OpenSea, the largest non-fungible tokens (NFTs) marketplace, plans to exclusively support NFTs based on the proof-of-stake version of the Ethereum blockchain once The Merge is complete.
"First, and most importantly, we are committed to solely supporting NFTs on the upgraded PoS [proof-of-stake] chain," OpenSea said, in a series of tweets published late August 31.
To date, some $31 billion in Ethereum-linked NFTs have been traded on the platform, according to The Block data. The entirety of that sum — which dwarfs trading volumes for NFTs linked to other blockchains — is made up by trading in NFTs that are underpinned by the current, proof-of-work (PoW) version of Ethereum.
The Merge — the final stage in Ethereum's transition from proof-of-work to proof-of-stake — will this month see the so-called Beacon Chain and its validators become the foundation of the blockchain network. A wide variety of crypto outfits will be affected and have been busy preparing for the switch.
OpenSea said in a tweet that it has been preparing to deliver "a smooth transition," but acknowledged that the novel situation will require "monitoring, managing, and communicating throughout."
Crypto exchange giant Coinbase said recently that it is open to listing tokens associated with an Ethereum proof-of-work fork after the blockchain's Merge to a less energy-intensive system. The planned fork, known as ETHPoW, aims to split away from the Ethereum main network and continue mining operations.
In the tweets, OpenSea said: "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."
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