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OpenSea Launches Support For Ethereum L2 Arbitrum

Starting today, leading NFT marketplace OpenSea will support one of Ethereum’s most active Layer-2 scaling solutions: Arbitrum. Arbitrum joins four other networks...
OpenSea Launches Support For Ethereum L2 Arbitrum OpenSea Launches Support For Ethereum L2 Arbitrum
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Starting today, leading NFT marketplace OpenSea will support one of Ethereum’s most active Layer-2 scaling solutions: Arbitrum.

Arbitrum joins four other networks currently supported on the marketplace⁠—Ethereum, Solana, Polygon, and Klaytn.

Onboarding the Most Popular NFT Collections

OpenSea expressed confidence in its choice to provide another platform for creators to mint and sell digital assets.

"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," the company tweeted.

Popular NFT collections ‘Smolverse’, GMX ‘Blueberry Club’, and ‘Diamond Pepes’ will be among the first to be published on the marketplace, according to OpenSea’s official release.

The marketplace continued, stating in a further tweet that, after integrating Arbitrum, NFT creators will be able to set fees associated with selling NFTs on the network.

According to data from Defi Llama, the most popular NFT collections on the Arbitrum network have already attracted millions of dollars in investments. To date, most of the NFTs on Arbitrum had been platformed on smaller marketplaces, such as Stratos and Agora.

The integration comes as monthly trade activity on OpenSea fell to $242 million⁠—a far cry from the all-time high of $4.8 billion set in January 2022. Other marketplaces, like LooksRare, Rarible, SuperRare, and Magic Eden, have all recorded similar drops in activity.

On the Flipside

  • Following the Ethereum merge, the network’s improvements may reduce the need for roll-ups such as Arbitrum to increase speed and reduce costs.
  • According to NFT Scan data, NFTs on Arbitrum have a lifetime volume of 9,722 ETH, which falls short when compared to Ethereum’s NFT volume of approximately 23.5 million ETH.

Why You Should Care

Since launch, Arbitrum has become Ethereum’s most dominant Layer-2 network, holding around $2.5 billion in total value locked. The partnership with one of the biggest NFT marketplaces available in the shape of OpenSea will likely serve to open up new markets to the project.

Check out OpenSea’s latest developments:

OpenSea Collaborates To Create NFT Rarity Protocol – Launch Set For Next Week

Read more about the drop in sales volume on OpenSea:

NFT Trading Volume Drops to Yearly Lows on OpenSea

Continue reading on DailyCoin

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24-09-2023 00:07:57 (UTC+7)

EUR/USD

1.0648

-0.0010 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (3)

EUR/USD

1.0648

-0.0010 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (3)

GBP/USD

1.2241

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Buy

Moving Avg:

Buy (9)

Sell (3)

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Buy (5)

Sell (2)

USD/JPY

148.38

+0.80 (+0.54%)

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↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (0)

AUD/USD

0.6442

+0.0024 (+0.38%)

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Neutral

Moving Avg:

Buy (5)

Sell (7)

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Buy (2)

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USD/CAD

1.3482

-0.0001 (-0.01%)

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↑ Buy

Moving Avg:

Buy (8)

Sell (4)

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Buy (6)

Sell (1)

EUR/JPY

157.96

+0.59 (+0.37%)

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Neutral

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Buy (3)

Sell (9)

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Buy (5)

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EUR/CHF

0.9657

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Buy (0)

Sell (12)

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Sell (5)

Gold Futures

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Sell

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Buy (3)

Sell (5)

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Sell (7)

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Buy (2)

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Sell (11)

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Buy (9)

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Buy (10)

Sell (1)

US Coffee C Futures

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Buy (0)

Sell (12)

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Buy (0)

Sell (8)

Euro Stoxx 50

4,207.55

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↑ Sell

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Buy (1)

Sell (11)

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Buy (2)

Sell (5)

S&P 500

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Moving Avg:

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Sell (7)

DAX

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FTSE 100

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Sell (12)

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18,085.00

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Buy (7)

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Buy (0)

Sell (12)

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Buy (1)

Sell (9)

IBEX 35

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-46.90 (-0.49%)

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Buy

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Buy (8)

Sell (2)

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43.085

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47.64

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Allianz SE VNA O.N.

232.15

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Adidas AG

163.80

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Neutral

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Buy (5)

Sell (2)

Deutsche Lufthansa AG

8.135

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Moving Avg:

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133.24

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    EUR/USD 1.0648 ↑ Buy  
    GBP/USD 1.2241 Buy  
    USD/JPY 148.38 ↑ Buy  
    AUD/USD 0.6442 Neutral  
    USD/CAD 1.3482 ↑ Buy  
    EUR/JPY 157.96 Neutral  
    EUR/CHF 0.9657 ↑ Sell  
    Gold 1,944.90 Sell  
    Silver 23.820 Sell  
    Copper 3.6940 ↑ Sell  
    Crude Oil WTI 90.33 ↑ Buy  
    Brent Oil 93.83 ↑ Buy  
    Natural Gas 2.649 ↑ Buy  
    US Coffee C 150.23 ↑ Sell  
    Euro Stoxx 50 4,207.55 ↑ Sell  
    S&P 500 4,320.06 ↑ Sell  
    DAX 15,557.29 Neutral  
    FTSE 100 7,683.91 Sell  
    Hang Seng 18,085.00 ↑ Buy  
    Small Cap 2000 1,776.50 ↑ Sell  
    IBEX 35 9,502.00 Buy  
    BASF 43.085 ↑ Buy  
    Bayer 47.64 ↑ Buy  
    Allianz 232.15 Buy  
    Adidas 163.80 Neutral  
    Lufthansa 8.135 ↑ Buy  
    Siemens AG 133.24 Buy  
    Deutsche Bank AG 10.112 ↑ Buy  
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