Any Ethereum Forks Won’t Be Supported, Opensea Says Ahead Of The Merge
Any Ethereum forks won’t be supported, OpenSea says ahead of the Merge.
With the Ethereum Merge scheduled to take place this mid-September, many in the community are preparing themselves for the massive change ahead, including the biggest NFT marketplace in the world, OpenSea.
With Ethereum-based NFTs dominating the platform, the smoothness of Ethereum’s transition from Proof-of-Work to Proof-of-Stake will largely affect OpenSea as well.
Because of this, OpenSea has recently took to Twitter to announce things relating to The Merge that the community should know.
Will Not Support ETHW Forks
OpenSea announced that their platform will be committed to solely support NFTs that are run on the newly upgraded Proof-of-Stake Ethereum once the Merge has taken place.
They also cleared up that despite the possibility of a new Ethereum fork run on the Proof-of-Work consensus created, the platform will not be supporting any NFTs on those ETHW forks and will seem to only focus on ETH PoS.
3/ While we won’t speculate on potential forks–to the extent forked NFTs on ETHPoW exist–they won’t be supported or reflected on OpenSea.
— OpenSea (@opensea) August 31, 2022
About The Merge
The Merge has been a long-awaited event in which we will see Ethereum shift from being a Proof-of-Work consensus to a Proof-of-Stake consensus. This upgrade has been confirmed to take place between September 10th to September 16th 2022.
Related: Ethereum Foundation Finally Confirms The Date Of The Merge!
One of the major changes this upgrade will bring is that the Ethereum blockchain will see an incredibly big decrease in its energy consumption –up to a 99% decrease.
Aside from this, co-founder of Ethereum Vitalik Buterin also expressed that the Ethereum Merge will also lay down the foundation for some bigger upgrades in the future to be made, those of which will be able to help decrease gas fees, and improve scalability.
If those improvements in the Ethereum blockchain come to fruition after The Merge, it’s no doubt that Ethereum-focused NFT marketplaces like OpenSea will also reap the benefits as more members of the community will gain enthusiasm and excitement to buy and trade NFTs.
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