Are you wondering why Base outperforms rivals in the NFT space? It’s because it’s rapidly climbing the ladder to become a leading player in the Ethereum Virtual Machine (EVM) chains for NFT transfers, a feat it achieved in less than a week after its launch.
Astonishing Initial Performance
In comparison to the established ERC-721 and ERC-1155 NFT standards, Base now occupies the third spot in terms of transfer volume, trailing only behind the industry titans, Polygon and BNB. Since the Base Mainnet’s launch on August 9, it has garnered attention from hundreds of thousands of daily users. The total value locked (TVL) has shot up to an impressive near-$200 million mark.
Base’s NFT Transfers Take Off
In the fast-paced NFT world, Base has overtaken the transfer volumes of several well-known chains, including Arbitrum, Avalanche, Optimism, and even direct Ethereum transfers. Demonstrating its rising influence, Base recorded over 100,000 ERC-721 transfers on its public launch day, a figure that soared to 165,000 the next day, accounting for 14.2% of all transfers. Intriguingly, Base appears to be making inroads into Polygon’s dominance in the context of ERC-1155 transfers. On a recent Sunday, nearly 20% of total transfers were conducted on Base, while Polygon’s share dipped below 65%.
Is This Performance Sustainable?
Despite Base’s stellar ascent, questions regarding its sustainability have arisen. Some speculate that the surge in Base’s NFT transfers may be a temporary result of new project launches and the general buzz around a new Layer 2. However, Coinbase, the platform behind Base, plans to sustain the excitement throughout August.
As part of the celebrations for Base’s mainnet launch, Coinbase initiated the Onchain Summer event, which features NFT mints from brands like Coca-Cola and Friends With Benefits and will run until the end of August.
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