User Paid 36 ETH Fee To Mint The First NFT On Ethereum After The Merge
A whopping 36 ETH was paid by an anonymous person to make history by minting the first NFT on Ethereum after converting to Proof-of-Stake.
The Ethereum network has undergone the most significant update in history, with the adoption of the Proof-of-Stake consensus method. Users are quickly devising creative methods to memorialize the tragedy and become a part of history.
In this particular case, one user spent a whopping 36 ETH worth around $60,000 at current rates minting the first non-fungible tokens on the PoS-based Ethereum network.
Cast at block height 15537394, the image itself represents a panda face and is known as “The Transition”.
There is a certain irony that someone paid a lot of money to mint an NFT, but it is important to note that Merge itself does not do much to reduce gas fees on the Ethereum network. This is one of the most common misconceptions about the event.
On September 15, the Ethereum blockchain marked its development history when it switched from Proof-of-Work to Proof-of-Stake consensus.
The Merge has changed the overall consensus algorithm and does not scale the network capacity – this is why it will not significantly reduce gas fees. However, there are many scaling solutions that will be deployed at a later stage to address this particular challenge.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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NFTs News
User Paid 36 ETH Fee To Mint The First NFT On Ethereum After The Merge
A whopping 36 ETH was paid by an anonymous person to make history by minting the first NFT on Ethereum after converting to Proof-of-Stake.
The Ethereum network has undergone the most significant update in history, with the adoption of the Proof-of-Stake consensus method. Users are quickly devising creative methods to memorialize the tragedy and become a part of history.
In this particular case, one user spent a whopping 36 ETH worth around $60,000 at current rates minting the first non-fungible tokens on the PoS-based Ethereum network.
Cast at block height 15537394, the image itself represents a panda face and is known as “The Transition”.
There is a certain irony that someone paid a lot of money to mint an NFT, but it is important to note that Merge itself does not do much to reduce gas fees on the Ethereum network. This is one of the most common misconceptions about the event.
On September 15, the Ethereum blockchain marked its development history when it switched from Proof-of-Work to Proof-of-Stake consensus.
The Merge has changed the overall consensus algorithm and does not scale the network capacity – this is why it will not significantly reduce gas fees. However, there are many scaling solutions that will be deployed at a later stage to address this particular challenge.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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