OpenSea Introduces Optimism (OP) Blockchain

NFT marketplace OpenSea announced that it will onboard Ethereum layer-2 scaling solution Optimism. It is the sixth blockchain supported by the major NFT platform.

Listing Optimism-based NFT Collections

Since introducing blockchain compatibility earlier today, OpenSea has already listed over 100 Optimism-native NFT collections on its marketplace. Apetimism, Bored Town, MotorHeadz, and OptiChads are just a few of the notable projects built on the Optimism network that have been included in the OpenSea marketplace.

In its Tweet, Opensea noted that each collection’s author must access their project on OpenSea to set a custom creator fee for sales on the platform. According to the company, creators can earn up to 10% on every transaction of their NFTs.

Before OpenSea announced that they would include the network on its platform, most of the NFTs built on Optimism were sold on the Quix NFT marketplace. At the time of writing, the daily trading volume on Quix was $26,000 in sales. Meanwhile, the trading volume for NFT giant OpenSea was over $9.9 million during that time.

Opensea Expanding the List of Supported Blockchains

OpenSea has recently been onboarding new blockchains to their platform. Optimism joins five other networks currently supported on the marketplace⁠—Ethereum, Solana, Polygon, Klaytn, and just last week introduced Arbitrum blockchain.

Optimism earlier this year received acknowledgment from institutional investors, Andreessen Horowitz (a16z) and Paradigm among them. At a $1.65 billion valuation, they raised a total of $150 million in a Series B fundraising round in March 2022.

On the Flipside

• Monthly trade volume on OpenSea decreased to $242 million, a significant decrease from the record-breaking $4.8 billion traded in January 2022. Similar declines in activity have been observed on a number of other marketplaces, including Magic Eden, LooksRare, Rarible, and SuperRare.
• While Ethereum scaling solutions are crucial for the NFT market, however, the need for roll-ups might decrease after Ethereum’s merge.

Why You Should Care

According to DefiLlama, the entire value locked on the chain reaches $869.47 million. More than 1,000 projects are built on Optimism, including derivatives liquidity protocol Synthetix, which has over $120 million locked on the network.