OpenSea is pleased to announce that it will be supporting Ethereum Roll-Up Arbitrum.

OpenSea is pleased to announce that it will be supporting Ethereum Roll-Up Arbitrum.

OpenSea Release information that it be supporting Ethereum Roll-Up Arbitrum:

OpenSea, the world’s largest NFT marketplace by volume, is set to take a dynamic step as it plans to support Arbitrum, which will allow NFT creators to list NFTs on the Ethereum roll-up.

The long-awaited Ethereum network upgrade, the Merge, successfully took place last Thursday, moving millions of NFTs from the previous Proof-of-Work (PoW) to the latest Proof-of-Stake (PoS) consensus means.

The newly improved Ethereum blockchain, which uses the PoS consensus algorithm, is cheaper, more energy efficient and faster than other consensus means. This reduces the need for roll-ups, such as Arbitrum, which (Arbitrum) aim to improve processing speed and reduce transaction costs.

This announcement was made via a tweet from its official Twitter handle in the later hours of September 20, 2022. OpenSea stated that, starting from September 21, 2022, creators on the marketplace will be able to set fees associated with selling NFTs on the network.

In addition to this announcement, Opensea will also have support for other NFT collections that are currently minting on Arbitrum. These collections comprise Smolverse, Diamond Pepes, and GMX Blueberry Club.

After this announcement, Andrew Saunders, the Chief Marketing Officer of Arbitrum, tweeted, “In order to celebrate @opensea joining the @arbitrum ecosystem, we will be playing Yacht Rock continuously for 24 hours! Party on, Arbinuats!”

OpenSea’s primary objective for this new advancement is to take an initial step towards its goal of a web3 future in which people have access to the NFTs they desire on the chains of their choice.

OpenSea formerly supported NFTs minted on Polygon, Klaytn, Solana, and Ethereum. The addition of Arbitrum will further increase the variety of options on the marketplace. This announcement was made on International NFT day, and support for Arbitrum on the marketplace will go live on September 21, 2022—one day after International NFT day. This is Opensea’s way of commemorating the day.

On this commemorative event of the International NFT day, it marks the 5th year since the critical protocol behind NFTs ERC-721 was first issued by Dapper Labs CTO Dete Shirley. This was also when the phrase non-fungible tokens were first used. In the years since then until this moment, the NFT market has seen significant growth and is currently valued at over $11.3 billion.

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