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Someone paid $60,000 worth of Ethereum as a fee to mint the first NFT into Ethereum after the merger upgrade

Someone paid $60,000 worth of Ethereum as a fee to mint the first NFT into Ethereum after the merger upgrade

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Answer Someone paid $60,000 worth of Ethereum as a fee to mint the first NFT into Ethereum after the merger upgrade

The Ethereum network underwent its biggest upgrade in history, moving to a Proof-of-Stake consensus algorithm.

Right after that, users found clever ways to celebrate the event and become a part of history.

In this very sense, someone has spent a whopping 36 Ethereum worth about $60,000 at current rates to mint the first ever non-fungible NFT tokens on the Ethereum PoS network.

Meaning that this person wanted to be the first to get the first minted NFT on the new network of Ethereum based on stakes.

This is what the first NFT looks like on the new Ethereum network:

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The NFT was minted on block 15537394, the same image represents a panda’s face and is called “Transition”.

There is a certain irony in the fact that someone paid so much to mint the NFT on the new Ethereum network, in the sense that the merge itself does little to reduce gas fees on the Ethereum network.

This is one of the most common misconceptions about the “merging” event.

The merge changed the general consensus algorithm and did not expand the network’s capacity – which is why it won’t significantly reduce gas fees.

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But there are many scaling solutions that will be deployed at a later stage to meet this challenge of the Ethereum network.

Read also:

On the day of the merger upgrade…Ethereum price stable and Bitcoin struggling around $20k level

It’s official: Merge upgrade completed and Ethereum transition to PoS


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