Home Cryptocurrency OpenSea Will Only Support Ethereum Proof of Stake After Merge

OpenSea Will Only Support Ethereum Proof of Stake After Merge

by Lottar


OpenSea has announced that it will only support Ethereum’s proof-of-stake chain once the merger takes place. It also revealed that its Seaport protocol now supports Polygon.

NFT marketplace OpenSea has announced that it will only support the proof-of-stake version of Ethereum once the merger has taken place. The company tweeted on September 1 that it is “committed to supporting only NFTs on the upgraded Ethereum PoS chain.” It has also prepared for the upcoming transition to Proof-of-Stake to ensure that the process runs smoothly.

Several entities within the crypto space have announced their intention to support only the PoS version of Ethereum, including Circle and Chainlink. The former stated that “USDC as an Ethereum asset can only exist as a single valid ‘version’.”

The Ethereum merger is expected to take place sometime between September 10 and September 20 and is one of the most anticipated upgrades for the network. It has already seen several successful testnets, and crypto-enthusiasts hope that the final merger will go off without a hitch.

Several Web3 platforms are preparing for the merger, including both Aave and LooksRare. Both made temporary changes in anticipation of the event.

Seaport now supports Polygon

OpenSea also announced support for Polygon on its open source, web3 market protocol Seaport. They also revealed that it will support Klaytn and other EVM compatible chains in the coming months.

There will be several features that users can take advantage of with the Polygon support. These include, among other things, no listing thresholds, allowing transactions to take place in MATIC, multiple originator fees, bulk transfers and English and Dutch auctions. There is now a $1 minimum on offers, down from the $5 minimum.

OpenSea NFT volume has fallen more than 90% since May

There have certainly been a lot of updates from OpenSea, but it hasn’t all been smooth sailing for the NFT market. Volumes are down more than 90% since the peak of May 2022. The NFT market has been hit hard by the crypto winter, and the most popular marketplace was no exception.

On August 28, OpenSea recorded about $5 million, while on May 1, it recorded $405 million. This is a sharp drop for what was once the talk of the town, but that was simply the nature of the crypto market. The general development around NFTs has not abated, but it may be the case that public enthusiasm is waning in the wake of the market crash.

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