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.