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27 July 2021

Ethereum Upgrade for Reducing ETH Supply Gets Commemorative NFTs - Decrypt

Ethereum Upgrade for Reducing ETH Supply Gets Commemorative NFTs - Decrypt


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If you're hardcore into Ethereum network upgrades, we've got just the thing for you.

The 1559 NFTs, crafted by designer _kitteh, are being sold for 0.1559 each—with one going for at least 15.59 ETH—and "will forever act as a show of support for the people who delivered EIP-1559." That includes the people who wrote the Ethereum Improvement Proposal, the client teams that changed their software, and researchers who studied the knock-on effects.

The result is that each Ethereum network transaction will lower the amount of ETH, creating some deflationary pressure on the asset (which could help the price rise).

"The main purpose of the NFT was to provide a sort of 'thank you' to everyone who worked on this, because, while most of them are obviously paid for their work on Ethereum, people working on the protocol don’t really have mechanisms to capture value created," Tim Beiko, an Ethereum Foundation developer who helped his colleague Trent Van Epps write today's post, explained toDecrypt.

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