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The largest nonfungible token (NFT) marketplace, OpenSea, said on Twitter on Wednesday that it would only allow nonfungible tokens (NFTs) on Ethereum's enhanced proof-of-stake (PoS) chain.
To ensure the smoothest transition possible after the union, the NFT behemoth emphasized that any Ethereum forks, a technical term for when a blockchain network breaks, will not be supported on OpenSea.
According to DappRadar, OpenSea, the first NFT marketplace to launch on Ethereum in 2017, now supports over 80 million NFTs and has processed almost $31 billion in total volume since its launch.
NFTs are cryptocurrency-based tokens that stand in for real estate, music, and artistic ownership. On exchanges like OpenSea, they are traded and stored on the Ethereum blockchain.
One of Ethereum’s greatest improvements yet, the merge event, is anticipated to occur between September 10 and 16. Due to the event, a PoS-based algorithm will replace Ethereum’s proof-of-work (PoW) consensus method.
Other platforms have adopted a very different posture than OpenSea, which has indicated that it won’t support any forked versions of Ethereum.
For instance, Bitfinex stated that it would provide traders choices if the merger led to a fork. On Bitfinex, two Ethereum Chain Split tokens—ETHW, an Ether token supporting PoW, and ETHS, the PoS variant—were introduced.
To “establish a level playing field,” Coinbase has also been thinking of adding forked ETHW to the exchange, according to a blog post. The same level of scrutiny will be applied to any branched ETH token as to any other asset listed on our exchange.
In a statement, Circle, the firm behind the second-largest USD Coin (USDC) stablecoin, agreed with OpenSea’s position, saying that “our primary plan is to embrace the improved Ethereum PoS chain fully.”