Developer spends a record $ 60,000 to create the first-ever NFT in honor of The Merge

The developer, whose name is unknown, spent a record-breaking 36 ETH ($ 60,000 at current exchange rates) to mint the first-ever NFT in honor of The Merge. The non-fungible token in honor of Ethereum’s transition to the green blockchain is called The Merge. At the time of writing, it is unclear whether the creator will sell his NFT or keep it «for history.»

As for the details of the update: The Merge took place at 9:45 a.m. (Kyiv time), and according to the developers, no difficulties were recorded during the merger. During the upgrade, the main Ethereum network connected to the Beacon Chain, fully switching the cryptocurrency to the Proof-of-Stake consensus algorithm, a faster, more energy-efficient and secure way to scale projects. The Merge will reduce energy consumption by 99% and, according to Buterin, will open up new opportunities for developers.

Users from all over the world could watch the update live on Ethereum. Currently, the developers are talking live about the future prospects for Ethereum.