OpenSea NFT Marketplace to Solely Ethereum’s Upgraded ‘Merge’ Version 2tu2l Technology News

OpenSea, which launched in 2017, initially started ing NFTs that were built on the Ethereum blockchain. 4i5664

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 2 September 2022 13:38 IST

OpenSea NFT Marketplace to Solely Ethereum’s Upgraded ‘Merge’ Version

Photo Credit: OpenSea 264i35

OpenSea started operations in 2017 with initially ing only Ethereum-based NFTs

Highlights

The Merge may release in mid-September
OpenSea will not Ethereum’s older PoW model
The Merge will cut Etheruem’s power needs by 99.95 percent

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OpenSea NFT marketplace has announced its allegiance to Ethereum's energy-efficient upgrade called the Merge. The platform has stated that no Ethereum forks will be ed on OpenSea in order to ensure all transactions are as smooth as possible. ‘Forks' is a technical term which is used when a blockchain network splits. OpenSea, which launched in 2017, initially started ing NFTs that were built on the Ethereum blockchain. Presently, the platform has swelled to incubate over 80 million NFTs. Non-Fungible Tokens (NFTs) are digital collectibles and artworks that are backed on blockchain networks.

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A recent DappRadar report had warned that stablecoins and transactions backed on the Ethereum blockchain could encounter some snags as the blockchain shifts from its energy-intensive Proof-of-Work (PoW) mining model to the energy-efficient Proof-of-Stake (PoS) mining model.

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OpenSea posted a public alert on Twitter about its decision to only Ethereum's Merge version upon its release.

3/ While we won't speculate on potential forks–to the extent forked NFTs on ETHPoW exist–they won't be ed or reflected on OpenSea.
— OpenSea (@opensea) August 31, 2022

Earlier this month, stablecoin major Tether and Circle Pay, the issuer of USD Coin, also extended for the Merge.

While Circle Pay has said that once the Merge has released, it will only use that version of Ethereum for the operations of USD Coin, Tether has decided to start making arrangements to the Merge in line with its release schedule.

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The Merge upgrade is expected to slash Ethereum's power consumption by 99.95 percent, its developers had claimed in a blog post last year.

Meanwhile, the recent update.

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Further reading: OpenSea

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a ma... more »