Leading NFT marketplace, OpenSea has announced its integration with Arbitrum Nova, an Ethereum Layer 2 scaling protocol. With this, OpenSea users will be able to buy and sell digital collectibles at a more affordable rate. The marketplace first began supporting Arbitrum in September 2022, and now Arbitrum Nova is the latest addition to the Arbitrum ecosystem.
Here’s all you need to know about OpenSea x Arbitrum Nova integration
About OpenSea x Arbitrum Nova Integration
“We’re excited to now support Arbitrum Nova! Arbitrum’s chain dedicated to social and gaming!,” OpenSea tweeted last week. “We’re also strengthening Nova’s ecosystem by joining the Data Availability Committee (DAC) to provide access to on-chain data and help ensure data accuracy.”
Furthermore, OpenSea will group Arbitrum Nova NFT collections with other Arbitrum NFTs on its website. To find these NFTs, all you have to do is use the “Arbitrum” chain filter in the OpenSea rankings and search pages. Here, the Arbitrum Nova NFTs will have the “Arbitrum Nova” designation on the collection and item pages.
To clarify, OpenSea first integrated with Arbitrum late last year. At the time, it tweeted, “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.”
What is Arbitrum Nova?
Arbitrum Nova is a blockchain that is well-suited for Web3 projects with high transaction volumes. This includes games that frequently develop new items or social applications that require a range of on-chain interaction capabilities. For example, Nova will power the upcoming Reddit Community Points.
According to its website, the blockchain offers “ultra-low transaction costs with high security.” It adds, “Nova powers dApps with high transaction volumes that seek to drive costs even lower.”
Arbitrum created Nova to offer data accessibility in a cost-effective way. In other words, it is a cheaper alternative to Ethereum for buying and selling digital collectibles. More specifically, Arbitrum Nova focuses on games and social applications.
What is the Arbitrum Ecosystem?
Arbitrum is a layer-two Etheruem blockchain which uses optimistic rollups as scaling technology. This basically means that while transactions are executed on Arbitrum, its output is recorded on the L1 chain. As transactions are not carried out on the Ethereum mainnet, it needs a lesser amount of data for storage and computation purposes.
Why exactly is this important? As network activity on Ethereum is reduced, Arbitrum can process up to 40,000 transactions per second. At the same time, its gas fees or transaction fees are much lower than that of Ethereum.
Offchain Labs, a New York-based development company, is behind Arbitrum. The team led by co-founders Ed Felten and Steven Goldfeder launched Arbitrum Beta Mainnet in May 2021. Arbitrum One, which forms the ecosystem’s core network, primarily supports DeFi and NFT projects.
According to reports, the creators are now hoping to expand Arbitrum Nova for NFTs as well, hence the OpenSea Arbitrum Nova partnership.