OpenSea NFT Marketplace

Digital asset marketplace OpenSea has announced plans to support Arbitrum to allow its users to buy and sell NFTs minted on the Ethereum roll-up.

OpenSea is the leading website to sell, buy and trade non-fungible tokens (NFTs).

OpenSea To Support Arbitrum NFTs

In a September 20 blog post, the digital assets marketplace confirmed plans to support Arbitrum starting Wednesday, September 21.

The new incorporation will allow creators to set fees associated with selling and buying NFTs on the network.

Established by blockchain software maker Offchain Labs, Arbitrum is a network technology that reduces transaction fees and hastens digital assets transactions in the Ethereum blockchain.

OpenSea NFT marketplace confirmed plans to support several NFT collections already minting on Arbitrum. Some will include Smolverse, GMX Blueberry Club, and Diamond Pepes.

Ethereum Merge Ousts the Need for Arbitrum NFTs

The highly anticipated Ethereum network upgrade, the Merge, successfully went live last Thursday, seeing millions of NFTs shift from the previous Proof-of-Work (PoW) to a new Proof-of-Stake (PoS) consensus mechanism.

Since PoS is faster, cheaper and more energy efficient than other consensus mechanisms, the newly improved Ethereum blockchain now reduces the need for roll-ups, such as Arbitrum, which aims to improve processing speed and reduce transaction costs.

Moreover, data from NFT Scan confirms that digital collectibles on Arbitrum have a lifetime volume of 9,722 ETH, which pales in comparison to the lifetime NFT volume of over 23 million ETH on the Ethereum blockchain.

Meanwhile, the OpenSea NFT marketplace offers NFTs minted on popular blockchains, such as Ethereum, Polygon, Klaytn, and Solana. However, the NFT marketplace is optimistic about adding more platforms to allow creators to mint and sell preferred digital assets. The NFT marketplace wrote:

“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.”

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