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, it was a game changer – but not especially for NFTs.
The entire Ethereum blockchain experienced a major change on September 15, 2022: The Merge. At that time, the entire blockchain, which until then operated on a proof of work system, moved to a proof of stake system. This transition from one protocol to another is not only a technological achievement, but also an ecological step forward: The Merger should reduce Ethereum’s energy consumption by 99.95%.
Although users have not noticed The Merge, we can already see the first results. At the moment, they are negative, such as an increase in scam attempts or a fall in the price of cryptocurrency. But, what about NFTs?
Most NFTs work on Ethereum
Non-fungible tokens run, in most cases, on the Ethereum blockchain. So it’s reasonable to wonder if it could change or suffer some impact from The Merge. However, for Gauthier Zuppinger, the founder of the nonfungible analysis site and specialist in the sector, ” In fact, it hasn’t changed 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. Similarly, it will not change in the future.
However, The Merge may have consequences in the future. ” The argument of the ecological impact of NFTs is completely lost, said Gauthier Zuppinger. Large groups did not dare to go there because of this. Now they can afford it and I think it will prevent a lot of things. »
Also, ” Merge is an incredible tour de force. This proves that Ethereum is supported by a very strong community of developers, and that they are able to bring impressive projects. This shows that Ethereum-based NFTs are reliable and stable, and that is an important message. In the long term, this is something that will pay off as well. »