The Ethereum Merge is arguably the biggest development in crypto news in recent years. Many people therefore celebrate the development in different ways. One of those ways is by creating non-fungible tokens (NFT), such as the NFT discussed in this article; the very first NFT created on the new Ethereum network!
$60,000 in transaction fees for ETH NFT
The Merge was successfully completed this morning. The person in question wanted to create the first NFT after the Merge at all costs. This is evident from the astronomical amount he or she has put down for the transaction costs, namely 36.8 ETH worth about €60,000 based on the Bitvavo ethereum price. The NFT was created within 20 seconds of the Merge!
The reason this person had to pay such a huge amount has nothing to do with Ethereum’s error, or the high transaction costs in general. No, this amount has been paid voluntarily with the aim of the very first NFT on the new Proof-of-Stake (PoS) network.
NFT to Commemorate Ethereum Merge
The NFT in question is called “The Transition” and consists of a black screen with white text on it. Also featured is a panda bear, the mascot of the Ethereum Merge. 100 copies would have been made. These are placed on the website auctioned off the NFT.
Furthermore, the design of the NFT is not great. It therefore seems to derive its value mainly from the fact that it is the very first ‘post merge‘NFT is.
In addition, all kinds of other information can be found on the NFT, such as in which transaction block the NFT was created and at what time. In short, a memorable NFT that will undoubtedly arouse a lot of interest among collectors of such digital collectibles.
An NFT is a unique token that resides on the blockchain. These tokens can represent various digital as well as non-digital objects. In the past, it was often reported in the NFT news that some of these tokens were flying over the counter for huge amounts.