NFT Marketplace OpenSea to Integrate Ethereum Scaling Solution Arbitrum

Leading NFT marketplace OpenSea has announced it will add the layer-2 Ethereum scaling solution Arbitrum. 

Following successful deployment tomorrow, Arbitrum will join four existing networks on the marketplace: Ethereum, Solana, Polygon, and Klaytn.

OpenSea noted that popular NFT collections Smolverse, GMX Blueberry Club, and Diamond Pepes would be among the first uploaded onto the marketplace.

The firm advised that “creators will need to find their collections in OpenSea and set their creator fees directly,” ideally at the time of launch.

The integration comes amid temperate monthly trading volume on OpenSea, hitting levels not seen since last summer.

For context, this month’s figures stand in stark comparison to the all-time highs of $4.8 billion in January this year. 

Other marketplaces such as LooksRare, Rarible, SuperRare, and Magic Eden have also suffered a comparable cyclic decline. 

NFT activity on Arbitrum

The majority of NFTs on Arbitrum currently reside on smaller marketplaces such as Stratos and Agora.

However, the network's most popular collections have already brought in millions of dollars of investments, according to data from DeFI Llama.

$2 Billion Flows Into Ethereum Project Arbitrum, Mostly to Farm Nyan Meme Token

Over $2 billion has been pumped into Ethereum scaling solution project Arbitrum in less than one week. Why? Because of surging interest in NYAN, a meme token based on the Nyan cat viral internet sensation.  Arbitrum is a project that aims to ease congestion on Ethereum and lower transaction fees. Launched on August 31, Arbitrum, which uses tech called “optimistic rollups” to allow Ethereum-based projects to run smoothly, is already being used by two huge projects in the decentralized finance (De...

The Seed of Life collection has a total trading volume of $11.79 million, while Legions Genesis has facilitated $11.25 million across the PancakeSwap and Treasure marketplaces.

The move to integrate collections like these with OpenSea could see volumes rise. 

Arbtrum is hosting a Twitter Spaces on September 21 at 6 pm UTC to discuss the partnership in greater detail, as well as the opportunities for creators and collectors in the space on both sides of the chain.