Someone paid a whopping 36 ETH to make history by minting the very first NFT on Ethereum after its transition to proof-of-stake.
When the Ethereum network switched to a Proof-of-Stake consensus technique, it underwent its biggest upgrade in history. Following that, customers begin arising with inventive strategies to recollect the event and contribute to its history. On this occasion, a consumer spent over a whopping 36 ETH, or practically $60K at the present price rate, to create the first-ever non-fungible tokens on the Ethereum network’s PoS platform
The Ethereum network went through its largest upgrade in history, transitioning to a Proof-of-Stake consensus algorithm. Instantly after that, customers are discovering intelligent methods to commemorate the occasion and to grow to be a part of history.
In this particular case, a user spent a whopping 36 ETH price about $60K at current rates to mint the very first-ever non-fungible tokens on the PoS-based Ethereum network. That is what the NFT appears to be like like:
Minted at block height 15537394, the picture itself represents a panda face and is known as “The Transition.”
There’s a certain irony in the truth that someone paid a lot to mint an NFT, but it’s additionally essential to note that the Merge itself doesn’t do much to lower gas fees on Ethereum’s network. This is among the most popular misconceptions concerning the occasion.
The Merge has modified the general consensus algorithm and doesn’t increase the network capability – that is why it won’t considerably scale back the gas fees. Nonetheless, there are multiple scaling options that are to be deployed at a later stage to deal with this specific challenge.