The Ethereum network has undergone its biggest upgrade in history, moving to the Proof-of-Stake consensus algorithm.
Right after that, users find smart ways to celebrate the event and become a part of history.
- In this particular case, a user spent a whopping 36 ETH worth around $60,000 at current prices to create the first ever non-fungible tokens on the PoS-based Ethereum network.
- This is what NFT looks like:
- An inscription on the block height 15537394, the image itself depicts the face of a panda and is called “Transition”.
- There is some irony in the fact that someone paid a lot to create an NFT, but it is also important to note that the merger itself does little to reduce gas fees on the Ethereum network.
- This is one of the most common misconceptions about the event.
- The merger has changed the general consensus algorithm and does not increase network capacity – which is why it will not significantly reduce gas fees.
- However, there are many measurement solutions to be used at a later stage to meet this particular challenge.
The post where someone paid $60,000 (36 ETH) in fees to create the first NFT on Ethereum after the merger debuted on CryptoPotato.