Monday 26 September 2022
Home / none / OpenSea says marketplace won’t support forked NFTs post-Merge

OpenSea says marketplace won’t support forked NFTs post-Merge

As the date for the Ethereum Merge approaches, nonfungible token (NFT) marketplace OpenSea has announced that it will focus on supporting only the NFTs that are on the upgraded proof-of-stake (PoS) blockchain.

In an announcement on Twitter, the NFT marketplace said that while their team is not speculating on any potential forks, as it clarified that if there are forked NFTs, they will not reflect on OpenSea as the platform will only support the upgraded chain.

The NFT marketplace also highlighted that its team is preparing the NFT trading platform for any issues that may arise with the upcoming Ethereum Merge so that the transition period will be smooth.

While the team believes that there will not be any major issues, it assured the community that they will be monitoring, managing and communicating with its users all throughout the entire process. They also asked developers to check out the details about the Merge on the Ethereum website.

Apart from OpenSea, Chainlink also expressed its commitment to the PoS transition of the Ethereum mainnet. The team pointed out that the protocol will not be supporting any Ethereum forks that may come after the Merge. The team also assured its community that it’s doing its best to prepare for any issues that may come during the transition.

Related: Ethereum Merge in trouble? Developers find bugs ahead of the planned update

In a recent Cointelegraph interview, economist Lex Sokolin highlighted that the economic design changes post-Merge might affect Ether (ETH) price. The economist believes that the changes within the protocol have natural implications on the supply of ETH. Despite this, the economist recognized that nothing is certain yet and that the market will be the one to decide any movements in the token’s price.

Meanwhile, the native asset for the potential ETHPoW fork that may potentially be backed by Ethereum’s PoW miners is trading at $100 despite not yet existing. This happened after some exchanges started to list ETHW and ETHPoS (ETHS) on their trading platforms.

Original Article

About Jude Savage

Check Also

Reversible transactions could mitigate crypto theft — Researchers

Stanford University researchers have come up with a prototype for “reversible transactions” on Ethereum, arguing it could be a solution to reduce the impact of crypto theft. In a Sept. 25 tweet, Stanford University blockchain researcher Kaili Wang shared a run down of the Ethereum-based reversible token idea, noting that at this stage it is not a finished concept but more of a “proposal to provoke discussion and even better solutions from the blockchain community,” noting: “The major hacks we've seen are undeniably thefts with strong evidence. If there was a way to reverse those thefts under such circumstances, our ecosystem would be much safer. Our proposal allows reversals only if approved by a decentralized quorum of judges.”The proposal was put together by blockchain researchers from Stanford, including Wang, Dan Boneh, Qinchen Wang, and it outlines “opt-in token standards that are siblings to ERC-20 and ERC-721” dubbed ERC-20R and ERC-721R. However, Wang clarified that th..

Leave a Reply

Your email address will not be published. Required fields are marked *