A crypto project is using up whole Ethereum blocks and turning them into NFTs by MManoylov & Timccopeland
cost over 3.42 ETH in transaction fees. As of publication, VanityBlocks has minted only these two blocks.
One Ethereum block can hold between a few to several hundred transactions depending on the size of each transaction. Transactions on Ethereum are designed to cost more if they contain more code, which is used to deter spam. In this case, the code was designed to keep performing operations until it hits a certain amount of gas used .
The only transaction in each block is the one minting the NFT. The NFTs show the same image of a pair of eyes on a black background. In the NFT's metadata, it contains the block number that it was mined in. The concept is that each NFT represents the block that it was mined in, somehow making it represent a part of the Ethereum blockchain.
VanityBlocks taking up entire blocks on the Ethereum blockchain in one go uses of some of the scant space available for other crypto users. As a result, it may have resulted in increased short-term transaction costs for anyone else trying to make transactions at the same time. And due to the way Ethereum transaction fees
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coachella and FTX to Sell Lifetime Festival Passes as Solana-based NFTsFollowing a collaboration with FTX, Coachella launched NFT collections of 'unique experiences' and lifetime passes.
Read more »
US Treasury Warns NFTs May Present New Illicit Finance Risks – Bitcoin NewsUS Treasury has warned that non-fungible tokens (NFTs) may present new illicit finance risks. crypto cryptocurrency bitcoin $BTC
Read more »
The Winter Olympics get a new video game ... featuring NFTs | Digital TrendsThe latest Olympics video game adopts the video game industry's most controversial trend.
Read more »
Sneaker Giant Nike Sues Online Retailer for Selling Unauthorized Nike Shoe NFTs – Featured Bitcoin News'Those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks.' crypto cryptocurrency NFT
Read more »
Report: Chainalysis Detects 'Significant' Wash Trading Using NFTs – News Bitcoin NewsA new report issued by Chainalysis, one of the leading auditing and tracking firms in crypto, has detected 'significant' wash trading activity in the NFT market.
Read more »
Venture Capitalist Paul Graham Defends NFTsICYMI: Paul Graham argues that dismissing NFTs entirely is foolish NFT
Read more »