OpenSea announces support “solely” Ethereum’s PoS chain

The marketplace also has been preparing its upgrade for “a smooth transition”

01.09.2022 - 09:00

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What’s new? The OpenSea NFT marketplace has outlined its position on what types of non-fungible tokens will be supported after the Ethereum network moves from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS). The trading floor will support “solely” tokens from the upgraded PoS chain. The company clarified that forked NFTs on PoW will not be reflected or supported on the marketplace.

2/ First, and most importantly, we are committed to solely supporting NFTs on the upgraded Ethereum PoS chain.— OpenSea (@opensea) August 31, 2022

What else has been added to OpenSea? Representatives of OpenSea explained that the marketplace’s developers have been preparing an upgrade that will “ensure a smooth transition” to the PoS chain. The company noted that it does not expect any problems during the upgrade, but since this is the first time something like this is happening, there will be monitoring and active communication with the community throughout the process. OpenSea encouraged third-party developers to contact the platform to verify how the transition might affect their products.

According to The Block, a total of $31 billion worth of Ethereum-related NFTs have been sold on OpenSea. That is many times more than any other blockchain.

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Earlier, Circle, the issuer of the USDC stablecoin, said that the asset would also support only the PoS algorithm after the Ethereum upgrade.

What is known about the Ethereum upgrade? Due to the algorithm change from Proof of Work (PoW) to Proof of Stake (PoS), the way coins are earned on the network will change from mining to staking. The upgrade may also result in a split into two networks, one of which will continue to run on PoW. In August, the developers published a document refuting misconceptions related to the upcoming upgrade.

For more details on how the market reacted to the final stage before the global network upgrade, see GetBlock Magazine’s article.

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