On September 21, 2022, the nonfungible token secondary marketplace OpenSea will add support for the Arbitrum layer and new NFT applications.
Popular collections such as Smolverse, the GMX Blueberry Club, and Diamond Pepes by dopex io will be supported by OpenSea in the near future. Arbitrum NFT support will be available on OpenSea today, with creators instructed to set their creator fees before any transactions take place.
Following OpenSea’s announcement, Andrew Saunders, chief marketing officer, tweeted, “In appreciation of @opensea joining the @arbitrum ecosystem, we’re playing Yacht Rock all day and all night!” Arbinuats is having a party.”
NFTs are now supported by OpenSea on the Ethereum, Polygon, and Solana blockchains.
Arbitrum One is a permissionless Ethereum layer-2 rollup that enables smart contracts and serves as an entry point into the Arbitrum ecosystem. A rollup is an Ethereum layer-two scaling solution that can operate decentralized applications, host NFTs, and deploy smart contracts while charging a lower gas charge than the main Ethereum chain. Because the rollup is “permissionless,” anyone can deploy a smart contract on it.
Arbitrum One is now in mainnet beta, according to the project’s development papers, which means that while the rollup operates a full feature set, the development team can make any modifications and halt the network as needed.
Will OpenSea continue to prosper?
There are 22 active NFT projects on Arbitrum that will be featured on OpenSea, according to the Arbitrum One portal. Arbitrum NFT users have increased by 205% year over year as of April 2022, according to analytics company Nansen. The top 20 wallets experienced a 10,000% return on investment throughout the same time frame.
To be commercially successful in hosting the NFTs, OpenSea will need to leverage its one million-plus user base in a similar way that Treasure Marketplace succeeded in developing a community around its NFTs by distributing free mints. OpenSea must also guarantee that there are sufficient search and filter options, given that Arbitrum will be the fourth blockchain to be featured on its marketplace. A multi-chain wallet might also help buyers and sellers save time.
However, it may take some time, given that OpenSea’s ETH trade volumes continue to outnumber those on Polygon and Solana, according to DappRadar statistics. At the time of publication, overall ETH trade volumes on OpenSea were around $33 billion, while volumes on Polygon and Solana were $770.3 million and $51.4 million, respectively.
The main advantages of multi-chain marketplaces for users
The benefit of having a multi-chain NFT marketplace is that users can trade NFTs across different blockchains, increasing the liquidity and value of the NFTs. Users can also choose which blockchain best suits their budgets in terms of minting fees and are not limited to Ethereum, where gas fees have reached $80 and higher.
Magic Eden, the Solana NFT marketplace, began incorporating ETH-based NFTs earlier this year in order to pioneer mainstream adoption and simplify the process of releasing a new collection.