OpenSea NFT Marketplace welcomes Arbitrum support for new collections
The non-fungible token secondary marketplace OpenSea will launch support for the Arbitrum team and new NFT projects on September 21, 2022.
OpenSea will soon support popular collections such as Smolverseit GMX Blueberry Cluband Diamond Pepes by dopex_io. Arbitrum NFT support will go live today on OpenSea, where creators are advised to enter their creator fees before any transactions take place.
Following OpenSea’s announcement, Chief Marketing Officer Andrew Saunders tweeted“In honor of @open sea join in @arbitrum ecosystem, we play Yacht Rock all day and all night! Party at Arbinuats.”
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 capabilities and serves as an entry point to the Arbitrum ecosystem. A rollup is a layer-two scaling solution for Ethereum that can run decentralized applications, host NFTs, and distribute smart contracts, all for a lower gas fee than the Ethereum main chain. Being “permissionless” means that anyone can deploy a smart contract on the digest.
According to the project’s development documents, Arbitrum One is currently running in mainnet beta, meaning that while the digest operates a full feature set, the development team can make any changes and pause the network when necessary.
Will OpenSea continue to succeed?
According to the Arbitrum One portal, there are 22 live NFT projects on Arbitrum that will be listed on OpenSea. In April 2022, research firm Nansen confirmed a 205% year-on-year growth in Arbitrum NFT users. During the same period, the top 20 wallets saw a return on investment of 10,000%.
OpenSea’s commercial success in hosting the NFTs will require leveraging its million plus user base in a similar way to how Treasure Marketplace succeeded in building a community around its NFTs, encouraging participation by offering free coins. OpenSea also needs to ensure that it provides enough search and filter options, considering that Arbitrum will be the fourth blockchain to be listed on the marketplace. A multi-chain wallet can also streamline the process for buyers and sellers.
But that may take some time, considering that OpenSea’s ETH trading volumes still dwarf those of Polygon and Solana, according to data from DappRadar. At press time, all-time ETH trading volumes on OpenSea totaled approximately $33 billion, while trading volumes on Polygon and Solana are $770.3 million and $51.4 million, respectively.
Important user benefits of multi-chain marketplaces
The advantage of having a multi-chain NFT marketplace is that there is an opportunity for users to trade NFTs across different blockchains, which increases the liquidity of the NFTs and improves their value. Users can also choose which blockchain best suits their budgets in terms of coining fees and not be limited to Ethereum, where gas fees have reached values of $80 and more.
Earlier this year, Solana NFT marketplace Magic Eden began integrating ETH-based NFTs to pioneer mass adoption and simplify the process of launching a new collection.
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