It is expected that this week’s most important event in the history cryptocurrency will take place. 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 will continue to function as usual, but it will now be validated using PoS rather than PoW in order to authenticate 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.”
Merge targets three areas of concern: security, sustainability and scalability. 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.
NFT will see further changes as a result of the transition from proof–of-work into proof–of-stake. 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.
Most NFTs can be found on the Ethereum blockchain. Many people love the idea of this transition because it will reduce energy consumption and allow users to create and sell NFTs more sustainably. Some users are concerned that there could be scams and hacks as well as volatility, confusion, and instability, despite all the technical improvements.
Is your NFT 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.
The merge will be complete when at least one Proof of Work (PoW), fork of Ethereum will remain, which could lead to two NFTs. Thus, NFT owners may face an issue called a ‘replay attack’. When a transaction is executed on one blockchain and then repeated on another.
OpenSea NFT Marketplace, as well as prominent brands like Yuga Labs who created the Bored Ape Yacht Club have all publicly declared that they would not accept duplicate NFTs found on these chains. Moonbirds NFT Project startup Proof also shared a similar position and stated that it would not recognize or support any fork post-merge.
The Merge is the delimitation event that will separate PoW-era from PoS-era NFTs. It will be happening in just a few short days. 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. The holders will have the ability to select the most desirable version of themselves, without having to alter 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.