The new support for the well-known NFT sales platform, Arbitrum Nova, was created by OpenSea as a new way to sell inexpensive NFTs.
The largest market for non-fungible token sales announced the new support for Layer 2 Ethereum scaling yesterday, January 9, to make NFTs more affordable.
Now on OpenSea is Arbitrum Nova
a method that enables even individuals with modest investment budgets to explore the world of NFTs on OpenSea. The OpenSea marketplace’s integration aims to deliver a simple and cost-effective solution for non-fungible tokens. The Ethereum network is not the cheapest alternative in terms of cost. That’s why Arbitrum Nova joined OpenSea.
Additionally, with this new integration, OpenSea opens up its world to another wide range of NFTs, further expanding its catalog. As such, users will have access to more non-fungible tokens and, most importantly, at a lower price.
Currently, the platform supports Ethereum, Solana, Polygon, Klatyn, Arbitrum, Optimism, Avalanche, and BNB Chain. A new name added to the list was Arbitrum Nova. Through this new collaboration, OpenSea has become a member of the Data Availability Committee (DAC), a decentralized organization dedicated to supporting the growth of Arbitrum’s data infrastructure. Organizations with other very important members such as Google Cloud, Reddit, P2P, Consensys, and QuickNode.
The three primary duties of the Data Availability Committee (DAC) are:
- By enabling balance updates and trades to be hidden from other users, users’ trading privacy is protected.
- Verify the balances’ validity and sign to permit on-chain modifications if they are valid.
- If platforms that support it go offline or withhold data, publish all balances.
OpenSea announced it as follows on Twitter:
“We are excited to support Arbitrum Nova! @Arbitrum‘s chain is 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.”
NFTs from the Arbitrum chain are already viewable on OpenSea, with the classic platform list of NFTs sorted by volume from highest to lowest.
The top two NFT projects on the Arbitrum Nova chain, “The Beacon” and “Smol Brains,” are shown on the list. Their trading volumes are low—13 ETH and 7 ETH, respectively—but they stand a good chance of increasing with the start of the new year. The list also features NFTs with lower costs and a comparably lower trading volume.
What is Arbitrum Nova?
Arbitrum Nova is fairly new. Launched in August 2022, this is a new chain built on Arbitrum’s AnyTrust technology, a new upgrade optimized for transactions with very low cost and strong security guarantees.
Arbitrum creates a complete Ethereum Virtual Machine (EVM) environment through Optimistic Roll-up technology. Therefore, users can use the Ethereum core network at higher speeds and lower costs. The creator of the Arbitrum ecosystem is OffChain Labs, which in addition to creating Arbitrum Nova also created its core network, Arbitrum One. The Arbitrum core network (Arbitrum one) will continue to be available for DeFi and NFT projects.
However, Nova’s main purpose is the distribution of games and social applications. Off-Chain Labs built Nova using a new technology (Arbitrum AnyTrust technology).
For DeFi and NFT initiatives, the main Arbitrum network (Arbitrum One) will remain accessible. However, Nova’s main purpose is the distribution of games and social applications.
The Arbitrum creator aims to integrate Arbitrum Nova into his NFT as well, in cooperation with OpenSea. Their latest flagship product has proven so efficient that Off-chain Labs aims to put it ahead of any other project.
Quite simply, an optimistic rollup like Arbitrum collects a large number of different transactions and sends them all together to L1 (Ethereum). Quite optimistically, Arbitrum assumes that all transactions are valid and vice versa.
Instead, Ethereum has stricter standards for her L1 transactions, verified independently. If you have problems with roll-up transactions, Ethereum has the solution.