OpenSea adds support for Arbitrum Nova

Crypto Ecosystems • January 8, 2023, 7:36AM EST
UPDATED: January 9, 2023, 5:49AM EST
The Block

Quick Take

  • The biggest NFT marketplace, OpenSea, announced support for Arbitrum Nova.
  • Nova can be used as a cheaper option to Ethereum when buying or selling digital collectibles.

OpenSea, the biggest marketplace for digital collectibles and non-fungible tokens (NFTs), announced support for Arbitrum Nova.

Nova is a Layer 2 blockchain designed to provide data availability at low cost. With OpenSea integrating NFTs on this blockchain, users can access Nova as a cheaper option to Ethereum when buying or selling digital collectibles. 

In September 2022, OpenSea added support for Arbitrum Nova's sister Layer 2 scaling network called Arbitrum One. Both Arbitrum Nova and Arbitrum One are designed by Offchain Labs. OpenSea said that collections on Arbitrum Nova will be grouped with the Arbitrum section on the OpenSea website.

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OpenSea is not the first NFT marketplace on Nova, which is also supported by smaller competitors including Trove by TreasureDAO, Babylons and ToFu. Nova is also used to host Reddit's community point tokens.

Still, it's in a phase where it has yet to be widely adopted. According to DefiLlama's data on Arbitrum Nova usage, it currently holds $890,000 in total value locked (TVL).


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]

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