OpenSea adds support for Arbitrum

OpenSea has developed a new solution for the sale of low-cost NFTs: we are talking about Arbitrum Nova, the new support for the world-renowned NFT sales platform.

Yesterday, January 9, the biggest marketplace for the sale of non-fungible tokens announced the new support, which is a Layer 2 Ethereum scaling protocol aimed at offering NFTs at a lower cost.

Arbitrum Nova is now on OpenSea

A solution that opens up for the world of NFTs on OpenSea even for those with a limited investment budget.

The goal of the integration created by the OpenSea marketplace is precisely to provide a seamless and affordable product for non-fungible tokens.

The Ethereum network cost-wise is not the cheapest option and that is why Arbitrum Nova has come to OpenSea.

In addition, with this new integration, OpenSea opens its world to another large breadth of NFTs, expanding its catalog even further. So the users will have access to a larger number of non-fungible tokens and most importantly at a lower price.

Currently, the platform supports Ethereum, Solana, PolygonKlatyn, Arbitrum, Optimisme, Avalanche and BNB chain. The new name on the list was Arbitrum Nova.

Through this new collaboration, OpenSea became a member of the Data Availability Committee (DAC), the decentralized organization that aims to help grow Arbitrum’s data infrastructure. An organization that has other really important members like Google Cloud, Reddit, P2P, Consensys and QuickNode.

The Data Accessibility Committee (DAC) has three main functions:

1. Protect users’ trading privacy by hiding balance updates and trades from other users.
2. Check the status of the balances and, if valid, sign to allow updates in the chain.
3. Publish all balances if platforms that support it go offline or withhold data.

OpenSea on Twitter made the announcement as follows:

“We are delighted to support Arbitrum Nova! @Arbitrumits chain dedicated to social and gaming! We are also strengthening Nova’s ecosystem by joining the Data Availability Committee (DAC) to provide access to on-chain data and help ensure data accuracy.”

It is already possible to view NFTs from the Arbitrum chain on OpenSea, with OpenSea’s classic platform listing of NFTs in order of volume, from highest to lowest.

The list shows NFTs with lower costs and correspondingly lower trading volume, but at the same time really interesting projects, such as “The Beacon” and “Smol Brains” the two top NFT projects on the Arbitrum Nova chain, for which the trading volume is not high, we are talking about 13 ETH and 7 ETH respectively, but they have a good chance to go up with the start of the new year.

What is Arbitrum Nova?

Arbitrum Nova is fairly recent. In fact, it was launched in August 2022 and is a new chain built on Arbitrum’s AnyTrust technology, it is a new upgrade optimized for transactions at a very low cost and with strong security guarantees.

Arbitrum creates complete Ethereum Virtual Machine (EVM) environments through Optimistic roll-up technology. Therefore, users can get a faster experience on the Ethereum core network at a reduced cost.

The creator of the Arbitrum ecosystem is OffChain Labs, and in addition to creating Arbitrum Nova, it also created its Arbitrum One core network. Arbitrum’s core network (Arbitrum one) will remain available to DeFi and NFT projects.

However, the main purpose of creating Nova is the distribution of games and social applications. Off-chain Labs has built Nova with its new technology (the Arbitrum AnyTrust technology).

The main network of Arbitrum (Arbitrum one) will remain available for DeFi and NFT projects. However, the main purpose of creating Nova is the distribution of games and social applications.

The goal of the Arbitrum creators is to start integrating Arbitrum Nova for NFTs as well, hence the collaboration with OpenSea. Their latest flagship product is proving to be very effective, so Off-chain Labs’ goal is to put it ahead of all other projects.

An optimistic rollup like Arbitrum, in very simple terms, aggregates a large number of different transactions and sends them in bulk to L1 (Ethereum). In precisely optimistic terms, Arbitrum assumes that all transactions are valid and vice versa.

Ethereum has a stricter standard instead of transactions at L1, verifying them one by one. If a problem arises with a pooled transaction, Ethereum takes responsibility for fixing the problem.