Home NFTKnights Art, Ethereum and the Merge

Art, Ethereum and the Merge

by S. Jack Heffernan Ph.D

In the context of a serious global energy crisis (probably only just beginning), Artmarket.com has been closely watching the transition to a totally carbon-free blockchain. This is now a reality with Ethereum 2.0 after its “The Merge” operation. Indeed, according to its founder, Vitalik Buterin, after 7 years of development and successful beta tests, “The Merge” – a switch from “Proof of Work” (PoW) to “Proof of Stake” (PoS) – will reduce the energy consumption of the ETH Blockchain by over 99.95%, (source: https://ethereum.foundation/).

Before the transition had even been rolled out, Ethereum (ETH) managed to capture the  interest of web 2 giant, Google, whose web 3 team, motivated by Ethereum’s initiative, rushed to post a doodle displaying a countdown to the “The Merge” transition. Google’s move represents a superb victory for the cryptocurrency and an extremely advantageous consecration for Ethereum 2.0.

In a global context where concerns about what may be called “the energy war” and about global warming are reaching paroxysmal levels, this news is absolutely vital. As a result of this initiative, the Central Bank of Norway – a country where ecological issues are given top priority – has announced it will build its MNBC (central bank digital currency) on Ethereum. Meanwhile, the Bank of America now sees Ethereum as a virtuous investment by referring to it as “green giant”.

The art market can only benefit from “The Merge”. The French newspaper Le Parisien reports Joe Lubin, Ethereum’s co-creator, as saying “many digital artists and art collectors were reluctant to acquire digital works that involved burning so much fossil fuel to produce them… With this transition, these concerns are receding and interesting projects are going to start right from the production of the very first chain blocks after “the merge”. It’s going to liberate a tremendous amount of creative energy.

Lubin adds, “It won’t directly affect Russian gas or gasoline prices, but it will be a powerful message sent to the world when we replace highly energy-consuming mining by a structure that consumes the electricity needed to produce a cup of coffee. It’s a profound change that will happen just like an automatic smartphone update.

Artmarket.com therefore expects to see an exponential growth in artistic creation, and that of the art-NFT market in particular. A number of famous artists have already turned towards art-NFTs, as have a number of major art museums. Over the past year, Artmarket.com has expressed its preference for the Ethereum 2.0 blockchain, particularly during its AGM and in its various financial press releases, and it has put all its IT and human resources into confirming its success with NFTs and the Metaverse which represents the backbone of web 3.0. The world famous Museum of Modern Art (MoMA) is considering an upcoming sale for around 70 million dollars of works of art via Sotheby’s, with the possibility of investing the proceeds from these sales in the purchase of NFTs, on the advice of a team of experts in charge of following the NFT markets and finding the most promising artists there.

According to Artprice by Artmarket’s CEO and founder thierry Ehrmann, “In the history of cryptocurrencies, The Merge operation, this 15 september 2022, represents a founding and irrevocable date for Web 3.0 and for art-NFTs, and it could well generate a ‘flippening’ with Ethereum overtaking Bitcoin in terms of market capitalization in the coming months.

You may also like


Your Trusted Source for Capital Markets & Related News

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.