Blockchain News

Arbitrum: Could this NFT Proposal be a Game-changer for the Network? 

Arbitrum has seen significant NFT activity on its platform since its launch, and a recent proposal by Rarible aims to further enhance NFT activities on the network. The proposal advocates for integrating Arbitrum One with the open-source Rarible protocol, allowing developers to create NFT-based applications on Arbitrum using Rarible’s user-friendly SDK, indexer, and order book.

The proposal has generated a favorable response, indicating it is likely to receive overwhelming support. Currently, Arbitrum lags behind Optimism in NFT asset and contract creation capabilities. However, the integration with Rarible could help bridge this gap and catalyze the growth of the Arbitrum NFT ecosystem.

As of now, Arbitrum hosts more than 15.6 million NFT assets, adding over 16,000 in the last 24 hours. In comparison, Optimism boasts a larger volume of over 27.3 million NFT assets, with an addition of over 131,000 assets in the last 24 hours. Optimism also leads in NFT contract deployment with over 52,500 contracts, while Arbitrum has 18,500 contracts. Additionally, Optimism has over 4 million wallet addresses, whereas Arbitrum has over 2.5 million wallet addresses.

Despite the recent decline in NFT trading activity on Arbitrum, the number of transactions on the network remains relatively high, with over 1 million transactions recorded.

The TVL on Arbitrum experienced a slight decrease, falling below the $2 billion range to approximately $1.98 billion. However, the integration with Rarible and the overall growth of the NFT ecosystem could potentially boost TVL and overall activity on the platform in the future.

Overall, the proposal by Rarible holds promise for further developing the NFT ecosystem on Arbitrum and could potentially attract more users and developers to the platform.


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