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 at your inbox, every Monday

The post Gas Fee for First Minted NFT Following Merge Is $60,000 appeared first on NFT News Pro.

Related Posts

European Parliament members vote in favor of crypto and blockchain tax policies

The resolution recommended authorities in the parliament’s 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions. Members of the…

If Credit Suisse collapses, will it bring more volatility to the crypto market? Watch The Market Report

On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss the Credit Suisse situation and what impact it would have on the cryptocurrency market if…

Mastercard Debuts Blockchain Surveillance Tool for Banks and Crypto-Centric Card Issuers

On Tuesday, the multinational financial services corporation Mastercard revealed that it is launching a new crypto monitoring product called Crypto Secure. The Crypto Secure software aims to…

Crypto Nomads Start to Settle Down as Threat from Pandemic Subsides and Prices Tumble

Some crypto nomads have decided to settle down following the COVID-19 pandemic, despite the decentralized lifestyle being somewhat conducive to the industry. To investigate the recent phenomenon,…

DeSo: The Answer To Elon Musk and Jack Dorsey’s Call for a Decentralized Social Media?

DeSo, a decentralized social blockchain, recently announced the release of its ambitious roadmap to decentralize social media and build the social layer of Web3. The released roadmap…

Shiba Inu (SHIB) Introduces Canyon HUB For SHIB: The Metaverse

The developer team of SHIB: The Metaverse posted more conceptual black & white artwork for the third upcoming HUB in the Web3 series. The Canyon HUB, as…

Generated by Feedzy