NFT Marketplace OpenSea to Integrate Ethereum Scaling Solution Arbitrum

Leading NFT marketplace OpenSea has announced it will add the layer-2 Ethereum scaling solution Arbitrum.

Following successful deployment tomorrow, Arbitrum will join four existing networks on the marketplace: Ethereum, Solana, Polygon, and Klaytn.

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

OpenSea noted that popular NFT collections Smolverse, GMX Blueberry Club, and Diamond Pepes would be among the first uploaded onto the marketplace.

The firm advised that “creators will need to find their collections in OpenSea and set their creator fees directly,” ideally at the time of launch.

The integration comes amid temperate monthly trading volume on OpenSea, hitting levels not seen since last summer.

OpenSea monthly volumes. Source: Dune Analytics.

For context, this month’s figures stand in stark comparison to the all-time highs of $4.8 billion in January this year.

Other marketplaces such as LooksRare, Rarible, SuperRare, and Magic Eden have also suffered a comparable cyclic decline.

NFT activity on Arbitrum

The majority of NFTs on Arbitrum currently reside on smaller marketplaces such as Stratos and Agora.

However, the network’s most popular collections have already brought in millions of dollars of investments, according to data from DeFI Llama.

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The Seed of Life collection has a total trading volume of $11.79 million, while Legions Genesis has facilitated $11.25 million across the PancakeSwap and Treasure marketplaces.

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The move to integrate collections like these with OpenSea could see volumes rise.

Arbtrum is hosting a Twitter Spaces on September 21 at 6 pm UTC to discuss the partnership in greater detail, as well as the opportunities for creators and collectors in the space on both sides of the chain.