OpenSea is a renowned marketplace similar to Esty, Amazon, and eBay. However, the only difference here is the items available for purchase. All items on the market are special digital collectibles that come as NFTs (nonfungible tokens). Market users can buy, sell, or mint these tokens.
OpenSea users carry out their transactions through self-executed smart contracts provided on the platform. This method of operation is quite significant for fair and successful trades.
The platform offers multiple trading options to users on the marketplace, such as atomic and peer-to-peer transactions.
While the marketplace proves to be a good platform for NFT transactions, OpenSea came up with new development in its services. The company recently announced that it’s not overly concerned about forked NFTs. However, it cited that its services will concentrate more on PoS NFTs.
The NFT marketplace announced on Twitter that potential forks would not reflect on its platform. Primarily, its services will be targeted at nonfungible tokens available on the upgraded blockchain network.
At the moment, OpenSea marketplace is improving its platform in wait for the upcoming Merge. The idea is to prepare the marketplace for possible hassles upon the Merge. This development is necessary to guarantee the successful transition of the network.
The marketplace encourages its users, citing that it’ll maintain uninterrupted communication until the migration process is complete. It believes that the Merge will go on smoothly without any major hitch. This is because its team is currently on the Ethereum website to check out the progress of the Merge.
OpenSea is not the only company showing interest in the network transition. Chainlink is also expressing some level of commitment to the progress of the upgrade.
The Ethereum-based decentralized blockchain, Chainlink, also announced that it wouldn’t focus on Ethereum-forked NFTs. This is slated to kick off after the successful transition to the Proof of Stake system. However, Chainlink addressing its community cited that it’s doing its best to sustain the platform regardless of any hassle with the Merge.
While some of ETH’s supporters believe that the Merge will impact the price of ETH positively, Lex Sokolin thinks otherwise. Sokolin, in an interview, cited that the price of ETH might be affected due to economic design changes.
He added that after the Merge, these changes might affect the supply of ETH, which will, in turn, reflect its price. Although the economist believes this could happen, he stated it’s not inevitable. Moreover, the digital currency market is the only decider of the price of Ethereum after the Merge.
In the meantime, the price of the upcoming Ethereum PoS fork’s native token trades at $100. Although it’s not available for sale yet, some exchanges already have it listed on them.
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Sarah is a journalist who continues to share her passion for writing through her writing in DeFi, FinTech, and Cybersecurity.
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