Following the Merge, the NFT marketplace OpenSea has officially confirmed that it will only support the proof-of-stake version of the said platform. On September 1, the company tweeted that it was "committed to solely supporting NFTs on the upgraded Ethereum PoS chain." It has also been planning for the upcoming transition to Proof-of-Stake to ensure the process goes smoothly.

Circle and Chainlink, among others, have decided only to support the PoS version of Ethereum. The former stated that "USDC as an Ethereum asset could only exist as a single valid version.

The Merge, one of the most widely anticipated network upgrades, is expected to occur between September 10 and 20. There have already been several successful testnets, and crypto enthusiasts wish the final Merge goes off without a hitch.

Several Web3 platforms, including Aave and LooksRare, are preparing for the Merge. Both have made temporary adjustments in preparation for the event.

Polygon is now supported in Seaport

Polygon is also supported by OpenSea's open-source, web3 marketplace protocol Seaport. They also revealed that Klaytn and other EVM-compatible chains would be kept in the coming months.

With Polygon support, users will be able to take advantage of a number of features. This includes, among other things, no listing thresholds, the ability to conduct transactions in MATIC, multiple creator fees, bulk transactions, and English and Dutch auctions. The minimum for offers has been reduced from $5 to $1.

NFT volume has dropped by more than 90%

Although there have been numerous updates from OpenSea, the NFT market has not been without challenges. Volumes have dropped by more than 90% since their peak in May 2022. The crypto winter has taken a heavy toll on the NFT market, and the most popular marketplace is no exception.

The platform recorded approximately $5 million on August 28 and $405 million on May 1. It's a dramatic decrease for what used to be the talk of the town, but that's just the nature of the crypto market. The general development surrounding NFTs has not slowed, but public eagerness may be waning in the aftermath of the market crash.

Sep 1, 2022
Crypto News

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