Vitalik Buterin-Themed NFT Collection Tops Ethereum Gas Usage
A collection of non-fungible tokens (NFTs) paying homage to Vitalik Buterin, co-founder of the Ethereum blockchain, has caused a stir on the platform, becoming the top gas guzzler on Friday. The project, known as Buterin Cards, has sparked a surge in Gwei and used up 13.1% of the total gas units over the past three hours, as reported by the Ethereum blockchain explorer Etherscan.
The Buterin Cards collection triggered transaction fees of 318.31 ETH, equivalent to $665,670, over the past 24 hours. This staggering usage ranked it above the Uniswap universal router address and Tether’s public address in terms of gas consumption.
Spike in Gas Usage and Subsequent Decline
However, after the initial spike, the gas usage from the Buterin Cards project has since fallen back behind Uniswap, signaling a shift in the Ethereum network’s top gas guzzlers.
What are Buterin Cards?
The Buterin Cards project is a collection of 2,015 NFTs dedicated to Vitalik Buterin, utilizing a unique NFT minting process known as JPEG mining. This process involves storing the image data directly on the Ethereum blockchain, as opposed to the typical NFTs that only store metadata on-chain.
According to the project’s website, the smart contract verifies the correctness of the uploaded data by computing its hash, thus preventing miners from arbitrarily uploading data. The NFT image is gradually revealed as it is mined, thanks to progressive JPEG technology.
Miners who work on the Buterin Cards project receive a card featuring an image of Vitalik Buterin at varying quality levels as a reward for their efforts.
Impacts and Implications
The rapid gas usage and transaction fees generated by the Buterin Cards project highlight the growing popularity and demand for NFTs within the Ethereum ecosystem. As the collection continues to attract attention and usage, it may further contribute to the ongoing debate surrounding the environmental impact of NFTs and cryptocurrency mining.
As the Ethereum blockchain continues to evolve and accommodate diverse NFT projects, the Buterin Cards collection serves as a prime example of the innovative and novel ways in which NFTs can be minted and distributed on the blockchain.
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