The highest bid on NFT of the last PoW block of Ethereum is only worth one-third of what its creators paid to mint it

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Last Updated on September 16, 2022 by Bitfinsider

A Non-Fungible Token (NFT) was used to capture the entirety of Ethereum’s final block before it switched to a proof-of-stake network on Thursday morning. But so far, the market hasn’t valued “The Last POW Block” as highly as its authors probably did.

The final transaction was mined by crypto miner F2Pool, who received fees totaling over 30 ether, or slightly over $48,000. VanityBlocks, a relatively new NFT collection, paid about 1.3 ether (ETH) as transaction fees to mint the NFT. However, as of Thursday at approximately 15:00 UTC, the NFT has only received three offers, with OpenSea user “lossy-eth” placing the highest price of just 10 ether. Nostalgia NFT only bid 2 ether, but Lossy placed a bid that was around five times higher. In the meantime, “cryptogle” only offered 0.5 ether. On the OpenSea page for VanityBlocks, each of the three bids is still open.

The innovation of VanityBlocks allows users to essentially “own” a block by publishing transactional data across the entire block. Blocks are datasets where the most recent transactions on a blockchain network, including some or all of them, are permanently stored.

Even an American Ethnobotanist Terence McKenna quotation from the final PoW transaction was part of the project: “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.”

The first NFTs issued on the proof-of-stake Ethereum network are also not garnering much attention.

“The Transition” collection’s creators paid almost 36 ether, or more than $53,000, in transaction fees this morning to mint the first-ever NFTs on Ethereum following the Merge. The collection aims to “commemorate a milestone on the path towards decentralization.”

According to information from the collection’s website, bids for NFTs in this collection have only reached 1.76 ether, or slightly more than $2,300.

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