As announced on Twitter, OpenSea will only support NFTs that are on the upgraded proof-of-stake blockchain: “First, and most importantly, we are committed to solele supporting NFTs on tha upgraded Ethereum PoS chain”.
OpenSea is the first NFT marketplace that opened up shop on Ethereum in 2017 and till now, around $31 billion in Ethereum-linked NFTs have been traded on OpenSea, according to The Block. OpenSea said it was ready for the upcoming transition but also acknowledged this is a first, so they need to monitor, manage, and communicate throughout. As OpenSea stated in an announcement: “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”.
The Merge, as we know, is the most significant upgrade of Ethereum since its launch in 2015 that is expected to occur some time between September 10 and September 16. The Merge will mark a full transition from proof-of-work (PoW) to proof-of-stake (PoS), eliminating the need for energy-intensive mining and instead securing the network with staked ETH.
In the past two month, there have been a lot of scenarios for what might happen after The Merge. Unlike OpenSea, Coinbase recently confirmed it is ready to list tokens associated with the proof-of-work after The Merge; however, Coinbase would close Ethereum staking service if regulators request to censor.
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