Shocking:Someone Paid $60K (36 ETH) Gas Fees to Mint the First NFT on Ethereum After The Merge:
The third Biggest crypto event happened today as Ethereum finally transitioned to a Proof of stake model.
Few minutes after that, Ethereum enthusiasts started looking for several ways to crown and commemorate the event and to become part of this huge crypto history.
To get this done in this regard, a single user spent a massive 36 ETH worth about $60K at current rates to mint the very first-ever non-fungible token on the PoS-based Ethereum network.
The minted NFT has the below look;
The above NFT, Minted at block height 15537394, features a panda face and it is called “The Transition.”
Why so much gas fee even after the merge?
Is it an irony that someone paid so much to mint an NFT even after the merge?
Recall that the Merge itself doesn’t do much to decrease gas fees on Ethereum’s network, as reported earlier by cryptoforpidgin.
This was one of the top misconceptions about the merge.
It is important to note that the Merge only changed the overall consensus algorithm and doesn’t expand the network capacity – there will be no significant reduction in gas fees.
However, the Etheruem team revealed that there are multiple scaling solutions that can be deployed at a later stage to tackle this particular challenge.
Meanwhile, aside gas fees, there are many significant importance of the just concluded merge.