The OpenSea NFT marketplace has announced its allegiance to Ethereum’s upcoming energy-efficient upgrade called Merge. The platform has stated that no Ethereum forks will be supported on OpenSea to ensure that all transactions are as smooth as possible. ‘Forks’ is a technical term used when a blockchain network splits. Launched in 2017, OpenSea initially began supporting NFTs built on the Ethereum blockchain. Currently, the platform has grown to incubate more than 80 million NFTs. Non-fungible tokens (NFTs) are digital collectibles and artifacts that are supported on the blockchain network.
Ethereum’s Merge upgrade will be released in mid-September, its developers have hinted.
A recent DappRadar report warned that stablecoins and transactions based on the Ethereum blockchain could experience some disruption as the blockchain transitions from its energy-intensive Proof-of-Work (PoW) mining model to an energy-efficient Proof-of-Stake (PoS). ) ) mining model.
OpenSea posted a public notice on Twitter about its decision to only support the Merge version of Ethereum upon release.
3/ We will not speculate on potential forks—to the extent that NFTs exist that are forked on ETHPoW—they will not be supported or reflected on OpenSea.
— OpenSea (@opensea) 31 August 2022
Earlier this month, stablecoin major Tether and Circle Pay, the USD coin issuer, also extended support for the merger.
Circle Pay said that once the merger is done, it will only use that version of Ethereum for USD coin operations, while Tether has decided to start supporting it in line with its release schedule for the merger.
The Merge upgrade will reduce Ethereum’s power consumption by 99.95 percent, its developers claimed. Blog post Last year.
Meanwhile, bug bounty payouts for Ethereum can now go up to $1 million (roughly Rs. 8 crore), the blockchain’s developers said in a recent update.
