In Brief:
- MyEtherWallet (MEW) revealed a plan to create an Ethereum block as an NFT collection.
- Users can claim ownership of a significant block of Ethereum blockchain.
- Blocks will be allowed to resell on the secondary NFT marketplace such as Rarible.
An open-source crypto wallet platform, MyEtherWallet (MEW) has announced a plan to launch an NFT collection under the label of “ETH Blocks” celebrating Ethereum and the community of developers who built it.
ETH Blocks are NFTs that represent blocks mined on Ethereum Blockchain. Users can mint a block that represents a milestone in Ethereum’s history or the block that has a special significance to them. Once they mint it, no one else can get it.
Basically, blocks contain transaction history, which includes the hash of the previous block, which means the data block is connected to another block and creates a blockchain. Now, MEW offers an opportunity to claim the ownership of “a unique immutable” piece of the coin’s history. Also, users can choose their own choice of a block from various blocks with significant Ethereum history.
Kosala Hemachandra, the Founder and CEO of MEW, said “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.”
The company had also planned to offer a discount to the first few adopters. The minting price for the starting 100 blocks will be 0.01 ETH and 0.03 ETH for the next 500 blocks. After that, each and every block will have a flat fee of 0.05 ETH for mining ETH blocks as NFTs.
NFTs will also come with the images, which contain data of that particular block such as transaction history. Hemachandra explained, “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.”
Moreover, users will be able to resell this minted block on the secondary marketplace. There are already some pre-minted Ethereum blocks present on Rarible to sell.
Currently, NFTs are in boom and creators are implementing new ideas to lure NFT lovers and build importance to particular NFTs. Recently, famous music studio Universal Music Group created a metaverse group named Kingship with four characters from the Bored Ape Yacht Club (BAYC) collection.
