The leading non-fungible token (NFT) marketplace, OpenSea, has announced a new “immersive and secure minting experience” by giving NFT creators the ability to showcase “collections with dedicated drop pages and greater discoverability” on OpenSea’s new homepage.
They also announced on Tuesday that the NFT marketplace will soon support layer-2 Ethereum scaling solution Arbitrum. Arbitrum joins four existing networks on the marketplace – Ethereum, Solana, Polygon, and Klaytn.
Improvements To OpenSea
Just recently, the company announced that they are adding new features to the marketplace in an attempt to offer an “easier, safer and more immersive” new drop experience. Essentially, OpenSea has added three new features:
- Creators will soon be able to launch their collections with dedicated drop pages and greater discoverability on the new OpenSea homepage
- Collectors will now be able to mint directly from an OpenSea page
- Collections on OpenSea will have access to Seadrop, a new, secure open source contract that powers the drop’s experience so that creators need not create custom smart contracts.
OpenSea noted that popular NFT collections Smolverse, GMX’s Blueberry Club, and Diamond Pepes would be among the first uploaded onto the marketplace.
Transaction Volumes Down 99.9%
The integration comes amid a dull monthly trading volume on OpenSea, hitting levels not seen since last summer. This month’s figures stand in stark comparison to the all-time highs of USD $4.8 billion in January just 8 months back.
However, OpenSea is not alone. Other NFT marketplaces such as LooksRare, Rarible, SuperRare, and Magic Eden have all suffered a comparable cyclical decline.
Will Arbitrum raise the standards?
The majority of NFTs on Arbitrum currently reside on smaller marketplaces such as Agora and Stratos.
According to DeFi Llama, the network’s most popular collections have already brought in millions of dollars worth of investments.
Ranked 1st, the Seed of Life collection has a total trading volume of USD $11.79 million, while Legions Genesis coming in at a close 2nd has facilitated USD $11.25 million across the PancakeSwap and Treasure marketplaces.
The move to integrate collections like these with OpenSea could potentially see a spike in volume traded.
OpenSea has made several changes and it just recently revamped the NFT market’s homepage. Statistically, OpenSea’s NFT marketplace is the largest NFT platform by sales volume settling at USD $31.53 billion in all-time sales.
This move to integrate Arbitrum could see OpenSea continue to dominate the NFT marketplace despite new players joining the system. Arbitrum could prove to be vital in mass NFT adoption in future given the quick and cheap transactions. This will propel OpenSea to greater heights in time to come.