15 September 2022 10:44, UTC
Studying time: ~2 m
The ultimate Ethereum block mined earlier than the community switched from proof-of-work (POW) consensus was used to mint a single NFT — at a value of about $50,000.
The NFT is what’s often called an arrogance block and was created by the VanityBlocks group, in accordance with VanityBlocks founder MonkeyOnTheLoose. A conceit block incorporates a transaction so giant that it deliberately fills up your complete block — leaving no room for some other transactions.
The NFT is named “The Final POW Block” and, like all VanityBlocks, exhibits a pair of eyes peering out from a black background.
VanityBlocks founder MonkeyOnTheLoose instructed The Block on Thursday that that they had been engaged on this final-block mission for a couple of month — regardless of being conscious it had a slim likelihood of success.
“I assume it is a meditation artsy kinda factor,” MonkeyOnTheLoose mentioned by way of Telegram. “Been engaged on [VanityBlocks] for a 12 months now. Going towards all [odds]. We had like a 15% likelihood to really get it.”
The ultimate proof-of-work block additionally contained the textual content, “You make the dedication and nature will reply to that dedication by eradicating inconceivable obstacles. Dream the inconceivable dream and the world won’t grind you beneath, it’ll elevate you up. That is the trick.”
VanityBlocks are an costly approach to mint an NFT. VanityBlocks paid 31 ETH ($49,600) on to mining pool F2Pool to mint the NFT and spent 1.3 ETH on transaction charges (partly burned and partly despatched to f2Pool). MonkeyOnTheLoose mentioned they raised 70 ETH from buyers in three days to make this occur.
VanityBlocks’ technique of seizing total Ethereum blocks gained some consideration again in February. It precipitated some controversy for the reason that technique slows down the community for everybody else.
The Merge passed off at 6:44 a.m. UTC at present as Ethereum transitioned from proof of labor to proof of stake. This lowered the community’s environmental impression and made a number of modifications to its tokenomics.
After The Merge
In an act of symmetry, not solely was the final POW block devoted to minting an NFT however the first block on proof of stake was additionally used to mint one.
The primary POS block was used to create an NFT of a panda, together with some key particulars regarding the block. An individual utilizing the identify The Transition — who has simply arrange a brand new Twitter account and web site — has claimed they created it. The gathering seems to be a restricted run of 100 NFTs, that are being auctioned on the web site.
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