Once the Merge is complete, OpenSea, the biggest NFT marketplace, intends to offer NFTs built on the proof-of-stake variant of the Ethereum blockchain.
According to The Block statistics, almost $31 billion in Ethereum-linked NFTs have been exchanged on the platform so far. The entire amount is composed of trading in NFTs supported by the current proof-of-work (PoW) Ethereum version, which surpasses the volume of trade for NFTs tied to other blockchains.
“First, and most importantly, we are committed to solely supporting NFTs on the upgraded PoS [proof-of-stake] chain.”
OpenSea wrote in a Twitter thread
OpenSea doesn’t speculate on any potential forks
OpenSea wrote in the tweet that it won’t speculate on any potential forks post-merge on ETHPoW and won’t be supported on the platform.
“Beyond our commitment to supporting the upgraded PoS chain, we’ve been preparing the OpenSea product to ensure a smooth transition.”
This month, as part of The Merge, which marks the culmination of Ethereum’s shift from proof-of-work to proof-of-stake, the so-called Beacon Chain and its validators will form the core of the blockchain network.
The move will have an impact on many different crypto enterprises, and they have been putting a lot of effort into preparing. There won’t be just one phase in the Merge process.
There won’t be just one phase in the Merge process. The Bellatrix network upgrade and the Paris upgrade are two separate steps that will be completed. The last update before the integration will be the Bellatrix upgrade.
The Ropsten, Sepolia, and Goerli are just a few of the public testnets that the Ethereum testnet has traversed. The Bellatrix is described as a network improvement by the Ethereum Foundation. Additionally, Bellatrix is the final update before the merging is finished with the Paris upgrade.
The Merge is anticipated to be completed by September 20 and the implications on the ecosystem can only be analyzed post Merge.