Crypto giant Coinbase launched Base, the new Layer-2 solution, last Thursday.

“Base, Introduced” NFT collection was released in celebration of the upgrade.

The free mint became the top gas burner of the day with over 260,000 NFT mints.

Coinbase, one of the leading crypto platforms around the globe, unexpectedly introduced their own Layer-2 solution, Base, which is powered by Optimism. Through the new Layer-2 scaling solution, crypto enthusiasts will be able to use Base for cheaper transactions, as the new blockchain aims to “bring the next billion users to Web3.”

Indeed, the official blog post by Coinbase’s CEO Brian Armstrong assures that developers can already start building on the new blockchain, but the mainnet launch of Base is still unknown. In order to commemorate the game-changing move by Coinbase, the upgrade has its own NFT collection called “Base, Introduced”, which can still be minted for free on Zora.

Extended Mint Takes Twitter by Surprise

While the initial Base NFT mint was supposed to last just three days, the decision to extend it for 7 more days had left a lot of NFT enthusiasts on Twitter fuming. Indeed, the commemorative Base NFT is meant to fractionalize the historic moment of Base L2 going live, but a lot of users report technical difficulties while doing so. For instance, WickdNFT, the founder of Hideout NFT project, contemplates that the sudden mint increase is not fair on the on-chain operators. 

However, Coinbase argued that the mint was extended “to include builders at Ethereum Denver and to make sure as many people as possible can celebrate Base”. Despite regular reports of bugs, the “Base, Introduced” NFT collection had already collected over 261,000 unique mints and still receives over 1,000 new mints per hour.

Frequently Asked Questions:

Is “Base, Introduced” by Coinbase NFT free to mint?

Even though the minting price is free, the NFT enthusiasts still have to cover gas fees on Ethereum (ETH) network up to $10.

How do I claim my free NFT on Coinbase?

The particular NFT collection is not on Coinbase NFT, but is publicly available on Zora, where users simply need to connect their wallet.

On the Flipside:

Coinbase had planned to introduce a native token together with the Layer-2 solution, but later refrained from the idea.

Base is not decentralized yet, but Coinbase’s CEO Brian Armstrong aims to take gradual steps towards decentralization.

Coinbase didn’t host this NFT on their own marketplace. Recent stats reveal that public interest in Coinbase NFT is plummeting.

Why You Should Care:

The open-source L2 by Coinbase is crucial for the development of the crypto exchange’s ecosystem, as well as accelerating adoption.

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Filed under: Bitcoin - @ February 27, 2023 1:10 pm