Try Quests to earn AVAXWhat Is Avalanche (AVAX)?
Avalanche (AVAX) is a cryptocurrency and blockchain platform that rivals Ethereum. AVAX is the native token of the Avalanche blockchain, which—like Ethereum—uses smart contracts to support a variety of blockchain projects.
The Avalanche blockchain can provide near-instant transaction finality. AVAX is used to pay transaction processing fees, secure the Avalanche network, and act as a basic unit of account among blockchains in the Avalanche network.
The Avalanche blockchain reportedly can process 4,500 transactions per second. Avalanche. Launched in 2020, Avalanche aims to be fast, versatile, secure, affordable, and accessible. In addition, Avalanche is an open-source project, meaning anyone can view and contribute to the platform's code.
Avalanche's smart contracts platform supports both decentralized applications (dApps) and autonomous blockchains.
We used the avalanche.core.fact_transactions table, which is the largest table of the Avalanche blockchain, and another table that was avalanche.core.dim_labels, joined with the address to the to_address from the first table by identifying the label type as NFT.
Additionally, we also joined the tx_hash to the tx_hash from the avalanche.core.ez_token_transfers table to find out the USD volume movement for the NFT ecosystem on this blockchain.
However, we have been analyzing data on a daily basis since January 1, 2023. and we gave two fields that were period and start_date, which for readers can change values with these fields, and choices of each field comprised of
- period -> day, week, and month for changing time periods in an average for charts in our dashboard.
- start_date -> means date, which is in month / day / year type and can change in order to look at the movement of the NFT ecosystem on this chain.
What are non-fungible tokens?
Non-fungible tokens, often referred to as NFTs, are blockchain-based tokens that each represent a unique asset like a piece of art, digital content, or media. An NFT can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical.
How is a non-fungible token created?
A non-fungible token is created by an artist, creator, or license-holder through a process called minting. Minting is a process that involves signing a blockchain transaction that outlines the fundamental token details, which is then broadcasted to the blockchain to trigger a smart contract function which creates the token and assigns it to its owner.
Under the hood, a non-fungible token consists of a unique token identifier, or token ID, which is mapped to an owner identifier and stored inside a smart contract. When the owner of a given token ID wishes to transfer it to another user, it is easy to verify ownership and reassign the token to a new owner.