Coinbase announces Ethereum-based Base Launch


  • To expand with additional technologies, Coinbase NFT marketplace announces pause.
  • Since its launch last year, Coinbase NFT has been used in over $7.34 million transactions.
  • In the past 24 hours, the market produced just $106.

The much-anticipated Coinbase “Base” finally launched after several hours of intense industry anticipation. Base is an Ethereum-based Layer 2 network using the optimism OP Stack.

With the launch of Base, an Ethereum Layer 2 (L2) network, Coinbase has enabled anyone to build decentralized applications, or “dapps,” on-chain. They are secure, reasonably priced, and developer-friendly. Coinbase is progressively creating a platform to decentralize the chain. Will Robinson, vice president of engineering at Coinbase, announced the testnet deployment.

The non-fungible token platform of the cryptocurrency exchange, Coinbase NFT, has declared its intention to stop creator drops in order to focus on other futures and tools. Basic blockchain provides a safe, affordable, and developer-friendly solution to create decentralized apps and is interoperable with other well-known chains like Ethereum and Solana. An upcoming network utility token will not be released by Coinbase anytime soon.

Since its debut in the spring of 2022, Coinbase NFT has kept improving its network’s features in an effort to draw more users. Some features include time-delayed listing, rarity parameters, and a mass management tool. While Twitter continues to make jokes, Coinbase NFT has focused on growing its user base. Only $106 worth of transactions took place over the last 24 hours, demonstrating the futility of its efforts.

Since its launch last year, Coinbase NFT has witnessed total exchanges of about $7.34 million. Comparatively, only yesterday, on rival exchange OpenSea, almost $11.3 million in total volume was traded in Ethereum NFTs.