The Ethereum merge is almost here with its transition from proof-of-work to proof-of-stake. No one knows the after effect of this merger on the ethereum price, and NFTs as well.
Ethereum merge is scheduled in mid of this (September) month. As it provides back-support to many cryptocurrencies and NFTs, the investors are now becoming more curious to know about the after effect of this Ethereum merger.
Impact of The Merge on NFTs
The ethereum transition from PoW to PoS will give two visible changes to NFTs. The first one for the users, as they can see a drastic change in its energy consumption. Additionally, the second visible change can be seen in the network with a sudden popularity surge, once again.
According to research conducted by NFT Club, it shows that adding any NFT to a blockchain uses around 83kg worth of CO2, but the ETH transition will be set to cut its energy consumption level by half. It means the users are finally able to mint and sell NFTs with a sustainable setting.
As the PoS upgrade helps the blockchain to decrease its energy consumption by almost 90% and that makes it more sustainable for the masses to mint and develop more post-Ethereum merge NFTs and projects.
This most-awaited transition may take the attention towards the other battle between Solana, Polygon, and Ethereum for minting new NFTs. All of these previously used this staking feature for its advantage. As the gas fee will not change on ETH, all of those may still have all advantages.
At present, the Ethereum merge is almost here, more users are taking interest in this and want to experiment with the new feature of the blockchain. It may also increase the NFT popularity.
However, it must be noted that there is no strong statement and proof that will show the price action for Ethereum and NFTs. Here, every statement is just a market prediction with pure speculations.
Source: https://www.thecoinrepublic.com/2022/09/08/the-ethereum-merge-impact-on-nfts/