Ethereum: OpenSea dismisses support for forked NFTs

Sahana Kiran
Source – Unsplash

“To be, or not to be” is a question that has struck the Ethereum [ETH] miners. While several have been fighting to retain the PoW side of the network, a few others seemed to be eagerly awaiting the Merge. Amidst this, several platforms have come forward to signal support for the hard fork orchestrated by miner Chandler Guo. However, most entities working with the Ethereum network seem to have refrained from doing so. The largest NFT marketplace, OpenSea, joined this list.

In a recent Twitter thread, the NFT marketplace announced that it fully supported Ethereum’s transition to PoS. However, in the same thread, OpenSea affirmed that it wouldn’t speculate on potential forks.

As seen in the above tweet, OpenSea would focus only on NFTs that hold a place in ETH’s proof-of-stake [PoS] blockchain. The firm also noted that it was doubtful that any significant issues to occur during this transition. However, the marketplace affirmed that it would monitor, manage and communicate with its users throughout the process.

Additionally, it should be noted that OpenSea wasn’t the only NFT platform to steer away from the potential hard fork. Last week, LooksRare revealed that it would not support NFTs on breakaway chains which entailed PoW.

Ethereum co-founder’s eBook Donation Commemorative NFT veers under the spotlight

Just yesterday, Vitalik Buterin, the co-founder of the Ethereum network, announced the launch of his book that delves deep into Proof-of-Stake. While the community was busy looking into that, the Vitalik eBook Donation Commemorative NFT Proof of Stake reportedly minted a whopping 13,891 NFTs.

Chinese crypto journalist Colin Wu pointed out that it took over the first rank in the 24-hour NFT minting list. In addition, the 24-hour NFT minting consumes 106.87 ETH in gas fees; therefore, it managed to rank third in the same.

As the Ethereum network has been awaiting the arrival of the Merge, ETH had dropped by nearly 10 percent over the week. However, at press time, it managed to retain itself at $1,545.