NFTs: OpenSea adds support for Arbitrum Nova
NFTs: OpenSea adds support for Arbitrum Nova

NFTs: OpenSea adds support for Arbitrum Nova

By Andrea Porcelli - 10 Jan 2023

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OpenSea has developed a new solution for selling low-cost NFTs: we are talking about Arbitrum Nova, the new support for the world-famous NFT sales platform. 

Yesterday, 9 January, the largest marketplace for selling non-fungible tokens made the announcement of the new support, which is a Layer 2 Ethereum scaling protocol aimed at providing NFTs at a lower cost. 

Arbitrum Nova is now on OpenSea

A solution that opens up the world of NFTs on OpenSea even for those with a limited investment budget. 

The goal of the integration made by the OpenSea marketplace is precisely to provide a seamless and affordable product for non-fungible tokens. 

The Ethereum network in terms of cost is not the cheapest alternative and that is why Arbitrum Nova has come to OpenSea. 

In addition, with this new integration OpenSea opens its world to another great breadth of NFTs, expanding its catalog even more. So, users will have access to a larger number of Non-Fungible Tokens and most importantly at a lower price.

Currently, the platform supports Ethereum, Solana, Polygon, Klatyn, Arbitrum, Optimism, Avalanche and BNB Chain. The new name included in the list was Arbitrum Nova. 

Through this new collaboration, OpenSea became a member of the Data Availability Committee (DAC), the decentralized organization that aims to help grow Arbitrum’s data infrastructure. An organization that features other really important members such as Google Cloud, Reddit, P2P, Consensys and QuickNode. 

The Data Availability Committee (DAC) has three main functions: 

  1. Protect users’ trading privacy by allowing balance updates and trades to be hidden from other users.
  2. Check the status of balances and, if valid, sign to allow on-chain updates. 
  3. Publish all balances should platforms that support it go offline or withhold data. 

OpenSea on Twitter made the announcement like this:

“We are excited to support Arbitrum Nova! @Arbitrum‘s chain dedicated to social and gaming! We are also strengthening Nova’s ecosystem by joining the Data Availability Committee (DAC) to provide access to on-chain data and help ensure data accuracy.”

It is already possible to see NFTs from the Arbitrum chain on OpenSea, featuring OpenSea’s classic platform list of NFTs in order of volume, from highest to lowest. 

The list shows NFTs with lower costs and a similarly lower trading volume, but at the same time really interesting projects, such as “The Beacon” and “Smol Brains” the two top NFT projects on the Arbitrum Nova chain, for them the trading volume is not high, we are talking about 13 ETH and 7 ETH respectively, but they have a good chance to go up with the start of the new year. 

What is Arbitrum Nova?

Arbitrum Nova is fairly recent. In fact, it was launched in August 2022 and is a new chain built on Arbitrum’s AnyTrust technology, it is a new upgrade optimized for transactions at a really low cost and with strong security guarantees. 

Arbitrum creates complete Ethereum Virtual Machine (EVM) environments through Optimistic roll-up technology. Therefore, users can have a faster experience on the Ethereum core network at a reduced cost.

The creator of the Arbitrum ecosystem is OffChain Labs, and in addition to creating Arbitrum Nova, it also created its Arbitrum One core network. The Arbitrum core network (Arbitrum one) will remain available for DeFi and NFT projects. 

However, the main purpose of creating Nova is the distribution of games and social applications. Off-chain Labs has built Nova with its new technology (the Arbitrum AnyTrust technology).

The main Arbitrum network (Arbitrum one) will remain available for DeFi and NFT projects. However, the main purpose of creating Nova is the distribution of games and social applications. 

The goal of the Arbitrum creators is to begin integrating Arbitrum Nova for NFTs as well, hence the collaboration with OpenSea. Their latest flagship product, turns out to be really efficient, so Off-chain Labs’ goal is to put it ahead of every other project. 

An optimistic rollup like Arbitrum, in very simple terms, collects a large number of different transactions and sends them in bulk to the L1 (Ethereum). In precisely optimistic terms, Arbitrum assumes that all transactions are valid and vice versa. 

Ethereum has a stricter standard instead for transactions on L1, and verifies them one by one. If some problem emerges with a rollup transaction, Ethereum takes charge of fixing the problem. 

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