Popular non-fungible tokens (NFTs) marketplace OpenSea has announced that it will begin supporting digital assets built on the Arbitrum Layer 2 Scaling Network starting next Wednesday. As the company highlighted, the action aims to help build the future of Web 3.0.
1/ We’re excited to share that OpenSea will soon support @arbitrum! 💙🚀 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. — OpenSea (@opensea) September 20, 2022
“This is the first step in building our goal of a web3 future where people have access to the NFTs they want on the networks they prefer.” In a sequence of tweets published on Tuesday, OpenSea said that with the integration, collections of NFTs such as Smolverse, GMX Blueberry Club and Diamond Pepes will be available on the market. According to the company, after launch, NFT creators will need to find their collections on OpenSea. Then they will have to set their creation rates directly on the platform. “We encourage creators to do this at launch to be ready for new transactions,” OpenSea said on Twitter.
About Arbitration
Arbitrum is an Ethereum scaling network known as a “rollup”. More precisely, the network uses Optimistic Rollup technology to bundle large batches of transactions outside the Ethereum smart contract chain before sending them to Ethereum. This makes transactions cheaper and faster. At the end of August, Arbitrum implemented its biggest update in terms of scale, migrating Arbitrum One to Arbitrum Nitro. The purpose of the update, according to the company, is to further reduce transaction costs through greater data compression. The Arbitrum network, at the time of writing, has a Total Locked Value (TVL) of $935 million. Thus, it is the seventh largest network in terms of TVL, according to data from the DeFi Llama platform.
What’s New From OpenSea
But this was not the only novelty announced by OpenSea this Tuesday (20). As CriptoFácil reported, the NFT company also reported today about an upgrade to promote an “immersive experience” of NFT minting. In practice, NFT creators will soon be able to launch their collections with dedicated launch pages and greater discoverability on the new OpenSea homepage. In addition, they will be able to mint tokens directly from an OpenSea page. In parallel with this, OpenSea is launching the SeaDrop service. It is a new secure open source contract that aims to enhance the drops experience. The idea, according to the company, is that creators no longer need to create custom smart contracts. Instead, they can “build their designs without compromising creativity”. Read also: Wintermute protocol loses BRL 800 million in hacker attack Read also: OpenSea releases updates with ‘immersive experience’ of NFT minting Read also: Nasdaq plans to offer Bitcoin and Ether custody to institutional investors
