What is Arbitrum?
Arbitrum is a layer-2 scaling solution for the Ethereum blockchain developed by a New York-based company known as Off-chain labs. Layer-2 scaling solutions are networks that sit on top of layer 1 blockchains to provide cheap and fast transactions. They reduce the congestion on the main blockchain by validating transactions separately and integrating them into the main chain. After its mainnet launch last year, Arbitrum's scaling solution has seen a lot of success. As a result of this, several developers have used Arbitrum's solutions to host their dApps.
How does Arbitrum Work?
The Arbitrum blockchain uses rollups to combine multiple transactions into one, lowering on-chain transaction costs and boosting scalability. It is reliable, affordable, and super fast. Transactions on Arbitrum cost a few cents while the Ethereum blockchain may cost several dollars for a similar transaction. Arbitrum also supports integration with Ethereum Virtual Machine (EVM), making it easy for developers. The Arbitrum blockchain processes Ethereum transactions through what is known as “optimistic” rollups. These transactions are settled on a side chain before being fed to the main Ethereum blockchain through the Arbitrum bridge.
The Top 5 NFT Marketplaces on Arbitrum
Here are the five best NFT marketplaces on Arbitrum:
TofuNFT - Premier NFT Marketplace on Arbitrum
TofuNFT is the go-to NFT marketplace on Arbitrum, offering the largest selection of Arbitrum-native NFTs and digital collectibles, including popular sets like GMX Blueberries. With a simple, user-friendly interface and a robust suite of tools, TofuNFT makes it easy for buyers to find the perfect NFTs for their collection.
SmolSweep - Best Arbitrum NFT Aggregator
SmolSweep is the top NFT marketplace aggregator on Arbitrum. It allows buyers to search and browse thousands of tokenized assets listed on multiple platforms, including OpenSea, Treasure DAO Marketplace, Wen Moon Market, and more. With advanced filtering options and an intuitive design, SmolSweep makes it easy for users to find the NFTs that fit their budget and tastes.
OpenSea - Largest NFT Marketplace on Ethereum
OpenSea is the largest NFT marketplace on the Ethereum blockchain and one of the few to support trading on Arbitrum. With over 400 creators and projects, the platform offers a wide selection of digital art, collectibles, gaming items, and more. OpenSea's powerful search tools and intuitive user interface make it easy to find the perfect NFT.
Treasure DAO Marketplace - Decentralized Marketplace for Arbitrum-Native NFTs
Treasure DAO Marketplace is a decentralized marketplace for Arbitrum-native NFTs, with a focus on gaming and collectibles. It offers an array of tokenized assets from popular games like Axie Infinity and Gods Unchained, as well as rare digital art pieces. The platform's reputation system helps buyers find reliable sellers.
Wen Moon Market - Arbitrum-Native Marketplace for Digital Collectibles and Gaming Items
Wen Moon Market is an Arbitrum-native marketplace for digital collectibles and gaming items. With a wide variety of tokenized assets from popular games like Splinterlands, Blockchain Cuties, and CryptoKitties, buyers can connect with sellers directly through the chat feature to ask questions and negotiate prices.
Most Popular NFTs on Arbitrum
If you're looking to gauge the market and how digital collectibles are valued on the Arbitrum network, here are the top 5 most popular NFTs on Arbitrum:
- Arbitrum Odyssey NFTs
- The Beacon NFT
- Smol Brains
- GMX Blueberry Club
- Kanpai Pandas
What are the advantages of Arbitrum?
Arbitrum's significant advantages include its lower operating costs, rapidly expanding dApp ecosystem, and broad suite of developer tools. By executing transactions off-chain, Arbitrum can offer lower gas fees than Ethereum while reducing the load on the Ethereum mainnet. This makes it an attractive platform for transactions involving non-fungible tokens (NFTs), unique digital assets that are verified on the blockchain. The Ethereum blockchain allows for creating and trading these assets securely and transparently, making NFTs well-suited to Arbitrum's capabilities.
Closing thoughts
With billions of dollars locked in DeFi and NFT applications, Arbitrum has become the most popular Ethereum Layer 2 network. And when it comes to NFT marketplaces on Arbitrum, TofuNFT and SmolSweep are currently leading the pack.
