- The first NFT after the Merge was minted for 36.8 ETH, summing to nearly $60,000.
- The NFT was minted at the block height 15537394.
- The image features an Ethereum panda mascot and has been named ‘The Transition.’
The Ethereum network went through its utmost upgrade today at 6:42 am UTC. Within just 17 seconds, the first NFT was minted on the proof-of-stake-based ETH network for 36.8 ETH, which is nearly a whopping $60,000 in transaction fees.
The image features an Ethereum panda mascot and is part of a collection of 100 pieces on NFT marketplace OpenSea. The NFT collection has been named “The Transition.”
Apart from the Edition labels, the NFTs show details about the Ethereum Merge, such as timestamp, block number, and difficulty level.
The user has created a new Twitter account and a website named “The Transition.” The NFTs are said to be auctioned on the new website.
There have been several speculations regarding the gas fees post-Merge. According to what was already known earlier, the Merge only changed the overall mechanism. The event did not expand the network capacity, so there will be no significant reduction in gas fees.
Notably, the Merge was one of the most anticipated events for the crypto community, with Cardano’s Vasil Hard Fork in line, which will go live on September 22. The merge is expected to reduce worldwide energy consumption by 0.2%, claims Ethereum researcher Justin Drake.
Just after the completion of the Merge, the price of Ethereum’s native token Ether dipped 0.5% to US$1,611. As of this writing, ETH remains at a low of 0.73%, exchanging hands at $1,589.86, according to data from CoinMarketCap.
Summing up, the Ethereum team revealed that multiple scaling solutions are in the pipeline and shall be deployed later to tackle challenges.
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