Launch of the Base Network, Coinbase is Giving Away a Free Ethereum NFT through Zora.

Launch of the Base Network, Coinbase is Giving Away a Free Ethereum NFT through Zora.

 With more than 24,000 editions minted, the free NFT has turned into Ethereum's most significant fuel consumer, and flippers are discovering interested purchasers

Today, Coinbase revealed a significant project called Base, which is a layer-2 scaling network for Ethereum developed in partnership with Optimism. In celebration of this announcement, the cryptocurrency exchange released a free Ethereum NFT open edition for people to mint. 

However, this is not done through Coinbase's own struggling NFT marketplace.

"Base, Introduced" through Zora, a startup focused on Web3 creator tools. This open edition NFT allows anyone to claim one identical collectible until the minting window closes on Sunday, with a one-NFT-per-wallet limit. As of this morning's announcement of Base, over 24,000 Ethereum NFTs have been minted, making the NFT's smart contract the largest consumer of gas on the Ethereum network. Over the past three hours, the smart contract has consumed over $271,000 worth of gas, or network transaction fees.

Zora is recognized as a popular platform for Web3 creators to mint NFTs, but Coinbase has established its own NFT marketplace. 

Unfortunately, since its launch last spring, the Coinbase NFT marketplace has not received much attention. 

According to public blockchain data, the total NFT trading volume over the past week was less than $8,000. 

This is in stark contrast to the top NFT marketplace, Blur, which has recently surpassed OpenSea. In the past week, Blur saw trading volume worth $596 million due to whale traders rapidly flipping assets to maximize BLUR token trading rewards.

Coinbase's NFT marketplace, which initially showcased the Base, now features secondary listings created by Zora users. Despite having a small team, Coinbase's President and COO, Emilie Choi, revealed that the exchange is committed to its NFT plans. 

In the past, Coinbase's marketplace has facilitated significant drops like The Bill Murray 1,000. However, the company announced a temporary halt in creator drops to concentrate on other marketplace features.

The free Base NFT aligns with the recent trend in the NFT industry known as the "open edition meta." This involves creators releasing affordable NFTs with gamification elements that encourage holders to "burn" a certain number of them for a unique and rarer version. Although Coinbase has not promised any future utility or benefits for the Base NFT, they are gaining popularity on secondary markets. While most are currently selling for a low price of around 0.01 ETH ($16) per piece, certain editions with early numbers or "vanity numbers" are fetching higher prices.

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The free Base NFT aligns with the recent trend in the NFT industry known as the "open edition meta." This involves creators releasing affordable NFTs with gamification elements that encourage holders to "burn" a certain number of them for a unique and rarer version. Although Coinbase has not promised any future utility or benefits for the Base NFT, they are gaining popularity on secondary markets. While most are currently selling for a low price of around 0.01 ETH ($16) per piece, certain editions with early numbers or "vanity numbers" are fetching higher prices.

The free Base NFT aligns with the recent trend in the NFT industry known as the "open edition meta." 

This involves creators releasing affordable NFTs with gamification elements that encourage holders to "burn" a certain number of them for a unique and rarer version. 

Although Coinbase has not promised any future utility or benefits for the Base NFT, they are gaining popularity on secondary markets. While most are currently selling for a low price of around 0.01 ETH ($16) per piece, certain editions with early numbers or "vanity numbers" are fetching higher prices.

This morning, NFT #888 was sold for 0.888 ETH (approximately $1,455) and the purchaser has subsequently listed it for 8.888 ETH ($14,700) to earn a substantial profit. Numerous three-digit NFT versions have been sold for hundreds of dollars since the launch of the free mint this morning.