Image source: Blockbuild.Africa
The OpenSea NFT market has seen a lot of changes lately, especially with the upcoming Ethereum Merge.
The platform has announced that it will only focus on NFTs on the enhanced Proof-of-Stake or PoS blockchain.
Announcement of OpenSea
Market shared their announcement on Twitter, revealing that while their team isn’t speculating on possible forks, they won’t be reflected on OpenSea.
OpenSea also announced that its team is preparing the NFT trading platform for potential issues that may arise during the upcoming Ethereum merger so that users can experience a smoother transition period.
The OpenSea team anticipates that there will be no significant issues and assures the community that they will monitor, manage, and communicate with users throughout the process.
The team asked the developers to check the merge details on the Ethereum website.
Proof of stake
OpenSea is not alone in its commitment to the PoS transition, as Chainlink has also announced its commitment.
The Chainlink team points out that the protocol will not support Ethereum forks after the merger.
They reassured the community that it is doing its best to prepare for any problems during the transition.
Effect on the price of ether
Economist Lex Sokolin spoke to Cointelegraph and pointed out that changes in economic design following the Ethereum merger could affect Ether prices.
Sokolin believes the protocol changes have a natural implication for ETH delivery.
Despite the implications, the economist acknowledged that nothing is set in stone and left it to the market to decide on token price movements.
Meanwhile, the native asset for the potential ETHPoW fork could be supported by Ethereum PoW miners, which are currently trading at $100, although they are yet to go live.
The price fell after some exchanges started listing ETHW and ETHS (PoS) on their trading platforms.
OpenSea says marketplace won’t support forked NFTs post Merge