Digital

Base Emerges as a Rising Star in NFT Transfers on Ethereum Virtual Machine Chains

Picture Source: BeInCrypto

In a remarkable display of rapid adoption, Base, a recently launched Ethereum Virtual Machine (EVM) chain, has surged to prominence within the NFT (Non-Fungible Token) ecosystem. Less than a week since its launch, Base has established itself as one of the top EVM chains for NFT transfers, making it the third most popular EVM by transfer volume for both ERC-721 and ERC-1155 NFT standards.

The Base Mainnet went live on August 9, and within a short span of time, it has attracted hundreds of thousands of daily users. This impressive growth is reflected not only in user numbers but also in the total value locked (TVL) on the chain, which has surged to nearly $200 million. However, this surge in popularity isn’t solely driven by curiosity or experimentation; it’s fueled by the tangible utility that Base provides for NFT enthusiasts.

In a striking display of its ascent, Base has outperformed well-established alternatives like Arbitrum, Avalanche, and Optimism in terms of NFT transfer volumes. The network’s NFT transfer volumes have even eclipsed those on Ethereum itself. The only platforms that have recorded higher ERC-721 and ERC-1155 transfers in recent days are Polygon and Binance Coin (BNB).

On the day of its public launch, Base achieved a milestone with over 100,000 ERC-721 transfers. The following day, this number skyrocketed to 165,000 transfers, constituting 14.2% of all transfers on that day. The impact on the ERC-1155 standard has been even more pronounced. Base has significantly carved into Polygon’s share of the total volume, accounting for nearly 20% of all ERC-1155 transfers on a recent Sunday, while Polygon’s share dipped below 65%.

What sets Base apart is not just its impressive surge in usage, but its seamless integration into the wider NFT ecosystem. The chain’s rapid growth could be attributed to a combination of factors, including new projects launching in tandem with the platform’s rollout and the excitement surrounding a new Layer 2 (L2) solution. Projects like Parallel Life, a new NFT game, and music mints on another blockchain have populated Base’s NFT ecosystem, lending it diversity and vibrancy from the start.

One of the most notable features of Base’s growth trajectory is its pre-integration with major wallets like Metamask and Trust Wallet, allowing users to seamlessly connect and transact. Notably, all transaction fees on Base are paid in Ethereum (ETH), eliminating the need for new users to acquire and manage network-specific tokens to engage with the platform.

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While the surge in NFT activity on Base is impressive, the coming months will reveal whether this momentum is sustainable. As the NFT space continues to evolve and attract more participants, Base’s rapid ascent serves as a testament to the potential of new blockchain solutions and their ability to quickly capture the attention and adoption of a dynamic and ever-expanding user base.

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