Coinbase offers a complimentary Ethereum NFT through Zora to commemorate the base network launch

Coinbase offers a complimentary Ethereum NFT through Zora to commemorate the base network launch

Coinbase has introduced a blockchain, Base Network, with no plans to release the platform’s native token. To commemorate the launch, the exchange has issued a free Ethereum NFT that anybody can mint, but not via Coinbase’s NFT marketplace.

Coinbase keeps up with crypto-economy headlines

Amid the crypto crackdown, Coinbase has made a point to revive the crypto industry to its former glory. Recently, Coinbase launched a groundbreaking project called Base. The platform is a layer-2 scaling network for Ethereum, developed in partnership with Optimism.

After the release, Coinbase introduced a free NFT. “Base, Introduced” is a free NFT made available by Coinbase via Zora. Zora is a platform for minting NFTs and a firm that focuses on Web3 creator tools. “Base introduced” is an NFT with an open edition. 

This means anyone can get one of the identical collectibles until Sunday, when the minting window closes. Most importantly, this deal has a limit of one NFT per wallet.

Since the launch of Base, developers have minted over 24,000 Ethereum NFTs. As a result, the NFT’s smart contract, which includes the project’s code, has become the Ethereum network’s top “gas guzzler,” consuming approximately $271,000 in gas per 3 hours. 

Zora offers a level ground for Web3 developers

Zora is a popular marketplace for Web3 developers to mint NFTs. Coinbase has used the platform despite having its NFT marketplace. However, since its introduction in the spring of 2017, Coinbase NFT has received little attention. Currently, an NFT Marketplace war is going on between Blur and Opensea.

There are no clear metrics for why Coinbase chose Zora as a subsidiary marketplace. Blur is the leading NFT marketplace, surpassing OpenSea just lately. On its marketplace, Coinbase NFT displays Base Introduced NFTs. However, they are secondary listings placed by users who minted through Zora.

Coinbase has made no promises about the Basic NFT’s future utility or benefits. The NFTs, on the other hand, are gaining momentum in secondary markets. Most of them are selling for a low price of roughly 0.01 ETH ($16) each.

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