Will The Merge turn NFTs upside down?

The Merge, one of the biggest crypto events of the year, went off without a hitch on September 15. For the ecosystem built on the Ethereum blockchain, this is a game changer, but not especially for NFTs.

The entire chain of blocksEthereal lived on September 15, 2022 an absolutely colossal change: The Merge. At that point, the entire blockchain, which until then had been operating on a proof-of-work system, switched to a proof of stake. This transition from one protocol to another was not only a technological feat, but also an ecological step: The Merge should reduce Ethereum’s energy consumption by 99.95%.

Even if users have not noticed The Merge, we can already see the first consequences. For now, they are rather negative, since an increase in scam attempts Where cryptocurrency price drop. But what about the NFT ?

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Does the merger have an impact on NFTs? // Source: Number

Most NFTs work on Ethereum

Non-fungible tokens run, in the vast majority of cases, on the Ethereum blockchain. So it stands to reason to wonder if these could change or be impacted by The Merge. But for Gauthier Zuppinger, the founder of the analysis site non-expendable and specialist in the sector, Actually, it didn’t change much. “.

From a technical point of view, the blockchain itself has not changed, only the way it works. So NFTs are always well registered in their block, no doubt about it. Also, this will not change in the future.

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The power consumption of NFTs will be drastically reduced. // Source: Canva

However, The Merge could have consequences in the future. ” The argument for the ecological impact of NFTs has completely disappeared, says Gauthier Zuppinger. Large groups did not dare to venture there because of this. Today they can afford it and I think it will disable a lot of things.. »

Equally, ” The Merge was an incredible tour de force. This shows that Ethereum is backed by an extremely strong developer community and that they are capable of carrying out impressive projects. This shows that Ethereum-based NFTs are trustworthy and robust, and that is an important message. In the long run, it is something that will also pay off. »

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