NFT Marketplace OpenSea to Support Ethereum Roll-Up 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 said in a tweet.

AccessTimeIconSep 20, 2022 at 7:53 p.m. UTC
Updated Sep 20, 2022 at 8:22 p.m. UTC

Cameron Thompson is a news reporter at CoinDesk.

OpenSea, the largest non-fungible token (NFT) marketplace by volume, said Tuesday it’s planning to support Arbitum, allowing creators to list NFTs minted on the Ethereum roll-up.

The marketplace said in a tweet that, starting Wednesday, creators will be able to set fees associated with selling NFTs on the network. OpenSea said it’s planning to support several collections already minting on Arbitrum, including Smolverse, GMX Blueberry Club and Diamond Pepes.

OpenSea currently offers NFTs minted on Ethereum, Polygon, Klaytn and Solana. According to data from NFT Scan, NFTs on Arbitrum have a lifetime volume of 9,722 ETH, which pales in comparison to the lifetime NFT volume of roughly 23.5 million ETH on Ethereum. With the network’s Merge completed last Thursday, Ethereum's improvement may reduce the need for roll-ups such as Arbitrum to increase speed and reduce costs.

OpenSea said it is optimistic about its ability to offer another platform on which creators can mint and sell digital assets. “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,” the marketplace said in a tweet.

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Cameron Thompson is a news reporter at CoinDesk.

CoinDesk - Unknown

Cameron Thompson is a news reporter at CoinDesk.

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