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Coinbase Drops Free NFT Through Zora to Celebrate Base Network Launch

Crypto exchange Coinbase announced Thursday its layer-2 scaling network for Ethereum dubbed Base. The network was developed in partnership with Optimism. To celebrate this milestone, the exchange released a free Ethereum NFT that can be minted by anyone. However, the mint is not on the Coinbase NFT marketplace.

The “Base Introduced” NFT can only be minted via the Zora minting platform. Further, since it’s an open-edition NFT, anyone can mint one of the identical pieces until Sunday. It is worth noting that you can only claim one NFT per wallet.

At the time of writing, over 98,000 NFTs had already been minted. As a result, the smart contract that powers this NFT project has recorded $459,809 worth of Network gas fees.

Why Coinbase Chose Zora to Support Its NFT Mint

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The low traffic on the Coinbase NFT marketplace explains why the exchange opted for Zora, which is a popular NFT minting site among Web3 creators. According to data from CryptoSlam, the exchange’s NFT platform has only posted $5,700 in trading volume over the past seven days.

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That’s not even close to the $590 million in trades that Blur recorded during the same span. The fast-rising marketplace is currently the NFT market leader by trading volume after overthrowing OpenSea last week following its long-awaited BLUR token airdrop intended to reward loyal traders.

The Base Introduced NFTs are now listed on the Coinbase NFT marketplace by traders who minted them through Zora. So there is a possibility of increased trading activity on the platform in the coming days.

This NFT marketplace has previously supported NFT mints, including popular drops such as Bill Murray 1,000. But Coinbase confirmed a few weeks ago that it would pause creator drops on the marketplace to channel resources towards the development of other features on the platform.

Base Introduced NFTs Price Analysis

Despite Coinbase not promising any future benefits or utility for the Base Introduced NFTs, some of the pieces are selling for high prices on the secondary markets. For example, NFT #889 sold for about 0.876 ETH ($1,435) on Friday morning.

The buyer has listed the NFT for 8 ETH ($13,200), hoping to secure a significant flip. Moreover, other 3-digit NFTs have also traded for hundreds of dollars. But most of the pieces are selling for low prices at the moment, with an average price of $15.

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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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