HongKongDoll, a prominent Crypto AV Key Opinion Leader (KOL), has actively participated in the creation of AVAV inscription tokens.
These tokens operate on the Avalanche (AVAX) blockchain.
The ARC-20 tokens are set to debut their first application: allowing users on Umate to directly reward and access the works of AV idols.
The enthusiasm sparked by HongKongDoll's tweet quickly led her to join the Umate social platform.
Umate subsequently announced its support for users to use AVAV tokens to access videos of AV stars, including HongKongDoll.
The AVAV community sees this as a significant milestone, signifying the first practical application of AVAV tokens.
HongKongDoll, the first AV star to join Umate, was soon followed by the other AV stars.
As of the time of publication, AVAV currently has 50,176 holders, with markets reporting a price of $3.23 per token.
Inscription tokens, which involve embedding text in standard blockchain transactions using an off-chain numbering system, have gained popularity due to their cost-effectiveness compared to native tokens.
Originally developed to address the absence of native token support on the Bitcoin network, they now find utility across various blockchains.
Transaction fees related to inscriptions have surged, reaching up to $5.6 million per day, constituting approximately 70% of all fees spent on inscription activities across different blockchains, as reported by a Dune Analytics dashboard.
Avalanche has witnessed two distinct periods of heightened interest in inscriptions.
The recent increase in fees is attributed to a rise in non-inscription transactions, indicating an overall demand for block space.
Transaction costs have steadily climbed this month, with a observable spike exceeding 5,000 nAVAX, the gas price per unit on the blockchain, recorded on December 18.
In the global ranking of inscription-related transactions, Avalanche holds the third position, processing 61 million transactions.
It follows BNB Chain with 77 million and Polygon PoS with 161 million transactions.
The Dune Analytics dashboard highlights over 1,160 inscription collections hosted by Avalanche, showcasing its growing prominence in the blockchain landscape.
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