OpenSea adds support for Arbitrum Nova

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.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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 Th