Friday, 19 July 2024

Crypto News

Base’s ‘Onchain Summer’ saw over 700K NFTs minted from 268K users in August

Base's 'Onchain Summer' saw over 700K NFTs minted from 268K users in August

Base network’s “Onchain Summer” promotion in August resulted in over 700,000 non-fungible tokens (NFTs) minted by over 268,000 unique wallets, according to a Sept. 6 announcement from the team.

Coinbase launched Base, its Ethereum layer-2, on Aug. 9. To spur adoption, the network’s team implemented a month-long launch event. It partnered with over 50 companies, artists, and creators to release new digital art NFTs exclusively on Base. Each art set was released on a different date, requiring users to return to the network repeatedly to collect every piece.

Over the first two weeks of the promotion, over $242 million worth of crypto was bridged to Base, with over 130,000 unique wallets using it each day.

The final NFT set was released on Aug. 31; it will continue to be mintable until Sept. 7. Meanwhile, the Base team has released more detailed information about which digital art sets collectors were interested in the most.

According to the announcement, the Coca-Cola collection available from Aug. 13-16 saw the most activity, with over 80,000 pieces being minted over the period. 

Vermeer, “Girl with a Pearl Earring,” from the Coca-Cola “Onchain Summer” collection. Source: Onchain Summer.

Other highly-minted collections 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).

Related: USD Coin officially expands to Base and Optimism networks

During this period, Base also saw the amount of cryptocurrency locked in its contracts steadily increase, reaching a peak of over $402 million on Sept. 3, according to data from DefiLlama.

Base network total value locked (TVL). Source: DefiLlama.

Despite these achievements, Base’s launch hasn’t been entirely smooth. The network suffered an outage on Sept. 5 when its sequencer stopped producing blocks. Multiple scams have been promoted on the network as well, including $6.5 million rug-pull Magnate Finance.