Crypto Beginner

OpenSea to back only PoS NFTs post-Ethereum merge

OpenSea

NFT behemoth OpenSea has openly come out in support of the Ethereum PoS chain. OpenSea would only support NFTs listed on the PoS or the high-traffic chain after Ethereum transitions into the Proof-of-Stake (PoS) protocol post-merge.

OpenSea’s stand against other (speculative) Ethereum forks is a shot in the arm for Vitalik Buterin-backed Ethereum 2.0 at a time when NFTs existing on multiple chains remain a cause for concern.

For the unversed, OpenSea— launched in 2017— is currently the largest Ethereum-native NFT marketplace. After the merge, NFTs would automatically exist on any other forked chain— including the most talked about ETHPoW chain. However, none of those NFTs will reflect on the OpenSea marketplace, as per the following tweet thread:

 

Is OpenSea the sole backer of ETH PoS?

However, OpenSea is not alone in its only-PoS stance. Circle— the face behind the USDC stablecoin— has also thrown its weight behind the Ethereum PoS.

The merge, expected to happen anytime between 15-20 September, will be a watershed event in Ethereum’s history. However, this might trigger a chain split of sorts, with ETHPoW waiting in the wings to get noticed by global exchanges. Yet, the apathy of stalwarts like OpenSea and Circle shows that the road isn’t going to be easy for any upcoming forked (split) chain.

FAQs

How will the Ethereum merge affect NFTs?

The Ethereum merge is expected to improve scalability and reduce transaction fees, potentially benefiting NFT transactions by making them faster and cheaper.

Does OpenSea support arbitrum?

OpenSea does not currently support Arbitrum but may consider adding support.

Does OpenSea only use Ethereum?

OpenSea primarily operates on Ethereum but may explore other blockchains in the future.

Does OpenSea support sepolia?

OpenSea does not currently support Sepolia, but it may evaluate adding support based on demand and adoption.

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