Opensea Set to Support Ethereum Proof of Stake After Merge 

OpenSea has announced that it would only support Ethereum’s proof-of-stake chain after the Merge occurs. It also disclosed that Polygon is now supported by the platform’s Seaport protocol.

Once the Merge has occurred, NFT marketplace OpenSea has said that it would only offer the proof-of-stake version of Ethereum. The platform tweeted that it is dedicated to only supporting NFTs on the improved Ethereum PoS chain. In order to ensure a seamless transition to Proof-of-Stake, it has also been getting ready for it.

One of the most eagerly awaited enhancements to the network is the Ethereum Merge, which is predicted to occur between September 10 and September 20. Crypto aficionados are expecting that the final Merge will go through without a hitch because it has previously experienced several successful testnets.

Aave and LooksRare are two Web3 systems that are getting ready for the Merge. Circle and Chainlink are two companies in the cryptocurrency industry that have stated they will exclusively support the PoS version of Ethereum. According to the earlier statement, there can only be one “edition” of USDC that is a legal asset on Ethereum.

Opensea Trading Volume Drops by 90%

There have undoubtedly been several updates from OpenSea, but things haven’t always gone well for the NFT market. Since its year high in May 2022, the platform’s trading volume has decreased by more than 90%. The crypto winter has had a significant impact on the NFT sector, and the most well-known marketplace is no exception.

OpenSea recorded about $5 million on August 28 and $405 million on May 1. It’s a significant decline for something that was once the buzz of the town, but this is just how the cryptocurrency market operates. Despite the fact that the overall research of NFTs has not slowed, it may be that public interest is gradually declining in the NFT space.