On January 16, Genesis NFT 1 was born. The transaction to build the NFT took up the full block and cost 5.31 ETH ($16,600 USD). A mint on January 31 for block 14114114 cost over 3.42 ETH ($10,700 USD). Only two blocks have been coined as of publishing.
The second NFT minted has already been sold. A day after its creation, it sold for 7 ETH ($21,000).
Depending on the transaction size, an Ethereum block can store a few to several hundred transactions. To combat spam, Ethereum transactions are intended to cost more if they include more code. In this scenario, the code was meant to run until a specified amount of gas was spent (the term used for measuring the weight of a transaction and how much its transaction fee should therefore be).
Consequently, the 30 million gas limit for each NFT was reached, and no additional transactions could fit in each block.
Each block has only one transaction: minting NFT. The NFTs all feature a pair of eyes on a black backdrop. The NFT’s metadata provides the block number mined. Each NFT reflects the block it was mined in, making it a part of the Ethereum blockchain.
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