OpenSea- A NFT Marketplace to add Ethereum Layer 2 Protocol

OpenSea is a Non-fungible Token Marketplace that helps in buying, selling, and discovering rare digital items by leveraging NFTs. Recently the platform announced its plan to integrate OpenSea with an Ethereum scaling solution to remove gas fees altogether. 

These high gas fees were one of the factors slowing down the adoption of NFTs by digital artists. OpenSea plans to make the onboarding process a lot simpler by providing support for trading by leveraging Immutable X, a decentralized protocol. This integration will help OpenSea to provide their user’s increased scalability, instant trade confirmation, and the best of all, zero gas fees. 

Partnership with Immutable X

“Integrating Immutable X enables us to offer users a gas-free trading experience without sacrificing the security of the Ethereum network,” said OpenSea Head of Product Nate Chastain. 

He continued, “We’re rolling this out for … future game developers and players on OpenSea who will benefit from this scaling solution.” 

Immutable X according to a press release is capable of processing over 9,000 transactions in a second. OpenSea is one of the largest NFT marketplaces that has become popular in the digital art community by tokenizing everything from music, art to digital wearables. 

“OpenSea’s support is a massive addition to Immutable X and a step forward for scaling Ethereum NFTs,” said Immutable co-founder Robbie Ferguson. “We look forward to supporting their insane exponential growth with our protocol.”

OpenSea, a robust NFT marketplace

To support this venture, the company recently raised over $23 million in its latest rounds of funding. The funding was led by Andreessen Horowitz, a Silicon Valley venture capital firm. Among the angel investors, there were few popular names such as  Naval Ravikant, Alexis Ohanian, Mark Cuban, Dylan Field, and Linda Xie. 

Started in 2017, OpenSeas has become immensely popular among NFTs enthusiasts which are bound to increase with this latest Immutable X collaboration. OpenSea also announced support for Tezos-based NFTs which will improve the platform’s efficiency.

With more and more users becoming aware of the potential and capabilities of NFTs, the requirement for a robust NFT marketplace such as OpenSea is also growing. With all of these collaborations and partnerships, OpenSea is equipping itself with the tools to handle the surge.