More Than 53,000 Coinbase NFTs Were Minted To Celebrate The Layer-2 Launch

Key Points:

• Coinbase has offered an NFT in the form of free mints on Ethereum, which users may obtain by paying transaction fees.
• Users have spent more than 460,000 USD in transaction fees to mint more than 53,000 NFT of Coinbase, and this amount is constantly growing.

On the day of Coinbase’s Layer-2 Base testnet launch, customers spent $462,000 in transaction fees to mint NFT.

Coinbase officially introduced its new offering, the layer-2 Base solution, in conjunction with Optimism on the evening of February 23. As a result, Base is built on the open source code of OP Stack, a toolbox for superchain construction presented previously by Optimism. Simultaneously, the new network will utilize ETH as a unit to pay gas prices for ecosystem operations, and the exchange has no intentions to launch its own currency for Base.

Coinbase has issued an NFT in the form of free mints on Ethereum, which means users only pay transaction fees to obtain them. NFT is designed in the same way, with a blue dot symbol, as was “ambiguous” previously.

At of press time, users had spent a total of $462,500 in transaction fees to mint over 53,000 Coinbase NFTs, and this figure is constantly growing. On the other hand, the floor price for this one NFT posted on OpenSea is 0.0066 ETH (about 11 USD). This marketplace’s total buy volume is 316 ETH, which is comparable to 522,000 USD.

Formerly, Optimism offered free mint NFT to individuals who joined up for Mirror. So far, 23,719 NFTs have been issued, however because it is running on the Optimist network, transaction costs are substantially cheaper.

The quantity of NFT produced is so large that Base’s NFT issuing smart contract has burned the most ETH fees in the last 24 hours. While it was verified that the new network will not have its own token after the layer-2 Base information was revealed last night, some individuals are still unclear about the BASE token used by the Base Protocol.

Since then, many speculators have gathered BASE, driving the price of this token to a day high of 7.5 USD. In just a few hours, the price of BASE has nearly quadrupled before returning to the present $ 2.1 level.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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