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NFTs News

User Paid 36 ETH Fee To Mint The First NFT On Ethereum After The Merge

September 16, 2022 - Around 2 mins mins to read
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.
User Paid 36 ETH Fee To Mint The First NFT On Ethereum After The Merge

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.

User Paid 36 ETH Fee To Mint The First NFT On Ethereum After The Merge
NFT is minted with a value of 36 ETH

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.

User Paid 36 ETH Fee To Mint The First NFT On Ethereum After The Merge

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.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.