OpenSea Integrates Ethereum Scaling Solution Arbitrum

NFT Marketplace OpenSea Announces BNB Chain Integration
  • Arbitrum will join Ethereum, Solana, Polygon, and Klaytn as the fifth network.
  • Periodic declines have hit other markets including LooksRare and Rarible.

OpenSea, a prominent NFT marketplace, has said it would include Arbitrum, a layer-2 Ethereum scaling solution. After tomorrow’s successful deployment, Arbitrum will join Ethereum, Solana, Polygon, and Klaytn as the fifth network available on the marketplace.

Among the first NFT collections to be made available on the marketplace, OpenSea said to expect Smolverse, GMX Blueberry Club, and Diamond Pepes. According to the company, “creators will need to find their collections in OpenSea and set their creator fees directly,” preferably at the time of launch.

Decline in Sales Volume

As the integration occurs, OpenSea’s monthly trade volume has reached levels not seen since the summer. These numbers are much lower than the all-time high of $4.8 billion set in January of this year, for reference.

Similar periodic declines have hit other markets including LooksRare, Rarible, SuperRare, and Magic Eden. Most of Arbitrum’s NFTs are presently listed on secondary markets like Stratos and Agora.

According to DeFiLlama statistics, however, the network’s most popular collections have already attracted millions of dollars in investments. Between PancakeSwap and Treasure, the Seed of Life collection has enabled $11.79 million in trades, while Legions Genesis has facilitated $11.25 million.

If more collections like this are brought into OpenSea, usage may increase. On September 21 at 6 pm UTC, Arbitrum will hold a Twitter Spaces to go into additional depth about the relationship and the benefits it presents for makers and collectors on both ends of the chain.

Users of OpenSea, a decentralized marketplace, may purchase and trade non-fungible tokens amongst one another. The NFT exchange launched in 2017 and has now extended beyond the collectibles market it originally served.

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