OpenSea Launches Support For Ethereum L2 Arbitrum

Starting today, leading NFT marketplace OpenSea will support one of Ethereum’s most active Layer-2 scaling solutions: Arbitrum.

Arbitrum joins four other networks currently supported on the marketplace⁠—Ethereum, Solana, Polygon, and Klaytn.

Onboarding the Most Popular NFT Collections

OpenSea expressed confidence in its choice to provide another platform for creators to mint and sell digital assets.

“This is a first step in building our goal of a Web3 future where people have access to the NFTs they want on the chains they prefer,” the company tweeted.

1/ We’re excited to share that OpenSea will soon support @arbitrum!

This is a first step in building our goal of a web3 future where people have access to the NFTs they want on the chains they prefer.

— OpenSea (@opensea) September 20, 2022

Popular NFT collections ‘Smolverse’, GMX ‘Blueberry Club’, and ‘Diamond Pepes’ will be among the first to be published on the marketplace, according to OpenSea’s official release.

The marketplace continued, stating in a further tweet that, after integrating Arbitrum, NFT creators will be able to set fees associated with selling NFTs on the network.

According to data from Defi Llama, the most popular NFT collections on the Arbitrum network have already attracted millions of dollars in investments. To date, most of the NFTs on Arbitrum had been platformed on smaller marketplaces, such as Stratos and Agora.

The integration comes as monthly trade activity on OpenSea fell to $242 million⁠—a far cry from the all-time high of $4.8 billion set in January 2022. Other marketplaces, like LooksRare, Rarible, SuperRare, and Magic Eden, have all recorded similar drops in activity.

On the Flipside

Following the Ethereum merge, the network’s improvements may reduce the need for roll-ups such as Arbitrum to increase speed and reduce costs.
According to NFT Scan data, NFTs on Arbitrum have a lifetime volume of 9,722 ETH, which falls short when compared to Ethereum’s NFT volume of approximately 23.5 million ETH.

Why You Should Care

Since launch, Arbitrum has become Ethereum’s most dominant Layer-2 network, holding around $2.5 billion in total value locked. The partnership with one of the biggest NFT marketplaces available in the shape of OpenSea will likely serve to open up new markets to the project.

Check out OpenSea’s latest developments:
OpenSea Collaborates To Create NFT Rarity Protocol – Launch Set For Next Week

Read more about the drop in sales volume on OpenSea:
NFT Trading Volume Drops to Yearly Lows on OpenSea

Related Posts

Binance Has Launched ETHW Mining Pool: Here’s What You Should Know

Binance has announced a new mining pool for ETHW as part of its support for the network. Analysts view the creation of the mining pool as a strong…

Decentralized Data Storage Networks: Top 7 Alternatives To Consider In 2022

Blockchain technology is already changing how things work around the world, with applications such as smart contracts, decentralized finance (DeFi), and blockchain-powered social networks gaining traction by…

‘Trading Like a Lehman Moment’ — Credit Suisse, Deutsche Bank Suffer From Distressed Valuations as the Banks’ Credit Default Insurance Nears 2008 Levels

It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy….

These Crypto Executives Have Stepped Down Since the Market Crash in May

Change is in the air as the crypto space continues to see top executives step down from their roles amid the market crisis that stemmed from the…

Bitcoin Price Analysis: Sideways Action Continues, Breakout Could Lead Huge Move

Bitcoin has yet to make a decisive move in any direction as the primary cryptocurrency continues to wrestle with the $18K support level. A bearish breakout below…

Aequinox Token Sale Session Now Available on P2PB2B Exchange

On the P2PB2B exchange, the Aequinox token sale session has already begun. Until October 8, you can purchase the tokens and sign up for the project’s community….

Generated by Feedzy