An NFT minted after The Merge cost $60,000 in transaction fees

The Merge • September 15, 2022, 5:01AM EDT
The Block

Quick Take

  • Ethereum’s Merge triggered at 6:42 am UTC today, taking slightly longer than previously estimated.
  • Within seconds, the first NFT was minted on proof-of-stake Ethereum, paying a transaction fee of 36.8 ETH ($60,626).

The total terminal difficulty — a measure of the cumulative mining difficulty on the Ethereum network — was achieved at block 15537393 at 6:42:42 am UTC today, triggering the transition to proof of stake. 

Within just 17 seconds, the first NFT was minted on proof-of-stake Ethereum in the next block. The user paid over 36.8 ETH in transaction fees ($60,626.26) to mint the NFT named “The Transition.” It features an Ethereum panda mascot and is part of a collection of 100 on NFT marketplace OpenSea. 

The NFT also shows key details related to Ethereum, including the difficulty level at the time and a timestamp. 

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A user — who has just set up a new Twitter account and website — known as The Transition has claimed they created it. The NFTs are being auctioned on the website.

The collection now takes its place in Ethereum history, but it’s not the first time the panda mascot has appeared as an NFT, with PandETH minted back in early 2019.

For the latest news and updates about The Merge, make sure to check out our live coverage.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the latest market updates. You can get in touch with James on Telegram or X via @humanjets or email him at [email protected].

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