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OpenSea adds support for Arbitrum Nova

Blockchain

www.theblock.co 08 January 2023 13:15, UTC

Reading time: ~2 m

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. Both Nova and Arbitrum are designed by Offchain Labs. OpenSea said that collections on Arbitrum Nova will be grouped with other Arbitrum collections on the OpenSea website.

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).

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