OpenSea Adds Arbitrum Sidechain Support

Non-fungible token marketplace OpenSea announces plans to add Arbitrum sidechain support for new NFTs.

Non-fungible token trading platform OpenSea will soon add support for the Arbitrum sidechain. Representatives of the site reported this on Twitter.

The marketplace is expected to integrate the sidechain as early as September 21st. Among the first collections based on Arbitrum will be Smolverse and GMX Blueberry Club.

Source: twitter.com

However, the number of commission costs for the purchase and sale of NFTs based on Arbitrum was not specified in OpenSea. Recall that OpenSea’s dominance in terms of trading volumes is declining as more and more competitors emerge. Since January, trading volumes on OpenSea have been falling rapidly. If the trading volume on the platform was about $5 billion at the beginning of the year, then by the end of July, a little less than $500 million was traded on OpenSea.

Arbitrum is one of the solutions for the Ethereum network, designed to help the ecosystem cope with congestion amid the rise of DeFi . The sidechain helps to solve the problem of the low bandwidth of the cryptocurrency network by transferring some of the tasks to separate blockchains built on top of the main blockchain.

Offchain Labs develop Arbitrum. The leading network of the project was launched in August 2021. The development was financed, among other things, by Lightspeed Venture Partners, Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, entrepreneur Mark Cuban and the popular crypto exchange Coinbase.

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