An explanation of 'launchDate' 7/14 - NFT - EIP1559
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| Author       | Source       | 
| :-------------: |:-------------:|
|  [u/Hey_Madie](https://www.reddit.com/user/Hey_Madie/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oh7ugx/an_explanation_of_launchdate_714_nft_eip1559/) | 

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[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)

To define, the Gamestop NFT had a 'launchDate' field in the code that defined to 7/14/2021. This is/was referencing the now rescheduled Ehtereum network upgrades to EIP-1559. The update will now occur on 8/4/21 at block 12,965,000, between 13:00 UTC and 17:00 UTC.

For the record, they did not indicate or reference an actual release date for the NFT, but they did acknowledge that they want to get it right and they are not taking any shortcuts. So we hold-fast! It'll be worth it!

[![r/Superstonk - An explanation of 'launchDate' 7/14 - NFT - EIP1559](https://preview.redd.it/40ifzxp00aa71.png?width=591&format=png&auto=webp&s=1c07ad34c18c394d28e317761151bf682b65eb88)](https://preview.redd.it/40ifzxp00aa71.png?width=591&format=png&auto=webp&s=1c07ad34c18c394d28e317761151bf682b65eb88)

Ethereum is set to go through a lot of changes in the future, first with the London hardfork introducing EIP-1559.

EIP-1559 is an Ethereum Improvement Proposal that, along with four other EIPs, will signal the start of Ethereum's 'Triple Halvening' event.

[![r/Superstonk - An explanation of 'launchDate' 7/14 - NFT - EIP1559](https://preview.redd.it/jf99luysp9a71.png?width=598&format=png&auto=webp&s=edb0d225f8ed1869dcaa101bd99ef4353db668ab)](https://preview.redd.it/jf99luysp9a71.png?width=598&format=png&auto=webp&s=edb0d225f8ed1869dcaa101bd99ef4353db668ab)

[![r/Superstonk - An explanation of 'launchDate' 7/14 - NFT - EIP1559](https://preview.redd.it/naajapyaw9a71.png?width=680&format=png&auto=webp&s=4aa295886b39a13d02b967b6011d79b4d3fb4a7e)](https://preview.redd.it/naajapyaw9a71.png?width=680&format=png&auto=webp&s=4aa295886b39a13d02b967b6011d79b4d3fb4a7e)

This 'tip' is then given to the Ethereum miner, while the base fee is burned, removing it from circulation. In explaining the reason for this burn, [EIP's authors said](https://eips.ethereum.org/EIPS/eip-1559):

> This ensures that only ETH can ever be used to pay for transactions on Ethereum, cementing the economic value of ETH within the Ethereum platform and reducing risks associated with miner extractable value (MEV). Additionally, this burn counterbalances Ethereum inflation while still giving the block reward and priority fee to miners. Finally, ensuring the miner of a block does not receive the base fee is important because it removes miner incentive to manipulate the fee in order to extract more fees from users.

What Will EIP-1559 Do For Ethereum Miners?

A collection of Ethereum miners and mining pools have voiced their opposition to EIP-1559. This has been collated in the [#STOPEIP1559 petition](https://stopeip1559.org/), led by Flexpool.

Explaining their opposition, the petition states: "[Burning transaction fees] dramatically reduces miners' earnings, people who invested their savings into supporting the Ethereum network."

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Given EIP-1559 is yet to launch onto the mainnet, the reward changes for miners are currently only predictions, with the full impact unknown.

Of course, no matter the miners animosity to EIP-1559, this is a smaller change in comparison to the impact Ethereum 2.0 will have. The Eth2 upgrade,[ slated for release in 2022](https://www.gfinityesports.com/cryptocurrency/ethereum-2-release-date-eth2-roadmap-phases-is-ethereum-2-new-coin-serenity/), will see a full shift to [Ethereum staking](https://www.gfinityesports.com/cryptocurrency/ethereum-staking-what-is-it-how-to-stake-Eth2-ethereum-2-staking-rewards/) via a Proof-of-Stake algorithm.

Sources:

[Ethereum EIP-1559: Release Date, Meaning, And What EIP-1559 Will Do For Mining ETH](https://www.gfinityesports.com/cryptocurrency/ethereum-eip-1559-release-date-meaning-fees-london-hardfork-effect-on-mining-eth/)

[Ethereum price gears up for its upcoming 'Triple Halving'](https://www.fxstreet.com/cryptocurrencies/news/ethereum-price-gears-up-for-its-upcoming-triple-halving-202107071339)

[4 Common Misperceptions About Ethereum's EIP 1559 Upgrade](https://www.coindesk.com/4-myths-about-ethereum-eip-1559)

🦍Other community posts pertaining to this subject. 🧠 Together We Are Stronger! 🚀

Post about 1st tweet: <https://www.reddit.com/r/Superstonk/comments/oh5jjc/gamestop_nft_launch_date/>

Post about 2nd clarifying tweet: <https://www.reddit.com/r/Superstonk/comments/oh60ea/gme_nft_developler_clarifies_that_there_is_no_set/>

Post with both tweets and more discussion: <https://www.reddit.com/r/Superstonk/comments/oh613h/finestonematt_on_twitter_about_the_supposed/>

TL;DR: Gamestop Engineers verify that the launch date was referencing the now rescheduled upgrade to the Ethereum network to EIP1559.
