With The Release Of A New Arbitrum Update, OpenSea Expands its NFT and Layer 2 Horizons



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In February 2021, the NFT market awoke from its slumber—and went insane. OpenSea handled $350 million in NFT transactions in July. That same month, it secured $100 million in venture financing at a $1.5 billion valuation in a round headed by Andreessen Horowitz. As NFT buzz (and FOMO) reached fever pitch in August, volume increased tenfold to $3.4 billion, resulting in an $85 million commission bonanza for OpenSea in a month when it likely spent less than $5 million on expenses

Although monthly transactions have now dropped to about $2 billion, the site currently boasts 1.8 million active users and a commanding market dominance. It already has 70 workers and is looking for dozens more, including much-needed customer service representatives.

Before you begin reading, we recommend that you look at how Magic Eden launched MetaShield to protect creator royalties and what dynamic NFTs are.

OpenSea, the omnipresent NFT marketplace, has announced the upcoming addition of the Arbitrum layer 2 chain to its services. As a consequence, users engaging with the forward network will be able to list and trade Arbitrum-based NFTs on its platform.

This recent enhancement brings the total number of chains supported by OpenSea to a dizzying five. As a result, OpenSea will join the ranks of Ethereum, Polygon, Solana, and Klaytn in peddling their digital commodities on the market, allowing OpenSea to throw a larger net across the current NFT scene.

OpenSea will have some of the most popular Arbitrum collections on the market right now, including selections from Smolverse, GMX Blueberry Club, and the powerful Diamond Pepes. However, OpenSea advises authors to place their NFTs and establish their own fees, ideally from the start.

All of this comes on the heels of news that Arbitrum barely dodged a significant breach on its Ethereum bridge. However, owing to the prompt involvement of white hat hacker Riptide, the team was able to avoid tragedy, with Riptide receiving a hefty 400 ETH bug reward for his efforts.