NFT Artists, Projects Celebrate Ethereum Merge With Historic Mints

The historic moment was commemorated by artists such as Beeple

article-image

Beeple’s post-Merge NFTs | Source: Beeple

share

key takeaways

  • A user paid 36.8 ETH in gas fees to mint the first PoS NFT on Ethereum
  • The first NFT collection on PoS Ethereum is bullish on Ethereum’s dominance of NFT market

The first transaction of an NFT minted on the proof-of-stake (PoS) consensus was confirmed within four seconds after the Ethereum Merge

The official timestamp for the Merge was 6:42 am UTC on Thursday at block 15537393. One user quickly paid 36.8 ether (ETH), or $53,403.13 at the time, to purchase an NFT bearing a panda face — symbolic of the Merge — at block 15537394.

Loading Tweet..

That prompted another Twitter user to ask, “Is Panda the new Ape?” in reference to the Bored Ape Yacht Club NFTs. Others called it a “historic” and “epic” move. 

Popular NFT artist Beeple ran with the panda imagery in his own rendition of a proof-of-stake illustration, depicting a giant cyborg panda.

He celebrated the Merge with a second graphic of an Ethereum logo under construction.

While one niche NFT project, VanityBlocks, succeeded in tokenizing the final Ethereum proof-of-work block, another project claims it is the first NFT collection on PoS Ethereum. 

Let the PoS NFTs bloom

Developed “in the pursuit of minimizing our impact on our environment,” the Web3-native lifestyle brand named Bloom consists of 3,003 anime-style avatars. The founders have airdropped them all since the Merge. 

In a Twitter Spaces session on Thursday, the founders mentioned that they chose Ethereum to launch Bloom because of its market dominance.

“At the end of the day, where the most volume is, where the most traffic is, and where the most economic value is — it’s all on Ethereum.” 

Loading Tweet..

With a 0.5 floor price, Bloom is ranking in the top ten collections with the most trading volume in the past 24 hours on OpenSea, under Mutant Ape Yacht Club but above Otherdeed and Otherside Yuga Labs collections. 

All week, but especially within the last 24 hours, another collection called RENGA has topped OpenSea’s volume board. Launched pre-Merge on Sept. 2, the RENGA project has steadily grown as holders of RENGA Black Box NFTs burn their tokens in exchange for a RENGA profile picture. 

The Black Box collection currently has recorded a post-Merge sales volume of nearly 900 ETH in the past 24 hours and has a market capitalization of 8,874 ETH or $12.6 million, as per NFTGo data.

It is yet to be determined how much more desirable NFTs on PoS may be; now that the network is using over 99% less energy, NFTs have also become greener.

Otherwise, the Merge should have no effect on NFTs minted on Ethereum.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screen Shot 2024-05-16 at 14.53.45.png

Research

Loss-versus-rebalancing (LVR) is arguably Ethereum DeFi’s biggest problem, and thus reducing LVR is fundamental to the success of Ethereum. This report dives into the world of LVR. We uncover its importance for AMM designers, discuss the two major mechanism design categories and various projects developing solutions, and offer a higher level perspective on the importance of AMMs in general.

article-image

Yesterday saw Congress’ upper chamber side with the House on a measure aimed at overturning SAB 121

article-image

Oklahoma’s new crypto bill will go into effect in November of this year

article-image

The deposits hit a $20 million cap in just 45 minutes

article-image

Twelve Democratic Senators voted in favor to pass the resolution Thursday

article-image

Pump.fun is “aware” that bonding curve contracts on Pump.fun were exploited, and has since paused trading

article-image

Some investment pros are mulling crypto allocations between 1% and 10% and seeking ex-BTC exposure for interested clients