By
Bhushan Akolkar
April 16th, 2024
For close to two years since the Beacon Chain of the POS version of the Ethereum protocol went live on the mainnet, anticipation toward the Merge has heightened.
New York-based blockchain software startup ConsenSys is gearing up plans to launch a Non-Fungible Token (NFTs) collection to commemorate the forthcoming Ethereum Merge. According to a Thursday blog post, ConsenSys said the upcoming transition of the Ethereum blockchain from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) system calls for celebrations.
The launch of the Green NFTs is its own way of celebrating the historic milestone of the protocol.
“The Merge is cause for celebration – a landmark moment in Web3’s young history and testament to decentralized software development. The live and seamless network upgrade to Proof of Stake will reduce Ethereum’s carbon footprint by 99.95%, increase security, and set the foundation to unlock massive future scale and opportunity. To mark the moment, ConsenSys is inviting the world to participate in one of the first sustainable NFT drops on Ethereum mainnet,” the ConsenSys blog reads.
The software company with a wide range of crypto-based infrastructural services said the NFT collection will be called Regenesis and will be released in different editions. As unveiled by the firm, each of the editions of the Regenesis will highlight the core theme of the new Ethereum chain which is Sustainability. Additionally, the digital collectibles will depict Security and Scalability, which will accompany the newly launched blockchain.
According to ConsenSys, the NFTs in the Regenesis collection was created in conjunction with the digital artist Chris Skinner and the NFT animations were made by Keithcity Group.
“The art explores the scale and significance of the Merge, an ambitious re-architecture of the world’s largest open programmable blockchain, which makes the network 2000x more energy efficient and positions Ethereum to sustainably support the next generation of Web3 creators and developers,” ConsenSys said.
The NFTs is free, and interested collectors will be able to mint as many as possible.
Preparations for the Ethereum Protocol Merge
For close to two years since the Beacon Chain of the POS version of the Ethereum protocol went live on the mainnet, anticipation toward the Merge has heightened.
This anticipation has even been relatively more since the date for the merge was confirmed by the Ethereum Foundation to be February 15. Exchanges including Binance, Coinbase Global Inc (NASDAQ: COIN), and even OpenSea, the largest NFT marketplace in the world have announced their plans for their customers in relation to the Merge event.
With the crypto trading platforms set to halt all Ethereum deposits and withdrawals during that period, a number of exchanges especially Binance have confirmed they will be supporting any potential forks that may come as a result of the merge. OpenSea on its part has reiterated it does not have any plan to support any fork other than the POS Ethereum post-merge.
The preparations for the transition are broad-based, and investor action may be neutral as bull and bear actions may cancel out one another as the merge approaches.