A quick 3min read about today's crypto news!
MyEtherWallet (MEW), a wallet and an interface for interacting with the Ethereum (ETH) blockchain, aims to launch a new collection of non-fungible tokens (NFTs), dubbed ETH Blocks, to represent particular Ethereum blocks.
Blocks are batches of transactions that also include the hash of a previous block, creating a chain of data that is known as blockchain.
Using MEW's platform, users should be able to mint ETH Blocks and "own a unique, immutable piece" of Ethereum history. Users can choose to mint blocks that have special significance for them, e.g., includes a significant transaction or represents a milestone in Ethereum’s history.
However, not all blocks will be available for minting. Blocks 1 to 10 will be reserved for Ethereum founders and developers, and an additional thirteen blocks that "mark pivotal moments in Ethereum history will be pre-minted and put up for auction" on November 11. Proceeds will be donated to non-profit organizations.
"ETH Blocks are a representation of belonging to a broader Ethereum community, similar to how NFT avatars have become a symbol of belonging to the NFT community," said Kosala Hemachandra, Founder and CEO of MEW.
Meanwhile, the platform would give early adopters a discount. The minting price for the first 100 blocks is ETH 0.01 (USD 47), the next 500 blocks ETH 0.03 (USD 142), and after that, there will be a flat fee of ETH 0.05 (USD 236) for minting ETH Block NFTs.
Each such NFT will be associated with an image, which will be generated based on that block's data.
"We wanted to provide users the ability to recognize major milestones associated with Ethereum, and instead of owning ETH or an Ethereum-based asset, they may now obtain an immutable and gorgeous record of ownership of the entire Ethereum block," Hemachandra said.
After minting, users can put their block NFTs on the secondary marketplaces for sale. Some of the pre-minted ETH Blocks are already available on Rarible, an NFT marketplace that has passed the minting fee for NFTs to buyers.
The popularity of NFTs has seen a massive rise this year. Just yesterday, for example, Beeple's 'HUMAN ONE' artwork, which is a statue accompanied by an NFT, sold for approximately USD 29m.
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