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    The Integration Of Arbitrum Expands OpenSea To Layer-2 Rollups

    Tanya Sharma
    Sept 22, 2022 14:32
    OpenSea is the all-time top NFT market with over $32B in trade volume. NFTs on other chains may not be able to attract the same premium. Smol Brains has been the most active NFT project on Arbitrum over the last day.
    The Integration Of Arbitrum Expands OpenSea To Layer-2 Rollups

    SNIPPETS

    • OpenSea, a leading NFT marketplace, has declared that Arbitrum, an Ethereum scaling solution, will be integrated.

    • The top NFT marketplace intends to introduce the layer-2 solution on September 21st, according to the release.

    • Following implementation, Arbitrum will join Solana, Ethereum, Polygon, and Klayton as well as other well-known networks in the OpenSea marketplace.

    OpenSea is the all-time top NFT market 

    According to DappRadar, OpenSea is the all-time top NFT market with over $32B in trade volume. Smol Brains, a project that is a part of the Treasure ecosystem, has been the most active NFT project by volume on Arbitrum over the last day. It calls itself a "decentralized game console" on its website.

    NFT volume on Arbitrum has only reached 54 ETH in the last 24 hours, which is still insignificant when compared to NFT volume on Ethereum mainnet, which has reached 18,348 ETH in the same time period, according to analytics service NFTScan.

    According to analytics company Nansen, the trade volume for Small Brains has increased by 80% over the last day. Most of that volume was generated following OpenSea's launch.

    The enormous difference highlights the continued dominance of NFTs on the Ethereum mainnet. NFTs on other chains may not be able to attract the same premium since they lack the pedigree and publicity of CryptoPunks or Bored Apes. Of course, as the NFT markets develop, that could change.

    Significant Projects Converge on Arbitrums launch

    Projects will join together for Arbitrum's launch on OpenSea. One of the most effective Layer-2 scaling options for Ethereum is arbitrum. L2BEAT data indicates that Arbitrum has smart contracts with a value of about $2.5 billion. According to data from DappRadar, OpenSea has firmly established itself as the top NFT market in the cryptocurrency arena, with the market recording over $32 billion in trading volumes.

    The NFT marketplace tweeted, 

    “We’re excited to share that OpenSea will soon support. 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.”

    Arbitrum's The NFT Ecosystem

    The majority of the NFT projects on the platform are on smaller marketplaces like Agora and Stratos, where NFT activity on Arbitrum currently pales in contrast to Ethereum. The most popular collections on Arbitrum, however, have already attracted millions in investment, according to data from DeFi Llama.

    For instance, the Legions Genesis collection has generated nearly $11 million between the Treasure and PancakeSwap marketplaces, while the Seed of Life collection on Arbitrum has generated a total trade volume of $11.79 million. Trading volumes on OpenSea may significantly grow if these well-liked collections are integrated into the ecosystem.

    Continued dominance of NFTs on the Ethereum mainnet

    NFT volume on Arbitrum has only reached 54 ETH in the last 24 hours, which is still insignificant when compared to NFT volume on Ethereum mainnet, which has reached 18,348 ETH in the same time period, according to analytics service NFTScan.

    The enormous difference highlights the continued dominance of NFTs on the Ethereum mainnet. NFTs on other chains may not be able to attract the same premium since they lack the pedigree and publicity of CryptoPunks or Bored Apes. Of course, as the NFT markets develop, that could change.

    A Drop in Trading Volume

    OpenSea may experience a substantial boost from the integration with Arbitrum as it attempts to increase its monthly trade volume figures. According to data, trading volume has significantly decreased this year.

    The present numbers are a long cry from OpenSea's dizzying, all-time highs in January 2022, when the trade volume surpassed an astounding $4.8 billion. 

    OpenSea is not the only NFT marketplace that has experienced a fall; Rarible, SuperRare, LooksRare, and Magic Eden have all reported comparable losses.