How the Upcoming Ethereum Merge will Affect You | MakersPlace Blog

The Ethereum Merge is approaching fast, and we wanted to inform you about how MakersPlace will be handling it.

What is the Ethereum Merge?

The Merge refers to the Ethereum blockchain moving from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus model. This update will make the chain significantly more energy efficient and lay the foundation for future upgrades like lower gas fees and better scaling.

All NFTs minted on the Ethereum PoW chain will automatically be updated to the PoS chain. For more information, please visit the Ethereum Foundation website.

While we can’t speculate on potential forks to the Ethereum PoW chain after the Merge, to avoid confusion, we’re making it clear that we’re committed to only supporting NFTs on the upgraded Ethereum PoS chain.

The Ethereum Merge is anticipated to take place on (or near) September 15, 2022.

Will I be impacted by the Merge?

The safety of all NFTs is our top priority at MakersPlace.

At this time, we do not anticipate any issues affecting NFTs minted with MakersPlace, and no action is required on your part. As we learn more, we will immediately notify you.

We’re taking additional precautionary measures to prepare for the Merge.

As an example, we will temporarily pause all transactions on MakersPlace for a short period of time before and after the Merge. Doing so will help ensure a smooth transition to the new technology.

Watch out for Scams

Make sure you know where you’re sending crypto and NFTs. Do not send ETH or tokens to anyone who offers to upgrade your ETH to ETH2 (or equivalent) – you do not need to “upgrade” your tokens, nor will MakersPlace ever make this request.

The Merge could be an opportune time for bad actors to try to attack. If you have any suspicions about a request to transfer tokens or suspect that your personal wallet could be compromised, consider moving to a new personal wallet in advance of the Merge.

All NFTs in MakersPlace-issued wallets will remain safely stored throughout the Merge.

Stay connected

We are monitoring the Merge event closely and will let you know about any updates that may impact your MakersPlace experience. In the meantime, should you have any questions or concerns, please contact our support team or join our Discord.