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Optimism beams with an ‘OpenSea’ of opportunities, but OP opts out

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Layer-two (L2) scaling solution, Optimism [OP] is the latest addition in OpenSea’s series of blockchain integration. According to the NFT marketplace, it had been working with the Optimism team and several projects on its official marketplace for some time.

Optimism comes as the sixth blockchain added on the marketplace after its recent Arbitrum support. Interestingly, it may seem that it was excellent timing for the addition. This assertion is because almost all the OP collections recorded tremendous increases in sales volume in the last 24 hour. 

Based on the information from OpenSea, Early Optimists had 438 sales, leading up to 6 ETH. Optimists Quest made a 21% increase in trading volume to hit 5 ETH as many other registered trading volume greens. With this increment, a few investors may believe the conversations around an L2 season could be well accurate.

Source: OpenSea

However, this data was the collections’ performance across all NFT marketplaces where OP was existent. Before now, most of Optimism’s NFT trades occurred on the Quixotic platform. According to Dune Analytics, Quixotic, the most popular OP marketplace, recorded more in sales volume than OpenSea. This may not be surprising considering that the OpenSea support just happened.

Source: Dune Analytics

Not an all-clear signal everywhere

Away from the “optimistic reactions”, the OP price did not seem to be in synchronization. According to CoinMarketCap, OP was down 9.51% to $0.87 from the previous 24-hour value.

On the volume aspect, OP had also lost some worth within the same time frame. According to Messari, Optimism’s 24-hour trading volume was $22.63 million despite being as high as $261 million on 29 July.

Source: Messari

Moving on to its active addresses, Optimism had recorded a significant increase up until 24 September. However, Santiment revealed that the OpenSea integration did not seem like a solid rock to stand behind another increase. 

Based on the on-chain data, OP’s active addresses had decreased to 7,180 at press time. A clear evaluation of its network growth did not also pass for an awe-inspiring look. Santiment showed that the high on the aforementioned data had also declined to 1,114.

Source: Santiment

Finally, comments from the OP community seemed like they had been waiting for the update. According to the replies from the OpenSea announcement, a sizable number of the crypto community believed that adding L2 chains to NFTs was the right step to take. Having said that, expectations would be that more OP NFT traders begin to use the OpenSea marketplace for transactions.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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