OpenSea, a NFT Marketplace, plans to Incorporate Ethereum Scaling Solution Arbitrum

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Last Updated on September 21, 2022 by Bitfinsider

OpenSea, a leading NFT marketplace, has announced that Arbitrum, the layer-2 scaling solution for Ethereum, will be included.

After tomorrow’s deployment goes well, Arbitrum will join the market’s four other networks: Ethereum, Solana, Polygon, and Klaytn.

Source: Twitter

The company suggested that, ideally at launch, “creators will need to find their collections in OpenSea and set their creator fees directly.”

Smolverse, GMX Blueberry Club, and Diamond Pepes, three well-known NFT collections, would be among the first to be posted on the market.

The merger takes place as OpenSea’s monthly trade volume cools off and reaches levels last seen in the summer.

In light of the record-breaking $4.8 billion in January of this year, the results for this month are remarkably low.

Similar cyclical declines have also affected other markets including LooksRare, Rarible, SuperRare, and Magic Eden.

Arbitrum’s NFT activity

Currently, Stratos and Agora are the smaller marketplaces where the majority of NFTs on Arbitrum are located.

However, according to information from DeFI Llama, the network’s most well-liked collections have already attracted millions of dollars in investments.

A total of $11.79 million has been traded in the Seed of Life collection, while $11.25 million has been exchanged in the PancakeSwap and Treasure marketplaces thanks to Legions Genesis.

Volumes could increase as a result of the decision to connect collections like these with OpenSea.

On September 21 at 6 p.m. UTC, Arbtrum will have a Twitter Spaces to go over the relationship in more detail as well as the prospects it presents for both creators and collectors.

Source: Twitter

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