The largest NFT marketplace is OpenSea, which will be entirely supporting PoS(proof of stake) NFTs on Ethereum, on Wednesday tweeting that “we are committed to solely supporting NFTs on the upgraded Ethereum PoS chain.”
The NFT announced that any Ethereum forks, a technical term for when a blockchain network splits, will not be supported on OpenSea to provide the easiest transition feasible pursuing the merge.
According to DappRadar: the first NFT marketplace that inaugurated a shop on Ethereum in 2017 was OpenSea and now supports more than 80 million NFTs and about $31 billion in whole value since the beginning.
NFTs are blockchain-based tokens that denote ownership in art, music, and real estate. like OpenSea they are traded on the marketplace and also held on the Ethereum blockchain.
One of Ethereum’s largest promotions to date is the merge event and it is expected to be done sometime between September 10 and September 16. The event will change the position of Ethereum from its proof-of-work (PoW) consensus algorithm to a PoS-based algorithm.
Circle Joins OpenSea’s viewpoint on Merge
Other platforms have taken a much different viewpoint, while OpenSea has announced that it won’t back up any forked versions of Ethereum.
For example, Crypto exchange Bitfinex said if a merge causes a fork it would give trades another alternative. Two Ethereum Chain Split tokens were launched on Bitfinex, ETHW, an Ether token supporting PoW, and ETHS, the PoS version.
A Coinbase blog read, Coinbase has also been contemplating providing forked ETHW a spot on the exchange to “create a leveled playing field,” a Coinbase blog read. Any forked ETH token “will be reviewed with the same rigor as any other asset that is listed on our exchange.”
The company behind the second largest United States dollar stablecoin USD Coin (USDC) is Circle which joined OpenSea’s viewpoint, declaring that “our sole plan is to fully support the upgraded Ethereum PoS chain.”
Latest NFT News, Trendings and Tutorials, right at your inbox, every Monday Leave this field empty if you're human: