With Arbitrum, the NFT marketplace OpenSea now offers another blockchain on which digital artworks can be traded.
For OpenSea, the largest NFT marketplace by volume, Arbitrum is the fifth chain on which digital artworks can be traded. So far, NFTs minted on the Ethereum, Klaytn, Polygon, and Solana blockchains have been offered on OpenSea. On the OpenSea homepage, users can now filter for the five available blockchains.
What is arbitration?
Arbitrum is a permissionless Ethereum Layer 2 scaling solution that is being developed to improve the speed, scalability, and privacy capabilities of Ethereum smart contracts. Arbitrum has advantages, as the gas fees are cheaper than on the Ethereum blockchain and the “permission-free” option allows anyone to deploy smart contracts on the chain. As BeInCrypto has gathered from the Arbitrum One development documents, the roll-up is currently in beta, meaning all features are available, but changes can still be made by the development team.
Arbitrum NFT transaction volume has increased dramatically with the integration on OpenSea, as of September 21, NFT Scan recorded 27,222 NFTs added and 86,484 transfers. Until now, the Arbitrum collections of digital artworks have been offered on smaller marketplaces. Already in the spring, an increase in Arbitrum users compared to the previous year of over 200 percent was recorded.
A total of 22 NFT projects will initially be available on Arbritrum via OpenSea, including the most popular collections “Smolverse”, “GMX Blueberry Club” and “Diamond Pepes”.
The advantages of different blockchains for OpenSea
“This is the first in a series of announcements on our vision to accelerate the ecosystem so people can use NFTs to work across chains, languages , or industries,” OpenSea tweeted in a multi-part post. It is important for the NFT marketplace that users can choose the blockchains on which they trade and that transfers take place across the borders of the individual chains. A multi-chain NFT marketplace can thus increase the liquidity and value of the individual NFTs in addition to the trading volume in general.
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