OpenSea To Support NFT On Ethereum PoS

The largest NFT marketplace, OpenSea, has tweeted that it will support NFT exclusively on the upgraded Ethereum blockchain.

Site representatives have confirmed that they will stop supporting ETHPoW elements after the merger. 

In addition to supporting the Ethereum PoS chain, OpenSea said it is developing the OpenSea product to facilitate a smooth transition. The company also stated its commitment to monitoring, managing, and communicating with developers throughout the event.

The Ethereum merge is expected to take place between September 10 and 20. Before the transition occurs, the developers will perform two major updates: Bellatrix, which activates the merge, and Paris, which removes any dependence on proof-of-work mining. 

Other companies exclusively supporting Ethereum PoS include Chainlink, Circle, and Tether.

However, there are platforms that have taken a different stance. Cryptocurrency exchange Bitfinex, for example, said it would provide traders with options if the merger causes a fork. Two Ethereum Chain Split tokens have been launched on Bitfinex, ETHW, a PoW-enabled Ether token, and ETHS, a PoS version. Coinbase has stated that it will consider new tokens resulting from the fork. 

Circle, the company behind the second-largest stablecoin USD Coin (USDC), joined OpenSea’s stance by saying in an announcement that it plans to support an upgraded Ethereum PoS network.

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