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Ethereum consolidation fuels a major new trend in ‘eco-friendly’ NFTs minted within minutes

With the Ethereum consolidation complete, many in the crypto world are celebrating the only way they know how – with a new batch of NFTs.

Immediately after Consolidation was completed early Thursday, several creators have launched new NFT collections based on the network’s new eco-friendly identity. Through the merger, the Ethereum network moved from proof-of-work to proof-of-stake, a software update that eliminated mining to verify blockchain transactions and reduced its environmental footprint by more than 99%. Ethereum’s field.

One of the many merge-themed projects that just launched is called Merge Apes, a 10,000 NFT collection with a starting price of 0.06 Ether, or about $90. NFTs profile picture is a game on a tweet by Ethereum creator Vitalik Buterin, in which he said, “I don’t hate monkeys, I just want them to fund public goods,” in a reference to the popular NFT collection Bored Ape Yacht Club. Merge Apes, according to the project’s creators, plans to donate 42% of the total revenue to fund open source projects in and around the Ethereum community through Gitcoin Grants.

Another collection, “TheTransition: First NFTs Proof-of-Stake,” includes 20 NFTs listed on OpenSea Commemorates the first block from the upgraded blockchain. Despite being created very early on Thursday, this collection has garnered a minimum price of 0.35 Ether, or about $520. According to a tweet by crypto influencer CirrusNFT, one user paid 36 Etheror about $57,135, as of Thursday, charged to mint an NFT in the “TheTransition” collection.

The Ethereum merger is the biggest upgrade since the blockchain launched in 2015, and it’s been active since 2020. The upgrade makes sense. move blockchain away from miners, which is using powerful computers to solve complex puzzles to verify network transactions. But as the increasingly difficult puzzles that miners have to solve as transactions on the network increase, those computers are using up huge amounts of energy.

Before the consolidation, Ethereum was using about 23 million megawatt-hours of electricity per year, but that number is expected to plummet to 2,600 megawatt-hours per year, according to a study published by the Crypto Carbon Ratings Institute on Thursday. According to the study, the network’s carbon footprint would also drop significantly, from 11 million tons annually to about 870 tons, equal to the annual energy use of just 100 US households.

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