Arbitrum Opensea: The Ultimate Guide to Navigating the Next Big Thing in NFT Trading
Arbitrum is a Layer 2 scaling solution built on Ethereum that aims to increase its transaction throughput and lower gas fees. Opensea is a popular NFT marketplace built on Ethereum, and it has recently launched on Arbitrum.
What is Arbitrum?
Arbitrum is a layer-2 scaling solution developed by Offchain Labs. It is a type of technology called an optimistic rollup, which enables Ethereum smart contracts to scale by passing messages between smart contracts on the Ethereum main chain and those on the Arbitrum second layer chain. Arbitrum's suite of scaling solutions offers faster transaction speeds at significantly lower costs than the Ethereum network while maintaining the same level of security as Ethereum. Arbitrum One is the first live rollup chain that implements Arbitrum's technology
Opensea launched on Arbitrum
Opensea, the popular NFT marketplace, announced its support for Arbitrum One, a layer-2 solution for Ethereum, and launched it on September 21, 2022. With this integration, Opensea users can interact with Arbitrum using standard Ethereum wallets, and developers can build and deploy contracts with standard Ethereum libraries and tooling. The integration also allows creators to earn a fee each time their NFT is sold, programmed into the NFT itself.
Opensea has launched an NFT collection called "Arbitrum Odyssey" to celebrate its debut on the Arbitrum network. The collection features various digital collectibles and is available for purchase on the platform.
Layer2DAO, a decentralized autonomous organization focused on promoting Layer 2 solutions, has also launched an NFT collection called "Opensea Arbitrum." The collection celebrates Opensea's launch on Arbitrum and features various NFTs that can be bought and sold on the platform.
How to purchase NFTs on Opensea using Arbitrum
In order to purchase NFTs on OpenSea using Arbitrum, you need to follow the below steps:
Click the Wallet icon in the upper right corner of the OpenSea website.
Click the three-dot menu next to your ETH balance.
Select Bridge to Arbitrum. If you don't see this option, switch your wallet to Ethereum Mainnet.
Input the amount of ETH you want to convert to Arbi ETH and click Convert tokens.
Once you've completed these steps, you'll be able to make a direct purchase of NFTs on OpenSea using Arbitrum. It's worth noting that NFT transactions happen using cryptocurrency, although many NFTs on OpenSea are available to buy with a credit or debit card. By using Arbitrum, you can purchase NFTs at a more affordable rate, thanks to the protocol's low transaction fees
Benefits of purchase NFTs on Opensea using Arbitrum
Here are some of the benefits of purchasing NFTs on Opensea using Arbitrum:
Faster and cheaper transactions: Since Arbitrum is built to scale Ethereum, it allows for faster and cheaper transactions compared to the Ethereum mainnet. This means that you can buy and sell NFTs on Opensea using Arbitrum with lower fees and shorter transaction times.
Access to a wider range of NFTs: Opensea has a large selection of NFTs available for purchase, and with the addition of Arbitrum support, users can now access even more NFTs that are specifically designed for the Arbitrum network.
Easy conversion of ETH to Arbi ETH: To purchase NFTs on Opensea using Arbitrum, users need to convert their ETH to Arbi ETH. This can be done by clicking the Wallet icon on Opensea, selecting the three-dot menu next to your ETH balance, and choosing the "Bridge to Arbitrum" option.
Increased interoperability: While Opensea has not yet fully deployed their contracts to Arbitrum, the addition of Arbitrum support allows for increased interoperability between different Ethereum-based networks. This means that users can easily move their NFTs between Ethereum mainnet and Arbitrum, depending on their needs.
Conclusion
Overall, purchasing NFTs on Opensea using Arbitrum provides several benefits, including faster and cheaper transactions, access to a wider range of NFTs, easy conversion of ETH to Arbi ETH, and increased interoperability