Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Gas Fee for First Minted NFT Following Merge Is $60,000


At 6:42 a.m. UTC today, the Ethereum network went through its last upgrade. The first NFT was made on the proof-of-stake-based ETH network in just 17 seconds. It cost 36.8 ETH, which is almost $60,000 in transaction fees.

The picture is part of a collection of 100 pieces on the NFT marketplace OpenSea. It shows a panda that is a mascot for Ethereum. “The Transition” is the name of the NFT collection.

Besides the Edition labels, the NFTs show information about the Ethereum Merge, such as the timestamp, the number of blocks, and the level of difficulty.

The user has made a new Twitter account and a website called “The Transition.” On the new website, the NFTs are said to be sold at auction.

Several ideas have been put forward about how much gas will cost after Merge. From what was already known, the Merge only changed how the whole thing worked. Since the event didn’t make the network bigger, there won’t be a big drop in gas prices.

Notably, the Cardano Vasil Hard Fork, which will launch on September 22, was one of the events that the cryptocurrency community looked forward to the most after the Merge. According to Justin Drake, an Ethereum researcher, the merger will result in a 0.2% decrease in global energy usage.

The cost of Ether, the native token of Ethereum, dropped 0.5% to US$1,611 immediately upon the Merge’s conclusion. According to information from CoinMarketCap, the price of ETH is currently trading at $1,589.86 and is still at a low of 0.73%.

In conclusion, the Ethereum team disclosed that a number of scaling solutions are under development and would be used later to address issues.

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *