Live Blog | Ethereum Merge and NFTs
After years of work and complex problem solving, the Ethereum blockchain is officially expected to complete its journey from a proof-of-work consensus mechanism, to proof-of-stake.
The move - coined "The Merge" - is expected to make the Ethereum blockchain more sustainable, efficient, and secure.
Though there is not a set time for the completion of the Merge, most block estimates expect it to take place around 1:00 a.m. ET on Thursday, Sept. 15.
Because of the complexity and technical challenge, and the potential for unintended consequences, many NFT projects and platforms have provided guidance to holders about post-Merge plans and support.
For example, earlier this week SuperRare notified users of its platform that it would be pausing select activities ahead of the Merge, and only honoring proof-of-stake artwork afterward.
To keep you updated on all the connections of the Ethereum Merge and NFTs the Lucky Trader Staff will be live blogging the events leading up to, and throughout the Merge's expected completion.
Follow along below for more!
To learn more about the Merge and its expected impact on NFTs, refer to Jason Bales' guide "What Is The Merge and How Will It Impact NFTs?"
Additionally, find all Merge-related news posts via the "Merge" tag on our Lucky Trader newsfeed.
Yuga Labs, OpenSea Will Support Proof-of-Stake
Well ahead of the anticipated Merge, both Yuga Labs and OpenSea provided guidance to holders and users alike about plans for the aftermath of the Ethereum Merge. Both organizations plan to only support NFTs on the proof-of-stake chain, disavowing any forked NFTs on a PoW chain.
3/ While we won’t speculate on potential forks–to the extent forked NFTs on ETHPoW exist–they won’t be supported or reflected on OpenSea.— OpenSea (@opensea) August 31, 2022
The pair was joined by other leading NFT platforms and projects like The Sandbox, LooksRare, SuperRare, in support of only the eventual PoS chain.
An ETH Developer Shares Helpful Resources (10:31 a.m. ET)
Notable ETH developer and personality, 0xFoobar, shared a thread reassuring users of the Ethereum blockchain that everything will be alright ahead of the upcoming Merge.
A brief warning, the thread may be best suited for those with a proficient understanding of blockchain technology.
Perhaps most notable for the Lucky Trader NFT audience on NFTs and activity, 0xFoobar says, "Expect a period of high price volatility and high gas prices surrounding the merge. Probably some cool merge-specific NFTs that will be angling to be minted in the last PoW block or the first PoS block. Nothing to worry about on the end-user side for most!"
How I Learned to Stop Worrying and Love the Merge— foobar (@0xfoobar) September 14, 2022
or, everything you need to know for the next 24 hours
difficulty, forks, exchanges, protecting your nfts and more 🧵 pic.twitter.com/Keavnff9Se
Worldwide Webb Land Celebrating Merge
Metaverse project Worldwide Webb Land is having fun with the Ethereum Merge, and celebrating with an in-world feature.
The merge is coming… We’re preparing something special in-game for everyone to see 🌐 pic.twitter.com/bC0wvCS1Sf— Worldwide Webb (@Worldwide_WEB3) September 14, 2022
Be Wary of Twitter Scam
A member of MetaMask's security team pointed out that Twitter is promoting a scam Twitter account while the ETH Merge topic is trending on the social media platform.
Please be vigilant of accounts or actors asking you to perform some action ahead of the Merge - no actions are required! The upgrade from proof-of-work to proof-of-stake will take place automatically.
Gutter Cat Gang Will Support Proof-of-Stake
Gutter Cat Gang shared its plan for the Ethereum merge on Wednesday afternoon. The team plans to only recognize NFTs on the proof-of-stake chain when considering holders as members of the Gang. The first event post-merge with be GutterCon this weekend in Las Vegas.
The Ethereum Network merge is almost here, and as with the rest of the Ethereum community, Gutter Labs intends to only recognize NFTs on the PoS ETH chain as eligible for membership in the Gang and applicable NFT license. Gang Gang @VitalikButerin, happy merge day.— Gutter Cat Gang (@GutterCatGang) September 14, 2022
OnChain Monkey Joins Support of PoS NFTs
OnChainMonkey will only support the PoS version of its NFTs, noting that they will remain connected to all applicable Metagood licenses.
Excited for the ETH merge in ~8 hours?— OnChainMonkey (🍌,🍌) (@OnChainMonkey) September 14, 2022
We are ⚡️
In line with the broader Ethereum community, post-merge we intend to only recognize NFTs on the PoS ETH chain as subject to the relevant NFT license and eligible for Metagood-offered utility.