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OpenSea launches Ethereum layer-2 scaling solution-Optimism

On September 27, OpenSea, a giant NFT marketplace, announced via tweet that it will integrate Optimism, an Ethereum layer-2 scaling solution. It is the sixth blockchain that the NFT platform supports.

Optimism

OpenSea added more than 100 Optimism-native NFT collections to its marketplace since announcing blockchain compatibility on September 27. 

Optimism network-based significant projects that have been added to the OpenSea marketplace include MotorHeadz, Bored Town, OptiChads. And Apetimism.

Opensea on its twitter thread noticed that the author of each collection must access their project on OpenSea in order to create a unique creator fee for platform sales.

As per the firm, on each NFT transaction, creators can earn up to 10%.

The majority of NFTs constructed using Optimism were sold on the Quix NFT marketplace before OpenSea stated that they would incorporate the network on their platform. 

The daily trading volume on Quix at the time of publishing was $26,000 in sales. On the other hand, during that time, OpenSea, a major NFT marketplace, saw a trading volume of approximately $9.9 million.

New blockchains are continually being added to Opensea’s platform.  Optimism joins five other networks that are already supported on the market – Klaytn, Polygon, Ethereum, Solana, and the recently launched Arbitrum blockchain.

Institutional investors, including Andreessen Horowitz (a16z) and Paradigm, acknowledged optimism. They raised a total of $150 million in a Series B funding round in March 2022 at a valuation of $1.65 billion.

Compared to the record-breaking $4.8 billion traded in January 2022, the monthly trading volume on OpenSea dropped to $242 million. 

Other marketplaces, such as  Rarible, SuperRare,  LooksRare and Magic Eden, have all seen similar drops in activity.

However, after Ethereum’s merge, the demand for roll-ups would decline, although scaling solutions for Ethereum are essential for the NFT marketplace.

As per DefiLlama, the total value locked reaches $869.47 million on the chain. 

The total value locked on the chain, as per DefiLlama, is $869.47 million. On Optimism, over 1000 projects have been developed, including Synthetix, a derivatives liquidity network with over $120 million locked on the network.

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