NFT Marketplace OpenSea Won’t Support Ethereum Splits

On September 15, the merge on the Ethereum (ETH) network take place. From that moment on, the network will proof of stake (PoS). However, many miners do not support this plan under any circumstances. That’s why they want a proof of work (PoW) to split the network so that they can continue mining. NFT marketplace OpenSea, meanwhile, has already reported that they will not support such network splits.

OpenSea and Ethereum

OpenSea is by far the largest marketplace of non-fungible tokens (NFT). In fact, it is so large that at times, OpenSea was responsible for a majority of all transaction costs incurred on the Ethereum network. After all, the trading of NFTs mainly revolves around Ethereum.

To date, some $31 billion worth of Ethereum-linked NFTs have been traded on the platform, according to data from The Block.

OpenSea is therefore a significant player within the Ethereum ecosystem and has quite a bit of influence. Meanwhile, the marketplace has responded to rumors that the Ethereum network may be split. The answer is quite simple: We do not support such a split. We will only be behind the official proof of stake version of the Ethereum network.

“First, and most importantly, we are committed to only supporting NFTs on the upgraded PoS (proof-of-stake) Chain. While we will not speculate on potential forks – to the extent that forked NFTs exist on ETHPoW – they will not be supported or mirrored on OpenSea.”

EthereumPOW

As Ethereum switches to PoS, it will mine from ETH tokens no longer exist. In fact, this also means that current miners will be out of work. Some miners are therefore looking for alternatives. An example is the mining pool Ethermine. They will soon no longer offer mining pools, but staking pools.

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However, there is also a group of miners who desperately wants to maintain the current state of affairs. They therefore want to split the network, so that a PoW version of the Ethereum network will continue to exist. We will know in about two weeks whether this plan will actually work.

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