Stay Ahead of the Merge: How NFT Projects Are Preparing For Ethereum’s Network Shift
13 Settembre 2022 - 07:11PM
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One of the most significant events in the history of cryptocurrency
is finally expected to happen this week. Ethereum’s major software
upgrade, called The Merge, will fully transition the blockchain
platform from its current proof-of-work consensus mechanism to the
proof-of-stake model. Ethereum is expected to continue on as
normal, only now it will be verified using PoS instead of PoW for
authenticating crypto transactions. According to Ethereum.org, “The
Merge represents the joining of the existing execution layer of
Ethereum (the Mainnet) with its new proof-of-stake consensus layer,
the Beacon Chain. It eliminates the need for energy-intensive
mining and instead secures the network using stakes ETH.” The Merge
aims to address three main areas of concern: sustainability,
scalability and security. The new system not only sets the stage
for future scaling upgrades including sharding but also drastically
reduces Ethereum’s energy usage by more than 99% because miners
will no longer have a financial incentive to run computers around
the clock, according to researchers at the Ethereum Foundation. The
transition from proof-of-work to proof-of-stake is also expected to
further deliver changes to the NFT market. The Merge has the
potential to increase the diversification of Ethereum and revamp
the tokenomics of the entire market and potentially see an increase
in NFT’s pricing. The majority of NFTs are part of the Ethereum
blockchain, and many people are excited about the transition since
it is expected to reduce energy consumption, meaning users will be
able to mint and sell NFTs in a more sustainable way. However, with
all significant technical upgrades, some users fear there may be
the potential for scams, hacks, volatility and confusion. Are your
NFTs safe? There may be confusion over which assets are “official”
or “genuine” since duplicate NFTs will exist due to the ETH
proof-of-work chain and other potential forks. When the merge is
complete, at least one proof of work (PoW) fork of Ethereum is
expected to live on, potentially creating the risk of creating two
versions of NFTs. Thus, NFT owners may face an issue called a
‘replay attack’. This is when a transaction is completed on one
blockchain, and repeated on another. The largest NFT marketplace,
OpenSea, and prominent brands like Yuga Labs, the creator of the
Bored Ape Yacht Club, have publicly stated they will not support
the duplicate versions of NFTs that exist on these chains. Proof,
the startup behind Moonbirds NFT project, also expressed a similar
stance and maintains it will not support or recognize any fork made
post-merge. In just a few days, the Merge will become the
demarcation event that separates PoW-era and PoS-era NFTs.
Ethereum-based SELFi3S™ NFT collection by Supercute World™ will be
one of the first to launch during Ethereum’s new phase, and has
partnered with Web3 developer platform, Alchemy, to power the
upcoming project as well as highlight the company’s new full stack
NFT development capabilities. “Our mission has always been to bring
web3 to a billion people, and we see NFTs being a critical driver
of that adoption,” said Nikil Viswanathan, cofounder and CEO of
Alchemy. “To help achieve that goal, we’ll continue to invest in
our full-stack NFT development offering, and support creative and
exciting new projects like Supercute World.” SELFi3S™ by Supercute
World™ is the first truly inclusive NFT project that allows
participants to create and represent the best versions of
themselves online by offering the following versions: male, female
and gender neutral. Holders will be able to choose the best version
of themselves without ever affecting the rarity score. Supercute
World’s upcoming collection of 7,777 SELFi3S is expected to launch
in October. To stay up to date and learn more about Supercute
World™, visit the website and follow the project on Twitter.
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