

BSC News Weekly NFT Round Up: How Could the Ethereum Merge Affect NFTs?

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The Merge won't reduce gas fees or improve transaction speeds on Ethereum, but NFT projects may benefit from energy conservation and deflationary pressures.
The Merge Will Impact All Ethereum Projects
Just over seven years after it launched in 2015 as a Proof of Work (PoW) network, Ethereum made the switch to Proof of Stake(PoS) on Sept. 15. The Merge will affect all Ethereum projects, including Non-Fungible Tokens (NFTs).

After the Merge, Ethereum NFTs will undergo two noticeable changes. First, users will see a dramatic reduction in energy consumption. Second, the value of Ethereum may increase as the token becomes deflationary.
NFT Club has estimated that the energy required to add an NFT to a blockchain equates to the addition of about 83 kg of CO2 to the atmosphere.
Whether or not that calculation is accurate, Ethereum’s PoS mechanism will cut the chain’s energy consumption and carbon dioxide emissions by more than 99.9%. The Merge upgrade will also simplify the process of minting and developing Ethereum NFTs and projects.

Future upgrades to Ethereum will also lower the maintenance costs for NFT projects, lowering gas fees and stimulating the broader adoption of NFTs. The ease of minting and maintaining NFTs could predicate a rapid rise for Ethereum.
The world’s largest NFT marketplace OpenSea has confirmed that it will only support PoS NFTs following the Ethereum merger, according to an announcement.
The Merge’s Impact on NFT Supply
One intent of The Merge is to transform Ethereum from an inflationary token into a deflationary token, meaning its overall supply will decrease over time. Before The Merge, Ethereum was more susceptible to inflation than Bitcoin, because unlike Bitcoin, Ethereum has no theoretical cap on total supply.
A deflationary Ethereum could by extension affect the NFT market: An increase in the value of Ethereum could serve to raise the price of NFTs built on Ethereum.

Christine Kim, a lead researcher in Galaxy Digital, said in an interview with Bloomberg that reducing the Ethereum token supply would boost Ethereum's investment as it could hold its value against inflation. In the long run, these changes will likely positively impact NFT's price and sustainability.
Potential NFT Security Concerns?
Adam McBride, the NFTnow and rugradio host, warned that the Ethereum Merge might pose a security issue for NFT holders -- assuming that at least one Ethereum PoW fork remains.
The Ethereum Merge may put your NFTs AT RISK🚨
— AdamMcBride.eth 🔎 NFT Archaeologist (@adamamcbride) August 11, 2022
Here's a 🧵thread explaining why & gives you a simple solution to keep your NFTs safe.
1/8 pic.twitter.com/x6v8eJVwup
With two forks of Ethereum existing, users' NFTs will have two versions, one on the legacy PoW form and one on the new PoS fork.
A user who tries to cash in on the fork by selling their PoW NFT could expose themselves to a “replay attack,” where a transaction on one fork could be replayed on another.
McBride gives the hypothetical example of a CryptoPunk holder selling their PoW NFT for 5 ETHW, and then (with a “replay attack”) someone selling their PoS NFT for 5 ETH.
McBride said, “Ouch.”
Following The Merge, BlockSec was the first analytics service to flag a suspected replay attack that resulted in an exploit of 200 ETHW tokens on Omni Bridge. However, the EthereumPoW team denied this was an exploit of the PoW chain, but rather the result of an error in the contract of the bridge itself.
Had tried every way to contact Omni Bridge yesterday.
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 18, 2022
Bridges need to correctly verify the actual ChainID of the cross-chain messages.
Again this is not a transaction replay on the chain level, it is a calldata replay due to the flaw of the specific contract. https://t.co/bHbYR4b2AW pic.twitter.com/NZDn61cslJ
Impact on ‘Ethereum Killers’
As a result of the new shift, it will be interesting to see what happens in the future in the battle among Solana, Polygon, and Ethereum for NFT dominance.
However, since Ethereum gas fees will not be immediately reduced by The Merge, those other chains will retain that advantage. As it stands now, Solana might have more potential for NFTs than Ethereum, thanks to the high speed and low cost of Solana transactions.
Additionally, BNB Chain continues to exhibit high performance and low fees, while developing its still-nascent NFT ecosystem.
“The sentiment toward PoS chains like BNB Chain and Solana already indicates that some users would prefer to collect NFTs on a greener chain. Whether this will really have a material impact is doubtful,” Luke Rare, Growth Lead at Rareboard, told BSC News. “Growth for NFTs will come from new use cases, better tooling, and platforms with improved user experience and onboarding processes.”
Ethereum's Merge is likely to go down in history as one of the most significant crypto upgrades ever (or at least, so far). Some initial security threats, such as a replay attack, may manifest themselves, but those are expected to be resolved soon. Most market experts expect The Merge to impact the NFT market positively.
We'll be back next week with more interesting discussion about NFTs. Until then, stay tuned: Buh-bye!
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News


