The First NFT Minted After The Ethereum (ETH) Merge Has Cost $60,000 In Gas Fees

Ethereum-Merge-NFT

✍️ 16 September, 2022 - 19:52 👤 Editor: Jakub Motyka

  • The first Ethereum NFT after the Merge has a cost of 36.8 ETH or $60,000 in gas fees.
  • This is a panda-shaped NFT titled “The Transition”.
  • It was minted just 17 seconds after the update was completed.

Ethereum's new update, The Merge, is a fact, and users have wasted no time in starting to mint their NFTs. Just 17 seconds after the upgrade was complete, a user managed to mint the first non-fungible token on Ethereum's new Proof of Stake network. However, this took 36.8 ETH or the equivalent of over $60,000 in gas fees due to network congestion.

The Ethereum Merge took place on September 15 at 06:42:41 UTC, at block 15537393. The first NFT of the new network was minted at block 15537394 just a few seconds away. This historical event marks a before and after for the ETH blockchain and for the market itself.

How Was The First Ethereum NFT Minted After The Merge?

After the migration of the PoW to PoS consensus model of the Ethereum network was completed, the first NFT of a collection of 100 pieces was minted. It was a time capsule from the moment the NFT was minted with the iconic face of the Merge mascot panda.

The Transition NFT
NFT from the collection The Transition.

The first NFT was purchased at the price of 36.8 ETH due to network congestion after the recent upgrade. The collection titled “The Transition” features the edition tags, details about the Ethereum merger, the timestamp, block number and difficulty level.

How Has The Crypto And NFT Community Reacted To This Event?

Following the announcement of the minting of the first Ethereum PoS-based NFT, Twitter's crypto community has responded in many ways. Comments on the post range from "a questionable decision" to call it “brutal”, referring to the excessive rate of gas required during minting.

At the same time, the avalanche of news related to the new consensus system began. Many projects announced new collections for the Merge, as is the case of Bloom, the lifestyle brand web 3.0, who launched his first official collection on the PoS network. Despite the price drop and the threat of a hard fork, the Ethereum community is more united than ever.

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Angélica Añez

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