OpenSea, the largest nonfungible token (NFT) marketplace by volume, said Monday it plans to add support for Ethereum roll-up project Arbitrum. In a blog post, OpenSea said it’s working closely with the team behind Arbitrum, which aims to build out a decentralized registry for digital collectibles.
The marketplace said in a Twitter thread that it’s planning to support listings of NFTs minted via Arbitrum, allowing creators to set up fees associated with listing their creations.
OpenSea said it’s planning on supporting several collections already minting NFTs on Arbitum, including Smolverse (a collection of virtual pets), GMX Blueberry Club (an online gift card exchange), and Diamond Pepes (a collection of virtual cats).
In addition, OpenSea said it will provide the ability to buy and sell NFTs minted by third parties on Arbitrum. “We are excited about this partnership,” OpenSea wrote in a tweet. “This is a first step towards building our goal of a web 3 future where people have access the NFTs they choose on the chains they prefer.”
According to data from NFTScan, NFTs minted through Arbitrum have a lifetime value of $9.72 million, compared to nearly $23 million worth of NFTs mint on Ethereum.
Will OpenSea keep succeeding?
Arbitrum is the latest project launched by the team behind blockchain gaming startup Playkey. Launched in June 2018, the platform allows players to trade virtual items across multiple games without having to transfer assets directly. There are now over 2,500 active transactions taking place every day. With the launch of NFT trading, the number of daily transactions is expected to increase dramatically.
OpenSea, a decentralized exchange built on Ethereum, was founded in 2017 by a group of former executives from Coinbase, Robinhood, and Stripe. The company offers a range of features such as instant payments, escrow, margin trading, and a tokenized asset management system. Its most recent addition is NFT trading, allowing gamers to buy and sell digital collectibles.
The Arbitrum team believes that the introduction of NFT trading will help grow the crypto market further. “We believe that the combination of our game distribution network and NFT trading will allow us to bring crypto into the mainstream,” says CEO Michael Wuehler. “Our goal is to make cryptocurrency accessible to everyone.”
Key user benefits of multi-chain marketplaces
Multi-chain NFT marketplaces are becoming increasingly popular because they allow users to trade and buy collectibles on multiple platforms without needing to worry about cross-platform compatibility issues. This allows users to use one wallet for each chain, thus avoiding the hassle of managing multiple wallets. In addition, the ability to purchase NFTs on multiple chains gives users more flexibility in terms of budget allocation and allows them to invest in specific projects.
The biggest benefit of multi-chain market places is the enhanced liquidity of assets. As mentioned above, it is possible to transfer assets across chains, thereby increasing the volume of transactions and the overall value of the asset. Also, since each chain operates independently, users can choose the most suitable chain based on their needs and preferences. For example, some people prefer to keep their funds on a decentralized basis while others prefer a centralized approach.
NFT Marketplace OpenSea to Integrate Ethereum Scaling Solution Arbitrum
OpenSea is launching Arbitrum, its scaling solution for Ethereum smart contracts, on Sept. 21. This marks the fourth blockchain protocol added to the network since it launched in 2016.
Arbitrum allows developers to easily build scalable decentralized applications without sacrificing security. It works by creating multiple parallel execution paths within a single contract. In addition, Arbitrum makes use of state channels, allowing transactions to occur off chain while still maintaining high levels of security.
The team behind Arbitrum includes members of the Ethereum Foundation, including co-founder Alex Van de Sande, who serves as CEO; developer Ben Edgington, who leads development; and David Kukanovskiy, who heads up marketing and communications.
The 5 Best Ethereum Layer 2 Solutions
While blockchains are known for being decentralized, they still require a lot of computing power to maintain a secure ledger. This makes them highly inefficient for large transactions. To solve this problem, many developers have built sidechains onto the mainchain. Sidechains are essentially independent chains that connect to the mainchain via a bridge. They allow for faster processing times and lower transaction costs because there is no need to wait for blocks to confirm.
There are several types of sidechains, including sharding sidechains, state channels, payment channels, and plasma. We’ve selected three of the most promising ones for you here.
1. Polygon (MATIC)
Defi Llama is one of the most popular Layer 2 solutions for Ethereum. In fact, it is the most widely used Layer 2 solution for Ethereum because it offers fast speeds and low fees. However, there are some drawbacks to using Defi Llama. For example, it requires you to stake ETH. To do so, you must purchase MATIC tokens. Then, to use the protocol, you must deposit your tokens into a wallet. Finally, you must wait for the next block to confirm your deposits.
In short, this process takes a long time. And since the number of transactions happening each day is constantly increasing, this process becomes even slower.
However, there is another option out there. One that does away with the hassle of having to buy tokens upfront. Instead, it allows anyone to participate in the validation process without needing to stake anything. This method is known as Proof of Stake (PoS). And while PoS is still being tested, it could potentially revolutionize how people interact with Ethereum.
2. Arbitrum
Arbitrum is a decentralized video game network built on Ethereum. Its goal is to reinvent how people play games online. By leveraging blockchain technology, Arbitrum enables players to earn rewards while playing games without relying on centralized intermediaries like publishers or developers.
The project launched in May 2020, and has already received over $1 million in funding. To date, the team behind Arbitrum has raised over $4 million from investors including ConsenSys Ventures, Consensys Capital, Pantera Capital, and others.
3. Loopring (LRC)
Loopring is one of the most promising projects in the cryptocurrency space. In fact, it’s even been called a “bitcoin killer.” This project offers a decentralized exchange protocol built on top of Ethereum. But what makes it unique is how it handles cross-chain atomic swaps. With loopring, you don’t need to worry about having to trust another party because every transaction is cryptographically signed.
In addition to being able to trade freely across blockchains, Loopring’s technology allows for off-chain trading. This means that trades aren’t processed on the blockchain itself, but rather outside of it. This drastically reduces processing costs and speeds things up.
4. Immutable X
Immutable X is one of the most promising projects in the blockchain space today. This project aims to provide a decentralized exchange where anyone can trade digital assets without having to worry about security or liquidity issues. In addition, it offers a high level of transparency thanks to its innovative technology.
The team behind Immutable X consists of three young Australians – Robbie Ferguson, James Ferguson, and David Brown. They are backed by some big names in the industry including Peter Smith, founder of Blockchain Capital; Bill Tai, CEO of KuCoin; and Jason Goldberg, cofounder of Augur.
5. xDai Chain
The DeFi Pulse project is a tool designed to help people understand what exactly is happening behind the scenes when they are interacting with smart contracts.
DeFi Pulse is a web application built on top of the blockchain protocol EOSIO.
This project provides real-time data about the current state of the market, including information about the amount of ETH locked up in staking pools, the number of active dApps, and the total volume transacted on each block.
In addition, DeFi Pulse offers insights into the most important events in the DeFi space, such as the launch of new protocols, the release of new tokens, or the creation of new dApp markets.
Thanks to its unique approach, DeFi Pulse enables anyone interested in learning more about the world of decentralized finance to easily access relevant information without having to go through multiple sources.
