More than 53,000 Coinbase NFTs have been minted on the occasion of layer-2 launch

So far, users have spent $462,000 in transaction fees to mint NFT on the day of Coinbase’s Layer-2 Base testnet launch.

More than 53,000 Coinbase NFTs have been minted on the occasion of layer-2 launch

As Kyptos reportedOn the evening of February 23, Coinbase officially launched its new product – the layer-2 Base solution in collaboration with Optimism.

Accordingly, Base is built based on the open source code of OP Stack – toolkit to support superchain development previously introduced by Optimism. At the same time, the new network will use ETH as a unit to pay gas fees for activities in the ecosystem, and the exchange has no plans to issue its own token for Base.

More than 53,000 NFTs have been “free minted”

On this remarkable milestone, Coinbase has released an NFT in the form of free mints on Ethereum, meaning users only need to pay transaction fees to get them. The NFT is designed exactly the same, with a blue dot icon, like what was “ambiguous” before.

As of press time, users have spent a total of $462,500 in transaction fees to mint more than 53,000 NFTs of Coinbase and this number is continuously increasing.

Total transaction fee for minting NFT Coinbase, as of 07:55 AM on 24/02/2023

On the other hand, the floor price for this one NFT being listed is 0.0066 ETH (about 11 USD) on OpenSea. The total volume of purchases on this marketplace is 316 ETH, equivalent to 522,000 USD.

Floor price for a Coinbase NFT on OpenSea

In the past, Optimism also opened free mint NFT for those who signed up for Mirror. So far, 23,719 NFTs have been minted but since it is deployed on the Optimism network, the transaction fees are much lower anyway.

Users “misunderstand” the new layer-2 is Base Protocol

After the layer-2 Base information was announced last night and although it was confirmed that the new network will not have its own token, there are still people confused as Base Protocol’s BASE token.

Since then, many speculators have gathered BASE, pushing the price of this token to a ceiling of 7.5 USD during the day. In just a few hours, the BASE price increased nearly four times, before turning down to the current $ 2.1 price.

1h chart of the BASE/USDT pair on at 08:00 AM on February 24, 2023. Source: Tradingview

Synthetic Kyptos

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