Crypto enthusiasts ensured that the final Ethereum PoW block mined before the transition to the PoS chain didn’t go unrecorded. The NFT, called “The Last POW Block,” was minted at a cost of $50,000.
In crypto terminology, the NFT minted is a vanity block, which means the transaction itself is big enough, so there is no space for any other transactions to be included. The NFT created by the VanityBlocks team shows a pair of eyes peering out from a black background.
Minting NFTs through vanity block is expensive and the team paid 31 ETH or $49,600 to mining pool F2Pool to mint the NFT and another 1.3 ETH as gas fees.
According to the VanityBlocks founder MonkeyOnTheLoose, the team raised 70ETH for the project in just three days to make it happen. As the NFT takes up all the block space, mining such an NFT is a huge challenge and they had only a 15% chance of successfully executing it, the founder said.
The final Ethereum PoW block also contained the following text—”You make the commitment and nature will respond to that commitment by removing impossible obstacles. Dream the impossible dream and the world will not grind you under, it will lift you up. This is the trick.”
NFT on PoS chain
Likewise, someone minted the first NFT on the proof-of-stake chain and was quickly sold for a price of 36 ETH. The NFT is a time capsule of the moment of the first NFT mint on the PoS chain bearing the iconic panda face.
Someone just paid 36 ETH in gas to mint this
The first minted NFT on proof of stake pic.twitter.com/zKUKI06EjH
— Cirrus (@CirrusNFT) September 15, 2022
FAQs
What was the last Ethereum PoW block?
The last Ethereum Proof of Work (PoW) block was minted by the crypto miner F2Pool and sold as an NFT to Vanity Blocks for roughly 30 ether.
What is the finality of Ethereum blocks?
Finality in Ethereum blocks refers to the point at which a block is approved or “attested” by two-thirds of validators, making it finalized
What is the use of NFT in Ethereum?
Non-fungible tokens (NFTs) in Ethereum are used to represent ownership of unique digital assets, such as artwork, collectibles, and virtual real estate, leveraging the Ethereum blockchain’s capabilities for authenticity, provenance, and ownership verification.
What was the first NFT project on the Ethereum blockchain?
The first NFT project on the Ethereum blockchain is CryptoPunks, which launched in 2017 and consists of 10,000 unique collectible characters stored as NFTs on the Ethereum blockchain
