Key Points
- Arbitrum’s NFT AIP aims to enhance the NFT ecosystem on its platform by integrating with Rarible’s protocol, offering developers user-friendly tools.
- The proposal seeks to address the lag in NFT asset and contract creation capabilities compared to Optimism, sparking excitement in the community.
- While Arbitrum has shown significant NFT activity, it still has ground to cover compared to Optimism, as evident in NFT asset numbers and wallet addresses.
Arbitrum, a leading layer 2 scaling solution, has recently proposed an NFT AIP that promises to transform the NFT ecosystem on its platform. As compared to Optimism, Arbitrum’s NFT activities have been trailing behind, but this proposal could unlock tremendous growth opportunities. The integration of Rarible’s user-friendly SDK, indexer, and order book aims to catalyze NFT development on Arbitrum.
The NFT AIP on Arbitrum
Rarible, through the Rari Foundation, submitted an Arbitrum Improvement Proposal (AIP) advocating for integration. This proposal seeks to merge Arbitrum One with the open-source Rarible protocol, enabling developers to create NFT-based applications more efficiently. The AIP’s goal is to bridge the gap between Arbitrum and Optimism in terms of NFT asset and contract creation capabilities.
Comparing Arbitrum and Optimism NFT Activities
An analysis of NFT indices between Arbitrum and Optimism reveals that Arbitrum has some ground to cover. While Arbitrum currently hosts over 15.6 million NFT assets, Optimism boasts a larger volume of over 27.3 million NFT assets. Similarly, Optimism leads in NFT contract deployment with over 52,500 contracts compared to Arbitrum’s 18,500. Additionally, Optimism has a higher number of wallet addresses, with over 4 million, while Arbitrum has over 2.5 million.
Analyzing Transactions and TVL
Examining transactions and TVL on Arbitrum shows a slight decline in recent times. The TVL has fallen below the $2 billion range to approximately $1.98 billion. However, the number of transactions remains relatively high, with over 1 million transactions recorded. Santiment’s NFT trade count chart indicates a recent period of low trading activity, experiencing a significant decrease from over $3.4 million to around $4,700.
Arbitrum’s NFT AIP presents an exciting opportunity to enhance the NFT ecosystem on the platform, bridging the gap with Optimism. The proposed integration with Rarible promises to unlock new possibilities for NFT development. While NFT activities may currently trail behind, the overwhelming support for the proposal indicates a positive trajectory for the future of NFTs on Arbitrum. As the network evolves and developers leverage Rarible’s tools, the NFT space on Arbitrum is poised for significant growth.
