Someone is selling a piece of Ethereum history
It’s been a big week for the crypto world…scratch that:
It’s been a HUGE week for the crypto world!
There’s a chance you’re over reading about The Merge - and to be honest, we’re kind of looking forward to getting back to discussing other news too.
We’re going to finish the week with one last ‘Mergy’ article. But trust us, it’s a fun one.
Early on Thursday morning, a group called VanityBlocks got together to purchase the very last Ethereum Proof-of-Work (PoW) block, ever.
And get this: They paid ~$50,000 USD in gas fees for it.
A ‘block’ is a group of transactions, processed by a blockchain. Once written, it can’t be altered or removed.
Gas fees are essentially transaction fees. They’re payments made by users to compensate for the computing power that’s used to process each transaction.
Usually, people try to minimize the amount they spend on gas fees which fluctuates based on demand.
VanityBlocks, however, bid 30.2 ETH which was the gas limit for an Ethereum block, meaning no other transactions could fit in the block.
This created the final Ethereum 'Proof of Work' block, before the network transitioned to 'Proof of Stake,' with just a single transaction in it.
All in the name of art.
They’ve since listed the NFT on OpenSea, calling it: “The Last POW Block.”
As of this writing, the highest offer they’ve received is 10ETH, which hasn’t been accepted.
In the past we’ve written about two main types of NFTs: Digital Art NFTs (pretty pictures), and Utility NFTs (giving you access to people/events/things).
You can file this one under: Memorabilia NFTs.
(Alongside Jack Dorsey's first tweet).
