Coinbase’s new layer 2 blockchain, Base, outperforms rivals in the NFT space

Coinbase’s new layer 2 blockchain, Base, outperforms rivals in the NFT space

Base has rapidly ascended the ranks to establish itself as a foremost player in the Ethereum Virtual Machine (EVM) chains for NFT transfers. This dramatic rise came less than a week after its debut.

Impressive figures from the get-go

When benchmarked against both ERC-721 and ERC-1155 NFT standards, Base is now in the third position by transfer volume, only trailing behind giants Polygon and BNB.

The recent launch of the Base Mainnet on August 9 has already witnessed engagement from hundreds of thousands of daily users. The total value locked (TVL) has skyrocketed to an impressive near-$200 million mark.

NFTs on Base get a boost

In the frenzied world of NFTs, Base has surpassed the transfer volumes of several established chains, including Arbitrum, Avalanche, Optimism, and even direct Ethereum transfers.

In a clear indication of its rising stature, ERC-721 transfers on Base exceeded 100,000 on its public launch day. By the following day, this figure jumped to 165,000, making up 14.2% of all transfers.

Interestingly, in the context of ERC-1155 transfers, Base seems to be denting Polygon’s stronghold. On a recent Sunday, Base’s transfers encompassed nearly 20% of the total. Polygon’s share, on the other hand, saw a dip to below 65%. A possible catalyst for the drop might have been y00ts migration to Ethereum.

Unsustainable performance?

Yet, with its meteoric rise come questions of its sustainability. Some argue the surge in Base’s NFT transfers might be a fleeting consequence of simultaneous new project launches and the general buzz around a fresh Layer 2. While that might be true, Coinbase intends to extend the hype throughout the month of August.

New Coca-Cola collection

Coinbase has kicked off an event, the Onchain Summer, to celebrate Base’s mainnet launch. It includes NFT mints from brands like Coca-Cola and Friends With Benefits and will last until the end of August.

Coinbase's new layer 2 blockchain, Base, outperforms rivals in the NFT space - 1
Brands announced for the Onchain Summer (Source: @BuildOnBase tweet)
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