In the event of a potential fork after The Merge, non-fungible tokens on the Ethereum PoW network will not receive support on OpenSea’s marketplace. This was announced by the platform’s management.
2/ First, and most importantly, we are committed to solely supporting NFTs on the upgraded Ethereum PoS chain.
— OpenSea (@opensea) August 31, 2022
“We are committed to providing exceptional support for tokens on the upgraded PoS chain [Proof-of-Stake]. We are building a product to ensure a smooth transition. … We will monitor, manage and communicate throughout the process,” the statement said.
According toCryptoslam, the volume of NFTs issued on the Ethereum blockchain is estimated at $29.6 billion.
In early August, some exchanges, including Poloniex and MEXC, launched trading of tokens for potential ETHPoS (ETHS) and ETHPoW (ETHW) forks. The assets are traded as IOU promissory notes pegged 1:1 to Ethereum.
Opinions on supporting a possible PoW fork of Ethereum in the crypto community were divided. For example, the derivatives exchange BitMEX offered a futures on ETHPoW. In Huobi, Digifinex and OKX said they would study the possibility of listing the asset.
The decentralized oracle network Chainlink declined to support the potential fork. The Frax Finance team urged the community not to issue the algorithmic stablecoin FRAX on the PoW network.
CoinShares experts were skeptical about the prospects of the proposed fork.
Ethereum co-founder Vitalik Buterin noted that stablecoin issuers will determine the future of disputed Ethereum hard forks.
Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.