OpenSea launches support for Ethereum L2 Arbitrum by DailyCoin

OpenSea launches support for Ethereum L2 Arbitrum

Starting today, NFT market leader OpenSea will support one of Ethereum’s most active Layer 2 expansion solutions: Arbitrum.

Arbitrum joins four other supported networks currently on the market ⁠— Polygon and Klaytn.

Preparing the most famous NFT groups

OpenSea is confident that it has chosen to provide another platform for creators to mint and sell digital assets.

“This is the first step in building our goal for the future of Web3 where people can access the NFTs they want on the threads they prefer,” the company wrote on Twitter.

The popular NFT kits ‘Smolverse’, ‘Blueberry Club’ and ‘Diamond Pepes’ will be among the first kits to hit the market, according to the official OpenSea release.

The market continued, noting in another tweet that after the Arbitrum merger, NFT creators would be able to determine the fees associated with selling NFTs on the network.

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

The merger comes as OpenSea’s monthly trading activity has fallen to $242 million — a far cry from the all-time high of $4.8 billion recorded in January 2022. Other markets, such as LooksRare, Rarible, SuperRare and Magic, have registered. Eden, all are similar drops in activity.

on the flip side

  • After the Ethereum integration, network improvements may reduce the need for pools like Arbitrum to increase speed and reduce costs.
  • According to NFT Scan data, NFTs on Arbitrum have an age size of 9,722 ETH, which is lower when compared to Ethereum’s NFT size of around 23.5 million ETH.

Why should you care

Since its launch, Arbitrum has become the most popular Layer-2 network in Ethereum, holding around $2.5 billion in total value locked out. Partnership with one of the largest NFT marketplaces available in the form of OpenSea is likely to open up new markets for the project.

Check out the latest developments in OpenSea:

OpenSea Collaborates to Create NFT Rarity Protocol – Next Week’s Launch Kit

Read more about declining sales on OpenSea:

NFT volume drops to yearly low on OpenSea

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