Emerging as a Top Performer in NFT Transfers
In just a matter of days since its launch, Base has quickly gained traction and established itself as one of the leading Ethereum Virtual Machine (EVM) chains for NFT transfers.
Both the ERC-721 and ERC-1155 NFT standards have seen Base rise to the ranks of the third most popular EVM in terms of transfer volume.
Base NFT Transfers Surge Past Arbitrum, Avalanche, and Optimism
Since its Mainnet launch on August 9, Base has been attracting hundreds of thousands of daily users. The total value locked (TVL) on the chain has also witnessed significant growth, reaching almost $200 million. It’s important to note that these increasing numbers are not just a result of users transferring crypto to Base for recreational purposes.
The network has experienced a surge in NFT transfer volumes, surpassing other alternatives such as Arbitrum, Avalanche, Optimism, and even direct transfers on Ethereum.
In fact, only Polygon and BNB have recorded more ERC-721 and ERC-1155 transfers than Base in recent days.
On the day of its public launch, ERC-721 transfers on Base exceeded 100,000 for the first time. By the following day, that number had escalated to 165,000, accounting for 14.2% of all transfers.
When it comes to ERC-1155 transfers, Base has successfully penetrated Polygon’s share of the total volume.
Last Sunday, Base accounted for nearly 20% of all ERC-1155 transfers, while Polygon’s share fell below 65%. This shift, which was once uncommon, could potentially become the new norm.
Base Integrates into the Broader NFT Ecosystem
It is challenging to determine whether Base will sustain high NFT transfer volumes in the long run.
The recent surge in NFT activity on Base could be attributed to the simultaneous launch of multiple new projects and the excitement surrounding a new L2 chain. The Base NFT ecosystem is already flourishing with various projects, including new NFT games like Parallel Life and exclusive music releases on a different blockchain.
However, what truly sets Base apart is the speed at which it has attracted users. After months of testnet development, Base has seamlessly integrated into the wider ecosystem.
For instance, major wallets like Metamask and Trust Wallet had Base integrations ready to go as soon as the Mainnet was launched. Furthermore, because all fees on the Base network are paid in ETH, new users do not need to purchase network tokens to transact, making the onboarding process even more straightforward.
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