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Arbitrum: Could this NFT proposal be a game-changer for the network? 

2min Read

Arbitrum’s NFT AIP stirs excitement, aiming to boost the NFT ecosystem, as comparison with Optimism reveals growth opportunities. 

Arbitrum: Could this NFT proposal be a game-changer for the network? 

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  • The Rari Foundation has proposed integration with the Arbitrum network.
  • Arbitrum NFT activities still trail behind Optimism.

Arbitrum [ARB] has experienced substantial NFT activity on its platform since its launch. However, a recent submission of an NFT AIP holds the potential to enhance NFT activities further on the network.


Realistic or not, here’s ARB market cap in BTC’s terms


The NFT AIP on Arbitrum

According to a Messari post, Rarible has recently introduced an Arbitrum Improvement Proposal (AIP), advocating for integration. The proposal, put forth by the Rari Foundation, aims to catalyze the growth of the Arbitrum NFT ecosystem by merging Arbitrum One with the open-source Rarible protocol.

This integration will allow developers to swiftly create NFT-based applications on Arbitrum, leveraging Rarible’s user-friendly SDK, indexer, and order book. 

The Rari Foundation highlighted in their proposal that Arbitrum was lagging behind Optimism regarding NFT asset and contract creation capabilities. As of this writing, the proposal has been generating a favorable and enthusiastic response, indicating that it will likely receive overwhelming support.

Comparing the Arbitrum and Optimism NFT activities

According to data from NFT Scan, a comparison of NFT indices between Arbitrum and Optimism revealed that Arbitrum had considerable ground to cover. As of this writing, Arbitrum hosted more than 15.6 million NFT assets, adding over 16,000 in the last 24 hours. On the other hand, Optimism boasted a larger volume of over 27.3 million NFT assets, with an addition of over 131,000 assets in the last 24 hours.

Regarding NFT contract deployment, Optimism led the way with over 52,500 contracts, while it had 18,500 contracts. Additionally, Optimism had over 4 million wallet addresses, whereas Arbitrum had over 2.5 million wallet addresses.

Furthermore, an analysis of the NFT trade count on Santiment indicated a recent period of low trading activity on the platform. The chart displayed a busy period in the previous months, but a decline became apparent after 5 July. On that date, the trade count had reached over $3.4 million. However, as of the current time, the trade count has decreased significantly to around $4,700.

Arbitrum NFT trade count

Source: Santiment


How much are 1,10,100 ARBs worth today


Analyzing transactions and TVL

One notable observation from the TVL (Total Value Locked) chart on DefiLlama was the slight decline. As of this writing, the TVL fell below the $2 billion range and was now approximately $1.98 billion.

Arbitrum TVL and transactions

Source: DefiLlama

While the TVL experienced a slight decrease, the number of transactions on the network also saw a small decline. Still, it remained relatively high, with over 1 million transactions recorded as of this writing. 

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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