The world’s largest marketplace for non-fungible tokens (NFTs) says it will solely support digital collectibles based on the proof-of-stake (PoS) version of Ethereum (ETH) once the Merge update is complete.
OpenSea, the “eBay” of crypto collectibles with over 80 million in NFT selections and $31.3 billion worth of trading volume to date, says that tokens based on forked versions of the leading smart contract network will not be available on the NFT platform.
“First, and most importantly, we are committed to solely supporting NFTs on the upgraded Ethereum PoS chain.
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.”
The announcement comes ahead of Ethereum’s much-anticipated transition from Proof-of-Work (PoW) to the PoS model. The Merge, which aims to solve the network’s scalability issue and set the stage for future upgrades, will be completed by mid-September.
OpenSea says that it is now making the necessary preparations for Ethereum 2.0.
“Beyond our commitment to supporting the upgraded PoS chain, we’ve been preparing the OpenSea product to ensure a smooth transition.
While we don’t anticipate major issues, we also acknowledge this is a first! So we’re committed to monitoring, managing, and communicating throughout.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong