Nearly 70M NFTs Minted On Base Network This Month

Nearly 70M NFTs Minted On Base Network This Month – NFT Mint Vol Hits $5M

Updated: 29 August 2023

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Base, a layer-2 blockchain network developed and managed by the American publicly traded cryptocurrency company Coinbase, continues gaining traction among developers, crypto users, and non-fungible token collectors. The network has set a new record after more than 68 million NFTs minted on the platform.

Base Gains Traction Among Investors

Data compiled by Dune Analytics, an on-chain data aggregator, shows that Base has gained massive traction in recent weeks. Since the launch of Base, nearly one million addresses have joined the on-chain summer party. Base’s daily transactions even flipped both Arbitrum and Optimism last week. In this article, we shall look in-depth to explore what has been driving this growth:

Source: Dune Analytics.com, Base Trading Activity.

Launched earlier this month, Base is an Ethereum Layer 2 (L2) chain that offers a safe, low-cost, developer-friendly way to build on-chain. Base is an L2 built on OP Stack in collaboration with Optimism. Less than a week after its debut, Coinbase unleashed Its Friend Tech, a decentralized social network where friends or their networks become Shares or Keys.

Despite Friend Tech being the breakout app, most activity has been around non-fungible tokens in the ecosystem. In the past 14 days, 47% of addresses have received or done something related to NFTs as part of on-chain summer. Moreover, NFT-related activity also composes 24% of the Base’s transactions.

Source: Dune Analytics.com, NFT Sales.

Even though the Friend Tech app has been recently pronounced dead, it has done over $80 million in trading volume and even on-boarded over 124,000 total addresses since launch. On August 19, it made up over 54.9% of Base’s transaction fees, but activity has since decreased, now composing over 10% of Base’s fees as volume has fallen off.

70M NFTs Minted On Base In Past 30 Days

Most activity to date on Base network has been mainly around on-chain summer NFT minting and Friend Tech. Base has had over 68 million NFTs minted within its ecosystem. Most of these mints are attributed to the “Bridge to Base” NFT 59.5 Million. Besides Polygon, Base chain had the second-highest NFT activity for an Ethereum L2.

Source: Dune Analytics.com, NFT Trading Activity

Elsewhere, Base has had a relatively small DeFi activity, mainly in DEXs, outside NFTs and Friend Tech. In the past week, Base saw over $96.7 million in trading volume, closing in on Optimism ($119.91M) but still much less than Arbitrum’s $1.37 billion. Base is expected to see more crypto and NFT projects coming to build on the network in the near future.