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OpenSea to only support NFTs on upgraded Ethereum POS chain

The Ethereum Merge will take place in September. The Ethereum network will switch to Proof-of-Stake (PoS) from Proof-to-Work (PoW), which will make the network more scalable and effective. The largest NFT marketplace, OpenSea, revealed that it will only support NFTs on the upgraded Ethereum PoS chain on August 31. The most recent update from OpenSea noted:

“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.”

OpenSea stated that they have been working on the OpenSea product to enable a smooth transition in addition to supporting the Ethereum PoS chain. OpenSea doesn’t anticipate any significant issues because the developments surrounding the Merge upgrade have been going well. The statement also stated that “we’re dedicated to monitoring, managing, and communicating throughout.”

Earlier this week, the platform also declared that it would include the Polygon blockchain in its recently introduced Seaport protocol. The transition allows OpenSea to maintain its market share in a more energy-efficient manner. The infrastructure for OpenSea will be better and more reliable if it switches to Seaport.

Many other NFT marketplaces operate differently than the OpenSea port protocol. The “propose and consider” technique in OpenSea is used in place of a peer-to-peer transaction. This appears to be a complex transaction where the buyers can deliver the agreed-digital goods in Ethereum (ETH), ERC20, ERC721, or ERC1155.

Read more at Cryotoshrypto:

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