Just as, months ago, the “tokenization” of tweets had become fashionable, which could be sold as non-fungible tokens (NFT), now it is the turn of the Ethereum blocks. The MyEtherWallet (MEW) wallet allows its users to convert the blocks of their choice into collectible tokens.
Before you run off to tokenize Ethereum’s Genesis block to resell it for millions of dollars, we must inform you that it has already been converted into NFT, along with other historical moments, by the MEW company itself. The company sold them in a charity auction.
The founder and director of MyEtherWallet, Kosala Hemachandra, explained to the press that the objective of the launch is “to give users the ability to recognize the Major Milestones Associated With Ethereum ”. “Instead of owning ether (ETH) or an Ethereum-based asset, they can now get a superb, immutable ownership record of Ethereum blocks.”
MEW se founded on the principle of empowering users to easily access Ethereum and everything it offers. (…) It is a perfect thing for us to adopt NFTs and allow users of all levels to get involved. Our users are already accessing their wallets every day with MEW and it makes sense to take NFTs to where crypto fans already are.
Kosala Hemachandra, founder of MyEtherWallet.
It is important to clarify that, beyond the «romantic» and historical purpose to which Hemachandra refers, there is also a commercial interest on the part of his company in launch this service. The issuance of the NFTs is not free, but, in addition to paying the corresponding gas (Ethereum network fee) it is necessary to pay a commission to MEW .
Issuing NFT of each of the first 100 Ethereum blocks is priced at 0.01 ETH. The next 500 will be worth 0.03 ETH and all subsequent blocks in the chain will be priced at $ 0.05 ETH each. Whoever wants to know the equivalence of these prices in their national currency, can access the Criptonoticias Price Calculator.
Thus see Ethereum blocks converted to NFT
We wanted to check that this functionality was active and for that we went to the MyEtherWallet page. After connecting the wallet with the website, it was observed that, indeed, the ETH Blocks service is enabled.
It is enough to put the block number that we want to tokenize, pay the corresponding commission to MEW ( plus gas for Ethereum miners), and voila!
Once this is done, the buyer is granted a “right of possession »(No legal value) of the block. This includes a technical sheet indicating the date it was mined, how many transactions were in it and other technical data.
MyEtherWallet does not include its own NFT market where these tokens can be resold. Anyway, whoever wants to resell the block that “belongs” to him, could do so in one of the numerous existing marketplaces, for example, OpenSea.