02 September
Last Update: 02 September

OpenSea Announces Ethereum PoS NFT Support!

OpenSea announced in a tweet that they intended to make the switch to ETH 2.0 without interruption. They did, however, clarify that this will necessitate contact, tracking, and processing. After Merge is finished, NFTs based on Ethereum's PoS version will be permitted on OpenSea. On forked ETHPoW networks, the trading platform has, however, stated that it will not support NFTs.

OpenSea Will Support Ethereum PoS Chain!

After the Ethereum (ETH) Merge, the NFT marketplace OpenSea will only handle Proof of Stake (PoS) NFTs. NFTs based on Ethereum have been traded on OpenSea for over $31 billion to date. NFT trading, powered by the current PoW Ethereum version, has raised the overall sum. The switch from PoW to PoS in Ethereum is symbolized by the merge. Additionally, it demonstrates how the Beacon Chain network and its validators have grown to become its core.

OpenSEA is working on new projects and is ready to switch to Ethereum POS. OpenSEA announced at the beginning of this week that it will integrate Polygon Blockchain into the recently released SEAPORT protocol. This transition will enable OpenSEA to protect its market more energy efficiently. In OpenSEA, Polygon was previously directed by the 0x protocol. On the other hand, the transition to Seaport provides OpenSEA with a stronger and more stable infrastructure.

In comparison to other NFT marketplaces, the OpenSea protocol operates differently. As opposed to a peer-to-peer transaction, OpenSea makes use of the "bid and review" technique. Buyers can issue agreed-upon digital assets like Ethereum (ETH), ERC20, ERC721, and ERC1155, through what looks to be a complicated process. Another advantage of switching to the Seaport protocol is the elimination of initialization fees for new platform users.

NFT Usage Areas Are Increasing!

NFTs have recently regained prominence in terms of innovation and utility. Despite a volume decline in the first three quarters of 2022, a slow recovery is apparent. The NFT industry is becoming more and more popular every day. Because of this, there are more users even though the volume is falling. Due to the growing cryptocurrency market, these new market participants will be more interested in the NFT industry. In turn, this will boost NFT trade activity and aid in the sector's resurgence of interest.

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