Chainlink Weekly Roundup: Pacific Meta, Tencent Cloud, Neutra Finance and Gunther's Rich Dog

Chainlink, the industry-standard Web3 services platform, continues to make waves in the decentralized application space.
TL;DR
- Chainlink celebrated its fourth anniversary with network expansion, including partnerships with Arbitrum and an NFT price feed.
- Neutra Finance joined Chainlink BUILD for ecosystem growth and access to Oracle services.
- Pacific Meta partnered with Chainlink Labs for the adoption of Chainlink services in Japan.
- Tencent Cloud partnered with Chainlink Labs to support global Web3 growth.
- Gunther's Rich Dog integrated Chainlink VRF for fair NFT rarity selection.
From DeFi to NFTs: More Partnerships and Integrations With Chainlink
The Chainlink Weekly Round-Up is here! Chainlink continues to revolutionize the world of decentralized applications as the industry-standard Web3 services platform. Chainlink empowers developers to create cutting-edge Web3 applications by seamlessly integrating real-world data and off-chain computation across multiple blockchains. Join us as we dive into the latest updates, integrations, and highlights from the world of Chainlink, where innovation knows no bounds.
In this week’s roundup:
- Chainlink Celebrates its Fourth Anniversary.
- Neutra Finance Joins Chainlink BUILD Program.
- Pacific Meta Joined Hands with Chainlink Labs.
- Chainlink Labs Teams Up with Tencent Cloud.
- Guntherrichdog NFT integrated With Chainlink.
Chainlink Celebrates its Fourth Anniversary
Chainlink Labs celebrated its four-year anniversary on May 30. In terms of network expansion, Chainlink had a monumental year.
4 years ago today, Chainlink launched on mainnet.
— Chainlink (@chainlink) May 30, 2023
Thank you to all the developers, researchers, data providers, node operators, users, & community members who have worked to make #Chainlink the standard for connecting the world to blockchains.
Our story: https://t.co/MPK0CJ7OBz pic.twitter.com/huz4lWyGCl
Last year, Chainlink partnered with the Ethereum scaling solution, Arbitrum, to automate Dapps on the Arbitrum network. Using Chainlink's oracles, developers can automate their offerings and create protocols using layer-2 solutions.
In addition, Chainlink announced support for staking last September. As part of its Chainlink Economic 2.0 strategy, staking is part of the network's effort to increase Ether's price stability.
Chainlink also announced an NFT price feed in the same month, officially launched in December. According to company reports, the project aims to provide reliable price feeds to NFT markets.
Neutra Finance Joins Chainlink BUILD Program
Neutra Finance has joined the Chainlink BUILD Program to accelerate Neutra Finance's ecosystem growth and long-term adoption of Neutra Finance strategy vaults through enhanced access to Chainlink's industry-leading Oracle services, additional technical support, and better crypto-economic incentives.
🏗️ #ChainlinkBUILD 🏗️@Neutrafinance is joining Chainlink BUILD to boost the adoption of its automated strategy vaults on Arbitrum.
— Chainlink (@chainlink) May 31, 2023
In return, Neutra Finance will make 3% of its total native token supply available to Chainlink service providers, including stakers.… pic.twitter.com/ZFGBM3Gqpt
In exchange, Neutral Finance will provide network fees and other benefits to Chainlink and its service providers, including stakeholder entities.
With BUILD, Neutra Finance will gain a number of benefits, including access to and integration of Chainlink Automation and Chainlink Functions in the future and access to new Chainlink product alpha and beta releases.
“We’re excited to join Chainlink BUILD to gain increased access to industry-standard Web3 services and enhanced technical support while benefiting from a robust crypto-economic model that empowers us to build a user-friendly platform for automated strategy vaults,” Neutra Finance mentioned in a statement.
