Sunday, February 5, 2023
HomeEthereumOpenSea Announces Its Support for the PoS Chain of Ethereum

OpenSea Announces Its Support for the PoS Chain of Ethereum

  • OpenSea recently expressed its support for the Ethereum merge.
  • The firm also declares that any Ethereum forks will not be supported on its network.

According to the recent tweet thread from the prominent non-fungible token (NFT) platform, OpenSea, the firm will support Ethereum proof of stake (PoS) NFTs. Even so, the Web3 marketplace also revealed that any Ethereum forks would not be enabled on its network, born out of the transition.

OpenSea tweeted:

Beyond our commitment to supporting the upgraded PoS chain, we’ve been preparing the OpenSea product to ensure a smooth transition.

The platform furtherly added that while the marketplace does not anticipate any complications, it will continue to monitor, manage, and communicate throughout to secure its participation in the imminent Ethereum merging.

More Firms Agree With OpenSea’s Stand

Apart from OpenSea, other platforms have expressed different stances regarding forked versions of Ethereum. Recently, Stablecoin provider company Circle declared its plan to support Ethereum’s transition to a proof-of-stake chain.

Additionally, the decentralized blockchain oracle network, Chainlink had also guaranteed its support for the imminent Ethereum merger. The platform stated that it will continue to support Ethereum operations after the merge, but it also added that the Ethereum PoW forks would not receive support from the protocol.

The much-anticipated ‘merge’ of Ethereum is scheduled for mid-September, and it will transfer from proof-of-work to proof-of-stake. The upcoming functionality will provide more security, speed, scalability, and low energy consumption. Moreover, several Web3 platforms are also planning for merging, following the Ethereum blockchain. 

The first NFT marketplace, OpenSea, now supports over 80 million NFTs, around $31 billion in total volume. Even though the crypto winter has made a significant negative impact on the global NFT sector, which also resulted in over 90% less OpenSea NFT volume since May.

Recommended For You



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments