Ethernity Community Update — The Ethereum Merge
As the Ethereum Merge draws nearer, the entire Ethereum community is becoming excited at what this new development will bring.
In this community update we will explore what the Ethereum Merge is and what it means for the Ethernity community, NFTs, the ERN token, and other digital assets.
What is the Ethereum Merge?
The Ethereum Merge is one of, if not the single most significant upgrades on the Ethereum blockchain network. The Merge represents the Ethereum network’s shift from a proof-of-work consensus algorithm to one that uses proof-of-stake. Simply, the leading network for dapps and NFTs, including the majority of Ethernity’s NFTs, will make the blockchain almost immediately faster, more scalable, and 99% more energy efficient.
The Ethereum Merge is stated to take place on block 15,537,351 which the network is currently set to reach in the early hours of Thursday, the 15th of September (EST), from this point on Ethereum will be a PoS blockchain.
How will the Merge affect the Ethernity community?
During and after the Merge the Ethernity community will not be required to do anything with their wallet, ERN tokens, and/or NFTs. However, after the merge the Ethernity ecosystem, in line with the wider Ethereum community, will only recognize Ethernity NFTs on the Ethereum PoS chain.
We will also be taking measures to ensure the community remains safe during this event, which includes:
- On the day of the merge we will close the Ethernity marketplace for a routine shutdown until we can ensure the network is stable and safe for our community to use.
- In line with Opensea and other major marketplaces, the Ethernity marketplace will only support NFTs on the PoS chain, and you will not be able to trade/buy/sell NFTs on the ETH PoW chain.
- Collectors will automatically receive a duplicate of their Ethernity NFT(s) on any PoW chain, however Ethernity will only recognize NFTs on the PoS chain for all future utility.
We understand that the merge might be making some of our community anxious. We will do everything we can to ensure our entire community remains safe during this period but be aware of scammers trying to take advantage of the event, and never give away your seed phrase!
Ethernity is the groundbreaking NFT marketplace which offers authenticated and fully licensed artwork featuring the top artists and stars from sports, music, film, gaming, tech, history, and entertainment. Each digital artwork is represented as a non-fungible token (NFT).