Here is a concise update on Ethereum for a layman:
The Ethereum network is undergoing a major upgrade called the Shanghai upgrade, which will unlock previously staked ETH on the Beacon Chain[1]. This will make over $24 billion worth of ETH immediately available for withdrawal, which could lead to volatility in ETH and NFT markets as some stakers sell their holdings[1].
The upgrade also includes the EVM Object Format (EOF), which aims to improve inefficiencies in Ethereum's code format, lower high execution costs, and fix certain security concerns[1]. Additionally, there are several other Ethereum Improvement Proposals (EIPs) included, such as making direct coinbase payments less expensive and establishing a forward-looking cost system for init code[1].
While the technical changes will not significantly impact NFTs, the increased liquid ETH could lead to volatility in NFT floor prices, at least initially[1]. The Ethereum network is also transitioning from proof-of-work to proof-of-stake, which is expected to reduce energy consumption by up to 99.95% and enable faster transactions[3]. However, stakers will not be able to withdraw their staked ETH until after the Shanghai upgrade is complete[2].
Overall, these upgrades are aimed at improving the scalability, security, and sustainability of the Ethereum network as it continues to grow and evolve.