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Major NFT Marketplace to Launch Layer 2 Deployment on September 21

OpenSea expands its first Layer 2 rollup.

The NFT market leader plans will launch on Arbitrum on September 21.

The launch would marry two projects that are leaders in their respective categories – Arbitrum leads Ethereum scaling solutions known as Layer 2 with $2.5 billion of value locked in its smart contracts, according L2BEAT.

Arbitrum TVL

And OpenSea is the largest NFT market of all time with over $32 billion in trading volume, according to DappRadar.

The top NFT project by volume on Arbitrum over the past day is called Smol Brains, which is part of the Treasure ecosystem. Treasure invoice itself as a “decentralized game console”.

Smol Brains’ trading volume has soared 80% in the past 24 hours, according to analytics provider Nansen. The majority of this volume came after the OpenSea announcement.

Smol brains trading activity. Source: Nansen

At just 54 ETH in the past 24 hours, NFT volume on Arbitrum still pales in comparison to volume on the Ethereum mainnet, which stands at 18,348 ETH in the same period, according to the analytics provider NFTScan.

The vast gap underscores the primacy that NFTs over the Ethereum mainnet still have. NFTs on other channels do not yet have the provenance and exposure of CryptoPunks or Bored Monkeys and as such may not be able to command the same premium. Of course, this may change as NFT markets mature.

OpenSea did not immediately respond to The Defiant’s request for comment on why Arbitrum was chosen over other Layer 2s.

While Arbitrum will be the first layer 2 on which OpenSea officially deploys, the market announced in March 2021 that it would support NFTs on X immutable, a Layer 2 designed specifically for NFTs. However, Layer 2 still needs to be listing as a supported blockchain on the OpenSea website.





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