stub Round-Up: Avalanche Announces New Wallet, Tech Blogger Claims Rarible Will Add Solana Support - Securities.io
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Round-Up: Avalanche Announces New Wallet, Tech Blogger Claims Rarible Will Add Solana Support

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NFT marketplace Rarible has been in the headlines in the last the few days following a series of moves to consolidate the NFT market space. Rarible is intent to become much more diverse with a multi-chain edge over its competitors like market leader OpenSea. A tech blogger this week shared information showing the platform is exploring Solana support.

Elsewhere, smart contracts blockchain Avalanche this week unveiled a wallet application dubbed Core at the Avalanche Summit in Barcelona.

NFT marketplace protocol Rarible will reportedly add support for Solana

A screenshot shared by tech blogger Jane Wong shows that the marketplace is working to add support for Solana. Wong wrote that Rarible has already set up the backend to support Solana integration.

This is not the first time Wong is sharing evidence to reveal possibly coming updates. Back in January and also earlier this month, she suggested that OpenSea was working on support for Solana, claims that are yet to be verified by an official announcement.

A multi-chain adventure

Just over a month ago, the tech blogger noted that Rarible was working on a new profile feature that would enable users to have a single Rarible profile that links to their wallets in different chains. On the multi-chain Union Profile, the users would be limited to only linking their NFTs, likes, followings, and followers.

The recent developments suggest Rarible wants to dip its hand in every cookie jar in an attempt to gain an edge in the NFT evolving niche. The marketplace currently supports NFTs minted on Polygon, Ethereum, Tezos, and Flow. Polygon is the latest name to have joined the list. It marked the fourth chain supported by Rarible against OpenSea’s three – Ethereum, OpenSea, and Klatyn.

Going around Ethereum

The addition of support for cheaper Ethereum alternatives, Polygon and possibly Solana is an attempt by Rarible to solve an inherent problem in the space – high gas fees.

As Rarible co-founder and CEO Alexei Falin told Decrypt last week, his firm has taken up the responsibility to solve problems around NFT minting/ use, and some of the most significant ones are the expensive fees and inter-chain restrictions.

However, even with all this, Rarible still has a lot to do, as its trading volume figures trail. Newbie LooksRare leads the charts in transaction volume over the last 24 hours – $84.16 M, according to data provided by DappRadar.

NFT marketplaces 24 hr trading volume (DappRadar)

OpenSea is second with $80.55 M. Rarible has logged $45.01k in volume over the same period.

Avalanche announces Core Wallet as the new Web3 OS

Avalanche has taken a path of refining the experience for users who desire an Avalanche-native experience. Ava Labs Head of Product Nick Mussallem told attendees at the ongoing Avalanche Summit in Spain on Tuesday that the Avalanche platform has plans to launch its native wallet app, Core.

The new wallet is designed as free and non-custodial, intended to give users an Avalanche-unique experience. Avalanche said in the published blog post that though previously users interacted with the ecosystem via Ethereum-compatible wallets such as wallets, a lot has changed.

The chain is seeing a rise in number of “power users” who desire a wallet that is optimized to suit Avalanche’s speed and extended functionality. In fact, with the increased focus on the application-specific subnet technology, the need to create the Core Wallet has become overwhelming.

The announced launch will land in two stages. The first will be a browser extension coming before the end of March. The second, which is scheduled for Q2, will be a mobile application for the wallet. Among the features Core Wallet will have are an account switcher, a unified display of the portfolio & collectibles, an address book, and compatibility with major hardware wallets.

As a first among wallet extensions, Core will also integrate Avalanche’s bridging functionality. Avalanche Bridge, which has the highest TVL among Ethereum bridges, enables users with assets on Ethereum to engage with dApps on the Avalanche blockchain. The incorporation will eliminate the need to had to move assets onto Avalanche via an Ethereum-Avalanche bridge.

To learn more Avalanche visit our Investing in Avalanche guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.