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.

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

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Paulina is a writer, reporter, and digital craftswoman. Her educational background extends from anthropology to IT & multimedia. She has experience working with tech startups, as well as mastering the craft of journalism. At DailyCoin, Paulina focuses on the world of metaverses, NFT marketplaces, NFT art, and blockchains backing NFT technology.