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by Vignesh Karunanidhi
Once Merge is complete, OpenSea, the largest NFT marketplace, intends to offer proof-of-stake variants based on the Ethereum blockchain NFTs.
According to statistics from The Block, nearly $31 billion worth of Ethereum-related NFTs has currently been exchanged on the platform. The entire amount consists of NFT transactions supported by the current proof-of-work (PoW) version of Ethereum, exceeding the transaction volume of NFTs associated with other blockchains.
“First and foremost, we are committed to upgrading Post PoS [proof-of-stake] only NFTs are supported on the chain.” OpenSea wrote in a Twitter thread
OpenSea does not speculate on any potential fork
OpenSea in tweet It does not speculate on any potential forks after the merge on ETHPoW, and will not be supported on the platform, wrote.
“In addition to supporting the upgraded PoS chain In addition to our commitment, we have been preparing the OpenSea product to ensure a smooth transition.”
This month, as part of The Merge, which marks the culmination of Ethereum’s transition from proof-of-work to proof-of-work stake, the so-called beacon chain and its validators will form the backbone of the blockchain network. core.
This move will have implications for many different crypto businesses that have been working hard to prepare. The merge process will not have only one stage.
The merge process will not have only one stage. The Bellatrix network upgrade and the Paris upgrade are two separate steps that will be done separately. The last update before integration will be a Bellatrix upgrade.
Ropsten, Sepolia, and Goerli are just a few public testnets that the Ethereum testnet has traversed. Bellatrix is described by the Ethereum Foundation as a network improvement. Additionally, Bellatrix was the last update before the merger was completed, the Paris upgrade.
The merger is expected to be completed on September 20, and the impact on the ecosystem can be analyzed only after the merger.