“Confluence” And The NFT Market

The long-awaited Ethereum merge is officially scheduled for September 16th. The Ethereum merger will significantly impact the crypto sector, including NFTs – 80% of all NFTs are traded on the Ethereum blockchain. Many people wonder what will happen to the NFT market after the event. 

According to experts, after the Ethereum merger, NFT tokens of collectors will remain intact in their wallets. However, if a fork occurs, then users will have two versions of the same token – PoW and PoS. If the fork does not occur, then NFTs will run on the updated blockchain. 

NFT creators and investors may experience double transactions, which means that a transaction can happen on the newly upgraded PoS if the user makes a transaction on the PoW.

As such, there is little chance of compromising the security of the NFT, as someone else could access the user’s NFT or any other digital asset, and the NFT could be lost due to an unknown transaction that the owner never made. 

This can also lead to NFT price divergence. Many experts argue that this is unlikely, but the possibility of its occurrence exists – NFT holders should take this into account. 

However, there is a positive aspect to the upcoming merger event – a reduction in carbon consumption of up to 90% for NFT mint. In addition, crypto analysts predict a surge in Ethereum after the merger, and it will become more convenient and easier to create NFTs on the Ethereum network.

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