Opensea to support NFTs on the ETHPoS, dismisses ETHPoW

Opensea released an update on their plans as the Merge event draws closer. According to the NFT marketplace, it will support all collectibles that will be launched “on the upgraded Ethereum PoS chain”. This means that artists on Opensea are assured of having their works supported.

Opensea says it will not support “forked NFTs on ETHPoW”. If it happens, forked NFTs will not be “reflected on Opensea”.

The Opensea team also acknowledge that they will do their best during this transition noting that there might be some difficulties or challenges during the upgrade. “We’re committed to monitoring, managing, and communicating throughout”, opines the team.

Read also:

What You Should Know About the Ethereum Merge

Antpool to withdraw support for Ethereum post Merge

Ethereum developers to retire Kiln, Ropsten & Rinkeby

How to Mint and Trade NFTs on Opensea

What’s the Merge?

The  Merge is simply an event that will upgrade the Ethereum blockchain from a Proof of Work protocol to a Proof of Stake protocol. Once completed, it will alter how crypto transactions are validated on the Ethereum blockchain. 

Using the Proof of Work consensus has made Ethereum function like the Bitcoin blockchain where specialized computer systems are used to validate transactions. This has led to a lot of backlash due to the amount of energy consumed by the Ethereum chain.

However, with the Proof of Stake mechanism, less energy will be consumed while validating transactions. Instead of selecting validators based on their processing power, validators will be selected based on the amount of ETH they stake.

Updates from Ethereum say that it “is expected to land within Q3/Q4 2022”. The developers are working with “a soft deadline of 19th September 2022”. For more, see this.

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