Crypto

OpenSea will only support Ethereum on Proof-of-Stake

NFT marketplace OpenSea announced that after the upgrade, Ethereum will only support Proof-of-Stake blockchain

NFT marketplace OpenSea tweeted on Sept. 1 that it has “committed to supporting NFT exclusively on the upgraded Ethereum network on PoS.” OpenSea is also gearing up for the upcoming blockchain transition to Proof-of-Stake and expects the entire process to run smoothly.

OpenSea is not the only company that has expressed a desire to work only with Ethereum on PoS. Several entities in the crypto space have also announced their intent to only support the PoS version of Ethereum, including Circle and Chainlink. Circle even stated that “USDC as an Ethereum asset can only exist on a single valid version of the network.”

The Ethereum merger is expected to take place sometime between September 10th and 20th. Several testnets on PoS have already been successfully launched, and crypto enthusiasts hope that the final merger will pass without any problems.

Several Web3 platforms are preparing for the upcoming Ethereum upgrade, including Aave and LooksRare. Both have made temporary changes to some functionality ahead of this event.

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OpenSea now supports Polygon

Most recently, OpenSea announced support for Polygon. The NFT marketplace also announced that it will support Klaytn and other EVM-compatible networks in the coming months.

Polygon support will open up some interesting features for OpenSea users. For example, the absence of listing thresholds, which allows transactions in MATIC, fees for multiple creators of one NFT, bulk transfers, and auctions in English and Dutch. The minimum offer amount has also changed from $5 to $1.

OpenSea trading volume has dropped significantly

Trading volumes on OpenSea are down over 90% compared to May 2022. The entire non-fungible token market has been hit hard by the crypto winter, and the most popular NFT platform is no exception.

OpenSea recorded about $5 million in trading on August 28, while trading volume was $405 million on May 1.

In fact, a sharp drop in something is a normal situation for the crypto market. NFTs are still a buzzword, but it could very well be that investor enthusiasm for non-fungible tokens will soon wane.