As the Ethereum Mainnet hurtles towards its long-awaited merge, OpenSea has addressed the elephant in the room. Therefore, stating categorically, that it will not support any Ethereum forks, and pledging its allegiance to the new Proof of Stake future.
Expected sometime around the second week of September, Ethereum Mainnet will conduct its long-awaited transition to a Proof of State system. Through this exciting new update, gas prices will tumble, and transactions become infinitely mere efficient. However, often with changes of this magnitude, a ‘fork’ may occur on the blockchain, effectively splitting into two directions, where, in this case, a fork of Ethereum could continue on the Proof of Work system.
1/ The Merge is coming! Here’s what we’re doing to prepare…
— OpenSea (@opensea) August 31, 2022
Due to the unprecedented nature of the update, nobody knows for sure if this will even happen. However, in the event of such an occurrence, OpenSea has noted that it will only support Proof of Stake NFTs on the official Ethereum Mainnet.
As the largest NFT marketplace in the industry, OpenSea will often set the trend for others to follow. However, this time around, several competitors, including the underperforming Coinbase platform will take a different stance and watch carefully to see how it plays out before making a final decision.