The NFT marketplace OpenSea announces that while the team “won’t speculate on potential forks to the extent forked NFTs on Ethereum proof-of-work exist, they won’t be supported or reflected on OpenSea.”
As many waits for the Ethereum merge, the non-fungible marketplace, OpenSea announced that the team focuses on supporting only the proof-of-stake protocol NFTs.
The marketplace’s announcement came through Twitter on 1st September 2022. The team clarified that the forked NFTs will not receive any support once the proof-of-stake upgrade is set.
OpenSea among others preparing for the merge
The much-awaited Ethereum upgrade seems to receive more traction. More entities are working on ensuring they are well prepared for the merge.
As OpenSea prepares its platform for a smooth transition the team reports foreseeing that no major issues will occur. The team claims to have focused on monitoring, managing and communicating through the transition period.
On the other hand, the Chainlink team also looks forward to the merge. Through an announcement, the team assured its users that it will continue offering services on the Ethereum blockchain even after the POS upgrade.
Just like the OpenSea marketplace, the Chainlink protocol will no longer support the forked versions of the Ethereum blockchain.
The Circle entity also announced its intention to only support the proof-of-stake upgraded version of Ethereum on its platform. The circle team reported that “USDC as an Ethereum asset can only exist as a single valid ‘version’.”
A number of Web3 platforms are also preparing for the POS upgrade. For example, Aave and LooksRare have made temporary changes in line with the event.
The POS upgrade
Since mid-2012, when the merge was first announced, the Ethereum blockchain has been in the spotlight. If all goes as planned by the developers, on September 2022, the first phase will record a transition. The ecosystems transactions history and smart contracts will all transit to the POS network.
The merge which is a mega juncture in the crypto space will provide sustainability scalability and enhanced decentralization solutions. The proof-of-state protocol is set to help reduce the network’s energy consumption by 99.5%.
The Ethereum upgrade already has several successful testnets as crypto enthusiasts are optimistic that the merge will also be a success.
Some major networks that operate through the POS consensus protocols include Cardano, Avalance, Polkadot and Solana. Though critics say the POS consensus protocol is less secure and calls for more security breaches.
The anticipated merge seems to be positively affecting Ether, the ecosystem’s native token. Even in the bearish market, the price of ETH plunges up to 50% against Bitcoin
