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ARTICLE · 15 SEPTEMBER 2022

The Ethereum Merge: What Does The Hard Fork Mean For My NFT Licenses?

DLA Piper
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Proclaimed to be "the most significant upgrade in the history of Ethereum," the long-awaited Ethereum Merge is finally slated to occur in mid-September.

ItalyTechnology
Mark F. Radcliffe
Mark F. Radcliffe
Michael Fluhr
Michael Fluhr
Spencer Hodson
Spencer Hodson
Tom K. Ara
Tom K. Ara

Proclaimed to be "the most significant upgrade in the history of Ethereum," the long-awaited Ethereum Merge is finally slated to occur in mid-September. The existing execution layer of Ethereum will transition from a proof-of-work protocol (POW) to a proof-of-stake protocol (POS), which is intended to improve the blockchain's energy efficiency and increase its transaction throughput.

The consensus protocol is the core element of all blockchains: since it determines the "correct" block in the blockchain, it confirms what data and transactions should be added to the blockchain record.

However, despite the expected benefits of POS many miners who have kept the Ethereum blockchain running in the years since its inception have invested significant resources in the POW model – resources that will be devalued in a POS model.

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