What does the merge mean for my NFTs?
Spoiler alert: nothing, really.
The highly anticipated Ethereum merge has just been completed successfully, shifting the underlying consensus layer of one of the world’s most popular and widely used blockchains to a 99% more energy efficient system.
And now, NFT collectors, creators, and enthusiasts everywhere have questions:
So let’s address all of these. The short answers:?
The longer answers:
What does the Ethereum merge mean for ordinary users??
Unless you’re an Ethereum miner, it really doesn’t mean much for ordinary users. The “only” thing that has changed is Ethereum’s consensus mechanism. Prior to the merge, Ethereum added new blocks using a Proof-of-Work (PoW) consensus mechanism, which required a ridiculous amount of computing power and consumed an almost unjustifiable amount of energy. Now, Ethereum works on a Proof-of-Stake (PoS) system, which is much more energy efficient, and allows anyone to stake 32 ETH and validate transactions on the blockchain.
So as an ordinary user, one thing that has changed is that you could stake Ethereum now if you wanted to, here’s how to do it.
领英推荐
How does it affect my NFTs?
The merge should in no way affect the value, integrity, or security of your NFTs. They will remain where they were prior to the merge, their metadata will not change, and their value should not fluctuate as a direct result of the merge. Whether or not their fiat values change due to fluctuations in the fiat value of ETH is entirely beyond our ability to predict one way or the other.
Does the merge mean gas fees will be cheaper for minting NFTs?
Nope, unfortunately, the transition from PoW to PoS will not affect gas fees on Ethereum. However, there is a promising roadmap for increasing throughput and decreasing gas fees on Ethereum, and the merge was the first step in that direction. Until that happens, Polygon is always a good alternative.
Does the merge mean transactions will be faster on Ethereum?
Again, unfortunately, no. Transactions will continue to be sluggish, as this consensus mechanism shift has nothing to do with the throughput or speed of the Ethereum blockchain. Once again, future updates that? address this issue are already planned.
To sum it up…
The merge really has no effect on anything that you should worry about if you’re an NFT owner or creator. On the other hand, it doesn’t really bring any substantial improvements to your everyday life, aside from the fact that people shouldn’t be shaming you about the environmental impact of your NFTs quite as much as they did before (especially if any of them own an air conditioner or car).
Regardless, we’re happy the merge went well and that Ethereum is on the path to a bright and environmentally friendly future!
Ready to build?
If you want to launch an NFT collection on Ethereum, Artiffine can help. We can take care of everything from custom smart contract development and concept consultation to web design, legal compliance, and content creation. Don't hesitate to shoot us an email to ask about anything and everything NFT related!