- OpenSea will back the Layer 2 scaling network Arbitrum.
- This marks OpenSea’s first move towards creating a web3 future to offer people access to NFTs of their choice.
- Recently, Arbitrum upgraded its network to Nitro, a new chain.
OpenSea has announced adding a layer-2 Ethereum scaling solution Arbitrum. Now Arbitrum will be a part of the four already available networks which are Polygon, Ethereum, Klaytn and Solana.
1/ We’re excited to share that OpenSea will soon support @arbitrum! 💙🚀— OpenSea (@opensea) September 20, 2022
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.
Leading NFT collections GMX Blueberry Club, Smolverse and Diamond Pepes will be uploaded initially.
According to OpenSea, creators will have to look for their collections in OpenSea followed by setting their creator fees at the time of launch.
The integration has happened at a time when the monthly trading volume on the marketplace has hit levels that were not seen since last summer.
Talking about this month, the figures are in stark as compared to January when they were at all-time highs of $4.8 billion.
LooksRare, Magic Eden, Rarible and SuperRare are other markets that have suffered a comparable cyclic fall.
Most of the NFTs on Arbitrum are located in small markets like Agora and Stratos. According to DeFI Llama’s data, the popular collections have made millions of dollars of investments.
The total trading volume of The Seed of Life collection is $11.79 million; whereas, Legions Genesis has made $11.25 million throughout the Treasure and PancakeSwap markets.
Such a move to integrate collections with OpenSea may experience a rise in volumes.
Today, Arbtrum will organize a Twitter Spaces at 6 pm UTC to talk about the partnership in detail along with opportunities for collectors and creators that lie on both sides of the chain.
Ahoy Arbinuats! Let’s welcome @opensea into the Arbitrum ecosystem!💙🛳️— Arbitrum (@arbitrum) September 20, 2022
Starting tomorrow, you’ll be able to buy and sell NFTs that live on Arbitrum One directly on OpenSea!
Tag an Arbitrum NFT project you’ve been eyeing for when we go live TOMORROW!👇https://t.co/HxXEjHEt1X pic.twitter.com/9ReZGumxR0