When Ethereum merged on September 15, 2022, investors were curious about the effects that this might have on the market for non-fungible tokens (NFTs). Analysts of the market are of the opinion that the merger of Ethereum will be advantageous for NFT projects, as it would allow for larger customization of the asset class. On the other hand, a number of people have voiced their concern that the prices of NFTs built on Ethereum could go up. Partha Chadha, Co-Founder and CEO of Stan, a blockchain-based esports fan interaction platform, discusses the ways in which the Ethereum Merge can benefit NFT Mint as well as the ways in which it can benefit NFTs in the markets during a session that was given at FE Blockchain. How will it help in development? India.
The outlook of the NFT market after the Ethereum merge
The Ethereum merge was a step that had to be taken to make the digital asset chain use less energy. The goal was to cut energy use by about 99.5%. Even though the merge was and is likely to be a big deal in the Web3.0 world, I don’t think it will have any effect on the NFT market.Instead, the NFT market is likely to be driven by how end users feel about the cryptocurrency market as a whole. Even though the merge hasn’t led to lower gas fees, which is the amount needed to complete a transaction on the Ethereum blockchain, Ethereum aims to be a stable and secure layer-1 protocol that lets layer-2 protocols be used. to be able to get a job. The part about being able to grow.
How is the Ethereum merger expected to affect NFT-based gaming and other applications?
I think that NFTs and other gaming tokens will continue to move in the same direction as the market. The Ethereum merge shouldn’t have a direct effect on any game projects, and both gamers and game developers are moving away from web 2.0 games and toward web 3.0 games in the next few years. But one thing that could happen as a result of the merger is that there will be more decentralized finance (DeFi) transactions in the long run, which would help NFT mining and selling. So, the results could help the gaming and esports community that is focused on NFT in the near future.