Image source: Blockbuild.Africa
NFT marketplace OpenSea has been undergoing many recent changes, especially with the Ethereum Merge approaching.
The platform announced that it would be shifting its focus solely on NFTs on the upgraded proof-of-stake or PoS blockchain.
OpenSea’s announcement
The marketplace shared its announcement on Twitter, revealing that while its team isn’t speculating on potential forks, they won’t be reflected on OpenSea.
OpenSea also revealed that its team is preparing the NFT trading platform for possible issues that could occur with the upcoming Ethereum Merge, allowing users to experience a smoother transition period.
The OpenSea team believes there won’t be any significant issues, assuring the community that they will be monitoring, managing, and communicating with users throughout the process.
The team asked developers to inspect the details about the Merge on the Ethereum website.
Proof-of-stake
OpenSea is not alone in its commitment to the PoS transition as Chainlink also announced its commitment.
The Chainlink team highlights that the protocol will not support any Ethereum forks after the merge, assuring its community that it’s doing its best to prepare for any issues during the transition.
Effect on Ether price
Economist Lex Sokolin spoke with Cointelegraph and highlighted that the economic design changes after the Ethereum Merge could affect Ether prices.
Sokolin believes the changes within the protocol have a natural implication on ETH supply.
Despite the implications, the economist recognized that nothing is set in stone, leaving the market to decide movements in the token’s price.
Meanwhile, the native asset for the potential ETHPoW fork could be backed by Ethereum’s PoW miners currently trades at $100 despite not going live yet.
The price dropped after a couple of exchanges started listing ETHW and ETHS (PoS) on their trading platforms.
Reference:
OpenSea says marketplace won’t support forked NFTs post Merge
