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OpenSea won’t Support NFTs on ETHPoW Fork

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OpenSea won’t Support NFTs on ETHPoW Fork:

OpenSea, the world’s largest NFT marketplace has publicly announced its support for the Ethereum Merge later this month.

But will not support any speculative Ethereum fork that follow Ethereum merge – The rumour of a potential ETHPoW fork.

The Peak NFT marketplace tweeted and confirmed it’s support for Ethereum Merge on Wednesday;

“We are committed to solely supporting NFTs on the upgraded Ethereum PoS chain,” tweet read.

Also it noted further that any NFT circulating on a possible ETHPoW fork, after the merge, will not be reflected on or supported by OpenSea.

Aside that, the company anticipates a smooth transition of Ethereum from the proof of work consensus mechanism to a proof of stake (POS) model.

“We’re committed to monitoring, managing, and communicating throughout,” it said.

This most anticipated crypto event, the merge, will reduce Ethereum’s energy consumption by over 99% while preparing it for sharding – a scaling solution for Ethereum.

Since there will no longer be Ethereum miners after the merge,  POS model will allow ETH holders to stake their coins and secure the network for profit.

Aside this,  some group of Chinese Ethereum miners have been alleged to be orchestrating an Ethereum fork that will retain proof of work past September.

Though not yet confirmed by reports, BitMEX has already begun offering leverage trading for the non-existent chain.

Unlike BitMEX, OpenSea can only support assets circulating on one of the chains to remain functional.

So far, most major companies are planning to treat the POS Ethereum chain as prototypical.

This means that most major companies are not in support of the ETH-Fork and are ready to utilize only the POS Ethereum.

Stable coin Companies like Circle, and Tether have agreed to solely support the merge, meaning that USDT and USDC will lose their dollar peg on other Forks.

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