OpenSea announces its position on the upcoming Ethereum upgrade and the only network it will support
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Answer OpenSea announces its position on the upcoming Ethereum upgrade and the only network it will support
The crypto community is eagerly awaiting the upcoming Ethereum upgrade, as it will bring about updates, changes, and cracks in the network.
Recently, OpenSea NFT token trading platform announced that it will only support the Ethereum Proof of Stake network once the integration upgrade takes place.
Today, September 1st, OpenSea tweeted that it is committed to supporting NFT only on the upgraded network.
It is also preparing to transition to the Proof of Stake mechanism to ensure a smooth process.
Several entities and entities within the crypto space have announced their intention to support the Ethereum-only PoS network, including Circle and Chainlink.
Read:Cardano founder says: Bitcoin needs a similar upgrade to Cardano to survive
USDC as an Ethereum asset can only exist as one version running on the upgraded modern network.
Ethereum is expected to integrate sometime between September 10-20 and is one of the network’s most anticipated upgrades.
Ethereum has already seen several successful testnets, and crypto enthusiasts hope that the eventual merger will go unhindered.
Several Web3 platforms are preparing for the merger, including Aave and LooksRare, as both have made temporary changes in anticipation of the event.
OpenSea supports Polygon:
OpenSea also announced its support for Polygon in the open source Web Market 3 protocol called “Seaport”.
The platform also revealed that it will support Klaytn and other EVM-compatible networks in the coming months.
There will be many features that users can take advantage of with Polygon support.
Any listing limits will be eliminated, allowing for transactions in MATIC, multiple creation fees, support for group transfers, and provision of English and Dutch auctions, among other things.
There is now a minimum of $1 for offers, down from $5 when the platform only supported Ethereum.
Read:Bitcoin is testing the $20,000 level and the crypto market is losing $120 billion in the last 48 hours
It is worth noting that the trading volume of non-fungible tokens has fallen by more than 90%, which we indicated yesterday in Arab Bitcoin, where trading volumes have fallen by more than 90% since the May 2022 peak.
The NFT market has been hit hard by the crypto winter.
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