Base network’s “Onchain Summer” promotion in August was a resounding success, with over 700,000 non-fungible tokens (NFTs) minted by more than 268,000 unique wallets, according to an announcement from the team on September 6. This promotion was part of Coinbase’s launch of Base, its Ethereum layer-2 solution, on August 9. To encourage adoption and engagement, the network’s team organized a month-long launch event and partnered with over 50 companies, artists, and creators to release new digital art NFTs exclusively on Base.
The unique aspect of this launch event was that each art set was released on a different date, requiring users to return to the network repeatedly to collect every piece. This strategy proved to be highly effective, as over the first two weeks of the promotion, more than $242 million worth of crypto was bridged to Base, and over 130,000 unique wallets were actively using the network each day.
The final NFT set was released on August 31 and will be available for minting until September 7. In the meantime, the Base team has shared more detailed information about which digital art sets garnered the most interest from collectors. The Coca-Cola collection, available from August 13-16, saw the highest activity, with over 80,000 pieces being minted during that period.
Other collections that experienced high levels of minting activity include those of web3 gaming platform Iskra (71,000 mints), social media platform Friends With Benefits (71,000 mints), layer-2 network Zora (70,000 mints), and music rights marketplace anotherblock (55,000 mints).
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Additionally, during this period, Base witnessed a steady increase in the amount of cryptocurrency locked in its contracts. According to data from DefiLlama, this number reached a peak of over $402 million on September 3. This demonstrates the growing confidence and trust in the Base network as users are willing to commit their crypto assets to the platform.
However, it’s important to note that Base’s launch hasn’t been without its challenges. On September 5, the network experienced an outage when its sequencer stopped producing blocks, causing disruptions for users. Furthermore, there have been instances of scams being promoted on the network, including the infamous $6.5 million rug-pull by Magnate Finance. These incidents highlight the importance of thorough security measures and the need for constant vigilance within the crypto ecosystem.
Despite these challenges, the overall success of Base’s “Onchain Summer” promotion showcases the significant potential and demand for NFTs and decentralized art platforms. The ability to mint and collect digital art in a secure and efficient manner has captured the imagination of both artists and collectors. Base’s layer-2 solution provides scalability and lower transaction costs compared to the Ethereum mainnet, making it an attractive option for NFT enthusiasts.
As the NFT market continues to grow and evolve, platforms like Base are playing a crucial role in driving adoption and innovation. By collaborating with renowned brands and artists, they are creating unique and valuable art collections that resonate with a global audience. Moreover, the transparency and traceability offered by blockchain technology ensure the authenticity and provenance of these digital assets.
Looking ahead, Base and other layer-2 solutions are expected to further enhance the user experience, scalability, and accessibility of NFTs. With ongoing developments and improvements in the space, we can anticipate even more exciting opportunities for artists, collectors, and enthusiasts to participate in the thriving NFT ecosystem.
In conclusion, Base network’s “Onchain Summer” promotion has successfully minted over 700,000 NFTs and engaged more than 268,000 unique wallets. This event, held in partnership with various companies and creators, has showcased the growing popularity and demand for digital art NFTs. While facing challenges and security issues, Base’s layer-2 solution has demonstrated its potential to revolutionize the NFT market. With continuous advancements and the support of the crypto community, layer-2 solutions like Base are set to push the boundaries of NFT adoption and creativity.