Pacific Meta Joined Hands with Chainlink Labs
Web3 consulting firm Pacific Meta has partnered with Chainlink Labs to help drive the adoption of Chainlink services such as Chainlink VRF in Japan and unlock opportunities for expanding the Chainlink BUILD program in the Japanese market.
Japanese Web3 consulting firm @PacificMeta has entered into a partnership with @ChainlinkLabs.
— Chainlink (@chainlink) June 2, 2023
Explore how this partnership helps drive increased adoption of #Chainlink services, the Chainlink BUILD program, and Web3 adoption in Japan👇https://t.co/cfhSbWfzFK pic.twitter.com/MH1sxSmnYh
Pacific Meta provides comprehensive marketing support for overseas Web3 projects in the Japanese market, including strategy development, localization, promotion, and community management.
Pacific Meta will support the Chainlink ecosystem by helping startups and enterprises in the Japanese market access Chainlink’s industry-leading Web3 services.
Chainlink Labs Teams Up with Tencent Cloud
Tencent Cloud, one of the world's leading cloud companies, has partnered with Chainlink Labs. A key objective of this partnership is to support the growth of the global Web3 ecosystem.
.@ChainlinkLabs has teamed up with @tencentcloud, the cloud business of global tech company Tencent, to support the development of Web3 startups.https://t.co/16SvnVC6Mw
— Chainlink (@chainlink) May 31, 2023
As part of this partnership, Tencent Cloud will provide various benefits to #ChainlinkBUILD projects,… pic.twitter.com/ywsYUm8oXq
Cloud solutions offered by Tencent Cloud cover a range of segments within Web3, including Tencent Cloud Media Services for decentralized social applications, Real-Time Cloud Rendering for blockchain-based games, etc. With these solutions and Chainlink Web3 services that provide off-chain data and computation, developers can build more secure, reliable, and feature-rich applications.
Through this collaboration, Chainlink BUILD projects will get access to various benefits, including:
- Default vouchers of USD10,000 value of Tencent Cloud services and the opportunity to receive additional vouchers worth up to USD100,000
- Prioritized product and service listing to Tencent Cloud International Marketplace
- Early invitations to join Tencent Cloud Web3 networking, webinars, and events.
“We recognize that secure and scalable infrastructure is critical to the development of the global Web3 ecosystem, which is why we’re glad to collaborate with Chainlink Labs, a developer of Chainlink, the industry-standard oracle network,” said Poshu Yeung, Senior Vice President at Tencent Cloud International.
Gunther's Rich Dog NFT Integrated With Chainlink
Gunther's Rich Dog Collection, an NFT project that offers access to the luxurious life of the world's wealthiest dogs, has integrated Chainlink Verifiable Random Function (VRF) on the Ethereum mainnet.
.@guntherrichdog—the official NFT collection for Gunther, the world's richest dog—has integrated #Chainlink VRF to help fairly assign rarity tiers to minted NFTs.
— Chainlink (@chainlink) June 2, 2023
Discover the importance of verifiable randomness for NFT collections ⬇️https://t.co/LEhSn0ig2S pic.twitter.com/BZFWhaCwMQ
Through integrating the decentralized Oracle network, the project will gain access to a tamper-proof and auditable source of randomness needed to select NFT rarity tiers fairly.
What Is Chainlink:
Chainlink is the industry standard for building, accessing, and selling Oracle services that power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. They currently secure tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offer global enterprises and leading data providers a universal gateway to all blockchains.
Where to find Chainlink:
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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