NFT Marketplace OpenSea Set to Support Layer-2 Network Arbitrum

Non-fungible token (NFT) marketplace OpenSea has announced its plans to support the Layer-2 network Arbitrum.

According to a Twitter thread posted by OpenSea, Arbitrum will be launched on the marketplace on Wednesday 21st September. The American company regards this launch as the first phase in achieving its goal of creating a Web3.0 future where its users can gain access to the NFTs of their choice, on the chain of their choice.

Alongside Arbitrum, OpenSea will get involved with more NFT collections like Smolverse, GMX Blueberry Club, and Dopex’s Diamond Pepes.

Creators have been encouraged to locate their collections on the OpenSea marketplace and place a price tag on their creator fee at the launch. This is anticipation for transactions that may occur immediately after the launch.

Arbitrum and its Unique Technology

Arbitrum is a highly scalable Layer-2 solution project which was designed for Ethereum (ETH) smart contracts. It is regarded as optimistic ‘roll-up’ technology.

This ‘roll-up’ technology illustrates how a validator can manipulate public information to reconstruct a complete chain history from optimized logs. Arbitrum offers high speed in terms of scalability and it also provides additional privacy features to boot. The idea of its development came into play when the ETH network was experiencing difficulties in providing a good user experience. 

The capacity to deliver a good user experience to customers was majorly tied to the gas fee or transaction fee and the speed of the transaction. At that time, the ETH gas fee was expensive and the transaction speed was low.

Arbitrum which Offchain Labs launched came into the picture to salvage the situation. With Arbitrum, developers can execute unmodified Ethereum Virtual Machine (EVM) contracts and Ethereum transactions all on Layer-2 while utilizing ETH Layer-1 security.

Recently, there was a new chain launch on Arbitrum using its AnyTrust Technology, it was dubbed ‘Arbitrum Nova’.

The focus of this new chain is gaming and social application. Shortly after the Nova launch, American social media company Reddit planned to move its Community Point System to Nova. Reddit intends to utilize the ultra-low-cost transactions and the maximum security offered by Nova.