OpenSea Adds Arbitrum to Accelerate Multi-Chain NFT Support

OpenSea has added Arbitrum support to its platform expanding its ecosystem of supported blockchains amid frailing NFT transaction volume.
Image source: OpenSea

Quick take:

  • OpenSea has announced the addition of Arbitrum support on its platform.
  • The Ethereum Layer-2 scaling protocol joins a growing list that included Ethereum, Polygon, Solana and Klaytn.
  • OpenSea said Arbitrum’s addition is part of an ongoing process of creating a platform where people can buy their favourite NFTs on the chains they prefer.

OpenSea has announced the addition of Arbitrum to its ecosystem of supported blockchains. The leading NFT marketplace revealed on Tuesday that beginning September 21, the Ethereum Layer-2 scaling protocol will be active on the platform allowing OpenSea users to buy NFTs minted on its blockchain.

Arbitrum joins four existing blockchains including the leading decentralised apps platform Ethereum, the zero-knowledge proof-based Polygon, the leading Layer-1 blockchain network for NFTs Solana, and Kakao’s blockchain platform Klaytn.

Announcing Arbitrum’s debut on the platform via Twitter, OpenSea 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.”

Arbitrum is home to some of the most exciting NFT projects including Smolverse, GMX Blueberry Club, and Diamond Pepes, among others. The leading NFT marketplace said it was looking forward to adding these projects to its growing list of collections.

“After working with the @arbitrum team and several projects on the chain, we can’t wait to meet the rest of the community!” the company wrote in the second post of a short thread.

OpenSea encouraged creators to find their collections in OpenSea and set their creator fees directly at launch in readiness for any transactions immediately after launch.

OpenSea is trying to counter the adverse effects of the crypto winter that has seen its transaction volume fall to the lowest levels since last summer. 

Source: @hildobby/Dune Analytics

According to a Dune Analytics dashboard prepared by @hildobby, OpenSea’s transaction volume fell to $501 million in August. You will have to travel back in time to July last year to find a month that the leading NFT marketplace registered lower transaction volume than last month.

Even worse, the September transaction volume of $234 million (month-to-date) seems to be tracking to end the month lower than July 2021’s figure of $327 million.

The company has faced strong competition from highly incentivised NFT marketplaces LooksRare and X2Y2, whose transaction volumes are heavily driven by wash trading.

Since LooksRare launched in January, it has attained a cumulative transaction volume of over $26 billion, trumping OpenSeas’s equivalent of $22 billion over the same period.

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