One paid a whopping 36 ETH to make history by mining the first NFT on Ethereum after the network switched to PoS.
The Ethereum network has undergone the largest upgrade in history, moving to a Proof-of-Stake consensus algorithm. Soon, users are finding unique ways to celebrate the event and become part of history.
In it, one user spent a whopping 36 ETH worth about $60K at the current rate to mint the first NFTs on the PoS-based Ethereum network.
Minted at a block height of 15537394, the NFT is an image of a panda face and is called “The Transition”
There is an irony, in fact, who paid so much money to mint an NFT?
And it should also be noted that The Merge event itself did nothing significant to reduce gas fees on the Ethereum network. This is one of the most common misconceptions about this event.
The Merge changed the overall consensus algorithm and did not expand network capacity – this is why it will not significantly reduce gas fees.
However, there are many scaling solutions that will be deployed at a later stage to address this challenge.