Sunday, November 27, 2022
 

OpenSea Pledges to ‘Support Only’ NFTs on Ethereum PoS Blockchain

  • OpenSea intends to offer only NFTs built on the proof-of-stake variant of the Ethereum blockchain once the Merge is complete.
  • The platform also expressed its commitment to monitoring and managing the process to forestall any potential issues, promising to keep the community updated.
  • Previously, Opensea called out Fortune Magazine for publishing false information about it.

OpenSea, the reigning NFT marketplace, intends to offer only NFTs built on the proof-of-stake variant of the Ethereum blockchain once the Merge is complete.

In a five-part Twitter thread early today, OpenSea said they “are committed to solely supporting NFTs on the upgraded PoS [proof-of-stake] chain.” It continued:

While we won’t speculate on potential forks–to the extent forked NFTs on ETHPoW exist–they won’t be supported or reflected on OpenSea. Beyond our commitment to supporting the upgraded PoS chain, we’ve been preparing the OpenSea product to ensure a smooth transition.

The platform also expressed its commitment to monitoring and managing the process to forestall any potential issues, promising to keep the community updated.

The Merge, the Ethereum network’s migration to the less energy-intensive PoS, will happen between September 10-20, 2022. Ethereum developers must update the client version they use much earlier to avoid incompatibility issues.

According to statistics, almost $31 billion in Ethereum-linked NFTs have been exchanged on the OpenSea platform. The whole amount comprised trading in NFTs supported by the current proof-of-work (PoW) version of Ethereum, which dwarfs trading volumes for NFTs linked to other blockchains.

In late August, Opensea responded to a post calling out Fortune Magazine for publishing false information about it. Fortune Magazine published a story claiming that OpenSea’s volume was down 99% since May. A chief financial officer at OpenSea was the first to blast the magazine, stating that the framing, methodology, and source were not only wrong but reckless.

OpenSea added that “public data on the blockchain can still be misconstrued, often to the detriment of creators and communities.”

  • OpenSea intends to offer only NFTs built on the proof-of-stake variant of the Ethereum blockchain once the Merge is complete.
  • The platform also expressed its commitment to monitoring and managing the process to forestall any potential issues, promising to keep the community updated.
  • Previously, Opensea called out Fortune Magazine for publishing false information about it.

OpenSea, the reigning NFT marketplace, intends to offer only NFTs built on the proof-of-stake variant of the Ethereum blockchain once the Merge is complete.

In a five-part Twitter thread early today, OpenSea said they “are committed to solely supporting NFTs on the upgraded PoS [proof-of-stake] chain.” It continued:

While we won’t speculate on potential forks–to the extent forked NFTs on ETHPoW exist–they won’t be supported or reflected on OpenSea. Beyond our commitment to supporting the upgraded PoS chain, we’ve been preparing the OpenSea product to ensure a smooth transition.

The platform also expressed its commitment to monitoring and managing the process to forestall any potential issues, promising to keep the community updated.

The Merge, the Ethereum network’s migration to the less energy-intensive PoS, will happen between September 10-20, 2022. Ethereum developers must update the client version they use much earlier to avoid incompatibility issues.

According to statistics, almost $31 billion in Ethereum-linked NFTs have been exchanged on the OpenSea platform. The whole amount comprised trading in NFTs supported by the current proof-of-work (PoW) version of Ethereum, which dwarfs trading volumes for NFTs linked to other blockchains.

In late August, Opensea responded to a post calling out Fortune Magazine for publishing false information about it. Fortune Magazine published a story claiming that OpenSea’s volume was down 99% since May. A chief financial officer at OpenSea was the first to blast the magazine, stating that the framing, methodology, and source were not only wrong but reckless.

OpenSea added that “public data on the blockchain can still be misconstrued, often to the detriment of creators and communities.”

 

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