Ethereum โ€“ The 1st NFT created after The Merge cost 36.8 ETH in transaction fees

Ethereum โ€“ The 1st NFT created after The Merge cost 36.8 ETH in transaction fees

Barely The Merge stage validated, unexpected consequences appear and are scrutinized by the whole community. This is to determine from the first seconds if this merger will indeed bring the promised benefits. Although it was recently revealed that the planned reduction in transaction fees may not see the expected reduction. As proof, this very first NFT of its Proof of Stake blockchain, the creation of which required the payment of an invoice of 36.8 ETH. Ouch!

The merger of the Ethereum network towards the Proof of Stake is effective since this morning. And already the first consequences are appearing, while โ€“ structurally speaking โ€“ everything seems to be going smoothly. In effect, a validator has already been penalized following the implementation of the โ€œslashingโ€ principle. The latter supposed to identify nodes with problematic behavior in order to sanction them. And, at the same time, the very first NFT of this new blockchain has just been officially created. And the transaction fee bill is (very) steepโ€ฆ

Ethereum PoS โ€“ 36.8 ETH fee for 1st NFT

It’s not even pretty, not necessarily useful, but it has the distinction of being iconic. In effect, the very first NFT of the Ethereum Proof of Stake blockchain has been created. This only 17 seconds after The Merge was deployed. This is the collection ” The transitionโ€œ. And the image represents a panda โ€“ the official emblem of this merger โ€“ accompanied by historical mentions, such as the level of difficulty at the time of this mutation, the block number as well as a timestamp. All printed in 100 identical numbered copies and already placed on the Opensea platform. With a maximum supply of 0.6 ETH at the time of writing.

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But the other peculiarity of this NFT is the exorbitant price that its creator had to pay in transaction fees. Because to be able to create this collection, the brand new network of Ethereum validators demanded the payment of 36.8 ETH, a little over $60,600 at the current price of the ETH cryptocurrency. All this to be able to display on its brand new page Twitter : “I had the first transaction”, without further explanation.

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It is therefore a confirmed fact, the transaction fees of the new Ethereum network will not necessarily be lower than in its previous version. And smart guys will continue to ride the trends to try to take advantage of every opportunity that presents itself. Knowing thatit will be necessary to sell each copy of this collection at the minimum price of 0.36 ETH for this operation to be profitable. That is to say already almost half of the highest offer at the moment. Things seem to be off to a good start!

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