Good day everyone,
I hope you are all well and having an excellent weekend, welcome to CryptoGod-1's blog on all things crypto. Today I will be looking at a recent announcement from OpenSea.io (the world largest NFT Marketplace) and how they are now supporting Arbitrum Nova on their platform.
What is OpenSea
Launched in 2017, OpenSea prides itself on being the first and largest non-fungible token (NFT) platform. It provides the essential NFT services of buying, selling, and trading NFTs, and prior to its release, there was no platform for users to trade different NFTs with ease. It works as a noncustodial platform, meaning users have full control and access to their wallets and possessions within, including their NFTs. Users can list their works on a number of blockchain, including Ethereum, Polygon, Solana, BNB Chain, and Avalanche. A variety of media, including art, music, and trading cards, can be minted on the platform and listed for individual or bundle prices.
What is Arbitrum Nova
This is a Layer2 network designed by Offchain Labs, the developer of Arbitrum, to solve the issues of high transactions per second (TPS) in DApps. It was launched on August 10th 2022 and features ultra-low transaction costs with a high speed for general blockchain use cases, games, and social DApps. It makes use of AnyTrust based technology to ensure transaction costs are at extremely low levels and this is done via a new security model supported by an external Data Availability Committee (DAC). The main features for Arbitrum Nova are:
AnyTrust: This is a variant of Arbitrum Nitro, meaning it is open to a mild trust assumption for lowering costs.
DAC: This is based off of AnyTrust, making the assumption that a minimum of two members are honest in the Data Availability Committee (DAC). The total number of members in the DAC is taken as N, and if N-1 members make the promise of access rights to some data, then at least one of them must be honest to ensure the data is available for the normal functioning of a Rollup protocol. If there is a failure or a collapse, then the network still functions thanks to falling back on a Rollup. Similar to Arbitrum Rollup, data will be posted on Layer 1 via a withdrawal period.
DACert: This is method in which sequencers batch and compress data before submitting it to the DAC, and requires the data availability certificate (DACert). Sequencers can then broadcast the received certificate as a data availability promise on Ethereum. This ensures the ultra low transaction costs with Arbitrum Nova as the data posted is a DACert proving availability of the data, instead of the full data.
Keu Components
- Ultra-low transaction costs
- Designed for high-volume DApps
- Funds are as cryptographically secure, as on the Ethereum mainnet
- Users have full control over their assets
- EVM compatibility
Below is the Arbitrum Nova addition on OpenSea, where users can select it as their preferred network.
Announcement and Reaction
On the 6th of January 2023 the OpenSea Twitter page announced the platform now supports Arbitrum Nove as part of their latest modifications and update to the site. OpenSea have also announced they will be joining the Data Availability Committee (DAC), meaning they can provide access to on-chain data and the accuracy of data for users. As there are already Arbitrum products on OpenSea, the Nova collection will be grouped along with the original Arbitrum ones on the rankings and search pages. They will all be accessible under the Arbitrum chain filter, although the items created on Arbitrum Nova will have a designation beside them on the item's page.
In a post on Reddit, there was quite the appreciative response from users. As part of the r/cryptocurrency subreddit, users earn a token called moons, which some users are now anticipating may be used on OpenSea as a currency. Others are less hopeful, although there is a general agreement that Arbitrum is a progressive and important chain and its implementation should have a positive knock on effect for moons. The reddit post can be found here: Reddit Post
Exciting times for Arbitrum Nova users, as having their network on OpenSea will certainly garner and generate further accessibility for sales. Those already making use of Arbitrum now also have Nova as an option, while those unfamiliar with it are more likely to get a better understanding of the Arbitrum network by interacting with it on OpenSea. A win-win for all involved.
Have a wonderful rest of your weekend.
Peace. CryptoGod-1.
Referral links:
Publish0x - https://www.publish0x.com/?a=olejZqrzej
Binance - https://accounts.binance.com/en/register?ref=143611368
Medium - https://medium.com/@1r3n9project
NFT Market Sales
OpenSea - https://opensea.io/RNabc
Follow Me :)
Twitter - @RNabc123
