are constantly looking for new ways to challenge the status quo of art and its medium. NFTs have brought an innovative new medium to the art world, allowing artists to fully control the distribution of their art as well as experiment with new ideas.”Jason Peterson
With a million followers on Instagram, the artist could provide an interesting showcase for the entire NFT ecosystem. Indeed, the latter is the first crypto niche to have managed to attract the attention of the general public on such a large scale. Obviously, the multi-million dollar sales have largely contributed to fuel this craze.
With the influx of influential artists, Avalanche may well become the next flagship blockchain in the NFT ecosystem. For that to happen, the platform will still have to catch up with competitors such as blockchain Solana (SOL), which recently recorded a record sale with an NFT purchased for $2.1 million earlier this week.