OpenSea and LooksRare to Support Ethereum's Proof-of-Stake Chain After Merge
Both platforms will only support NFTs on the Ethereum PoS chain instead of those on the PoW network after the Merge.
Ethereum's proof-of-stake (PoS) chain receives support from NFT platforms like OpenSea and LooksRare
As we're getting closer to the Ethereum Merge this month, two major NFT marketplaces - OpenSea and LooksRare, have taken a clear stance on shifting to the more environmentally friendly PoS chain.
OpenSea tweeted that it will solely support NFTs on Ethereum's proof-of-stake chain instead of those on the proof-of-work (PoW) network after the Merge. The platform is also making necessary preparations to ensure a smooth transition.
LooksRare, on the other hand, will go into "maintenance mode" shortly before the Merge occurs. During this time, users won't be able to perform any trades using Wrapped Ether (WETH). This is to prevent any orders in WETH from being replayed after the Merge is done.
While forked versions of the Ethereum blockchain may occur (including PoW forks), both OpenSea and LooksRare will not support such chains after the Merge. The intention is to align with the Ethereum Foundation and the community's decision to upgrade the Ethereum blockchain to a proof-of-stake model.
About the Ethereum Merge
Set to take place between September 10th and September 16th, the Merge is a highly-anticipated event marking Ethereum's first step to ETH 2.0. Once done, the network will move into a proof-of-stake model, ending its long-time proof-of-work consensus mechanism. According to Ethereum Foundation, this will reduce the network's energy consumption by ~99.95%, setting the stage for scaling in the future.
As of writing, all three Ethereum testnets: Ropsten, Sepolia, and Goerli networks, have merged successfully with the PoS Beacon Chain. The one last step is to merge the Ethereum mainnet with Beacon Chain this month.
Make no mistake, there's more to come after the Merge. Vitalik Buterin, the CEO and co-founder of the Ethereum network, said there are four more software upgrades to go before the transition to ETH 2.0 is complete. Here's what's next for Ethereum.