Someone paid a whopping 36 ETH to make history by minting the very first NFT on Ethereum after its transition to proof-of-stake.
The Ethereum network underwent its largest upgrade in history by transitioning to a Proof-of-Stake consensus algorithm, making users eager to participate in the Shift. As immediately it merged, users, have been devising means to commemorate the event and become part of history.
Therefore, a certain user spent a total sum of 36 ETH worth about $60K in minting the first Non-Fungible Tokens (NFT) on the Proof-of-Stake Ethereum network.
The NFT was minted at block height 15537394, with the image representing a panda face, which has been named “The transition.”
The merger or transition did not necessarily reduce the gas fees on the network, which is why the history maker had to spend so much.
While the merge has changed the consensus algorithm to proof-of-stake without expanding the Ethereum network capacity. Although the merged network is currently devising solutions that will address the high gas fees.
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