The Merge was executed on September 15, 2022. This completed Ethereum’s transition to proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.

The software upgrade, known as “the merge”, will change how transactions are managed on the Ethereum blockchain, a public and decentralized ledger that underpins the cryptocurrency and generates ether tokens, the world’s most popular cryptocurrency after bitcoin.

As Ethereum abandons its energy-hungry mining model, the entire NFT ecosystem should benefit from Ethereum’s merger. Ethereum has almost become synonymous with NFTs.

Bitcoin could never achieve this, as Bitcoin is a purely speculative asset and its mining network would never agree to stop this revenue stream.

More details here:
https://ethereum.org/en/upgrades/merge