OpenSea NFT Marketplace Welcomes Arbitrum Support to Onboard New Collections
OpenSea, a secondary marketplace for non-fungible tokens, will launch support for the Arbitrum layer and new NFT projects on September 21, 2022.
OpenSea will soon support popular collections such as SmolverseThis GMX Blueberry Cluband Diamond Pepes go through dopex_io. Arbitrum NFT support will go live on OpenSea today, and creators are advised to set their creator fees before any transactions take place.
Following the OpenSea announcement, Chief Marketing Officer Andrew Saunders tweet“For memory @waihai join in @arbitration Ecosystem, we play Yacht Rock all day and all night! Arbinuats party. “
OpenSea currently supports NFTs on the Ethereum, Polygon and Solana blockchains.
Arbitrum One is a permissionless Ethereum Layer 2 rollup that supports Ethereum’s smart contract functionality and serves as an entry point into the Arbitrum ecosystem. Rollup is a second layer scaling solution for Ethereum that can run decentralized applications, host NFTs, and deploy smart contracts, all with lower gas fees than the Ethereum main chain. “Permissionless” means that anyone can deploy smart contracts on Rollup.
according to the project development filesArbitrum One is currently running in mainnet beta, which means that while the rollup runs the full feature set, the development team can make any changes and pause the network if necessary.
Will OpenSea continue to be successful?
According to Arbitration No. 1 Web portals, 22 live NFT projects on Arbitrum will be listed on OpenSea. April 2022, analyst firm Nansen comfirmed Arbitrum NFT users grew 205% year over year. During the same period, the top 20 wallets had an ROI of 10,000%.
OpenSea’s commercial success in hosting NFTs will require leveraging its user base of over one million in a similar fashion treasure Marketplace has successfully built a community around its NFTs, encouraging participation by offering free minting. OpenSea also needs to make sure it offers enough search and filtering options, as Arbitrum will be the fourth blockchain to list on its marketplace. Multi-chain wallets can also simplify the process for buyers and sellers.
But given OpenSea’s ETH trading volume still dwarfs that of Polygon and Solana, based on data from the source, it may take some time. Dapreda. At press time, the total historical ETH trading volume on OpenSea is approximately $33 billionwhile Polygon and Solana traded volumes of $770.3 million and $51.4 million, respectively.
Key User Benefits of Multi-Chain Markets
The advantage of having a multi-chain NFT market is that users can trade NFTs across different blockchains, enhancing the liquidity of the NFT and increasing its value. Users can also choose which blockchain best fits their minting fee budget, not just Ethereum, which has gas fees of $80 and above.
Earlier this year, Magic Eden, the Solana NFT marketplace, began integrating ETH-based NFTs to spearhead mass adoption and simplify the process of launching new series.
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