Someone Paid $60K (36 ETH) in Fees to Mint the First NFT on Ethereum After The Merge

The Ethereum community went by way of its largest improve in historical past, 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 historical past.

• On this specific case, a consumer spent a whopping 36 ETH value about $60K at present charges to mint the very first-ever non-fungible tokens on the PoS-based Ethereum community.
• That is what the NFT appears to be like like:

• Minted at block top 15537394, the picture itself represents a panda face and is named “The Transition.”
• There’s a sure irony in the truth that somebody paid a lot to mint an NFT, nevertheless it’s additionally essential to notice that the Merge itself doesn’t do a lot to lower fuel charges on Ethereum’s community.
• This is likely one of the hottest misconceptions concerning the occasion.
• The Merge has modified the general consensus algorithm and doesn’t increase the community capability – because of this it received’t considerably cut back the fuel charges.
• Nevertheless, there are a number of scaling options which are to be deployed at a later stage to sort out this specific problem.