The OpenSea NFT marketplace has declared its support for Ethereum's planned Merge energy-saving upgrade. No Ethereum forks will be supported on OpenSea, according to the platform, in order to make sure that every transaction goes as smoothly as possible. When a blockchain network breaks, it is referred to as "forking" in technical parlance. When OpenSea first debuted in 2017, it only began to allow NFTs created on the Ethereum blockchain. Currently, the platform is incubating more than 80 million NFTs. Digital treasures and works of art that are backed by Non-Fungible Tokens (NFTs) on blockchain networks.
Mid-September is when Ethereum's Merge upgrade is expected to be released, according to its developers.
Stablecoins and transactions supported by the Ethereum blockchain may run into difficulties as the blockchain switches from the energy-intensive Proof-of-Work (PoW) mining model to the energy-efficient Proof-of-Stake (PoS) mining model, according to a new DappRadar study.
OpenSea announced publicly on Twitter that it would only support the Merge version of Ethereum once it was released.
The Merge has received backing from prominent stablecoin Tether and Circle Pay, the company that produces USD Coin, earlier this month.
While Circle Pay has stated that it will only use the Merge after it is available in order to run USD Coin, Tether has chosen to begin making preparations to support the Merge in accordance with its planned release date.
The Merge upgrade is anticipated to reduce Ethereum's power consumption by 99.95%, according to a blog post written by the platform's developers last year.
The blockchain's creators recently announced that bug bounty rewards for Ethereum can now reach $1 million (approximately Rs. 8 crore).
