Cryptocurrency News

VanityBlocks Is Using Ethereum Blocks to Turn Them Into NFTs

A move made by VanityBlocks, a Crypto project, is attracting some debate around it. VanityBlocks recently used an entire Ethereum block to mint two non-fungible tokens. This prevented other users from executing transactions through that block.

At the time of writing, VanityBlocks has minted two blocks with numbers 14017777 and 14114114 attached to them. The project has succeeded in selling the second NFT to a buyer.

Ethereum Blocks Being Used For NFTs

What the consumption of an entire Crypto block does is that it prevents other users from accessing it at the time of transactions. Those who are able to access the block have to pay a higher transaction fee as most of the block is occupied by a miner.

Both NFTs were created in the month of January 2022. The first NFT was minted on block 14017777 on January 16, 2022. It had a cost of 5.31 ETH, a figure that is equivalent to $16,600.

Another NFT was minted on block 14114114 on January 31, 2022. It cost about 3.42 ETH or $10,700. This one was purchased by a buyer on the same day for 7 ETH, the value of which comes to $21,000.

Every Ethereum block works on a certain limit, beyond which it does not carry out any transaction. One Ethereum block can handle transactions based on their size. It may range from 1 transaction to several transactions.

The overall cost of the Ethereum block depends on the lines of code that it carries. This is to ensure that spam does not create an unnecessary burden on the network and hamper genuine usage.

Mining two NFTs by VanityBlocks has prevented others from accessing the block as it exhausted the gas limit of 30 million.

All of it was done only to mine an NFT with a pair of eyes with a black background. As claimed, it represents a part of the Ethereum blockchain. The image carries metadata that mentions the block number on which it was mined by VanityBlocks.

Apparently, users have agreed with the miner exhausting the entire block to mint NFTs. This came to light after transaction details were submitted through Flashbots, a messaging app that connects miners and Ethereum users. It also enables the miner to enter the details directly in the block.

Apparently, users have agreed with the miner exhausting the entire block to mint NFTs. This came to light after transaction details were submitted through Flashbots, a messaging app that connects miners and Ethereum users. It also enables the miner to enter the details directly in the block.

Users agreeing to the entire usage of an Ethereum block is shocking, especially since it increases the transaction cost in the short run for all of them while preventing many users from completing their transactions.

Theresa Louis
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Theresa Louis

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Theresa Louis is a forex analyst and news editor. She edits news for our team. She also has deep knowledge about cryptocurrencies and guides people in dealing with cryptocurrency exchanges.
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