At 6:42 a.m. UTC today, the Ethereum network received its most recent upgrade. The first NFT was minted on the proof-of-stake-based ETH network in just 17 seconds for 36.8 ETH, which is nearly $60,000 in transaction fees.

Ethereum’s panda mascot is part of the collection

The image, which depicts an Ethereum panda mascot, is part of a collection of 100 pieces available on the NFT marketplace OpenSea. “The Transition” is the title of the NFT collection.

In addition to the Edition labels, the NFTs display information about the Ethereum Merge, such as the timestamp, block number, and difficulty level.

The user has set up a new Twitter account and a website called “The Transition.” The NFTs will allegedly be auctioned off on the new website.

Several theories have circulated regarding the post-Merge gas fees. According to previously known, the Merge only altered the overall mechanism. Because the event did not increase network capacity, there will be no significant reduction in gas prices.

Notably, the Merge was one of the most anticipated events for the crypto community, with Cardano’s Vasil Hard Fork following on September 22nd. According to Ethereum researcher Justin Drake, the merge is expected to reduce global energy consumption by 0.2%.

The price of Ethereum’s native token Ether fell 0.5% to US$1,611 shortly after the Merge was completed. According to CoinMarketCap data, ETH currently trades at $1,589.86, representing a low of 0.73%.

To summarize, the Ethereum team revealed that multiple scaling solutions are in the works and will be deployed later to address issues.

The post Ethereum’s first Minted Nft after merge costs $60,000 in gas fee appeared first on EarlyMinter.