Collectors spend $280,000 in Ethereum fees to mint 28,000 Coinbase NFTs


23 February 2023 18:33, UTC


Studying time: ~2 m

Crypto followers have cumulatively spent $280,000 in transaction charges to mint greater than 28,000 Coinbase NFTs on Ethereum. The NFTs have been accessible to be minted free of charge for individuals who wished to mark the testnet launch of Coinbase’s Layer 2 community, Base.

Coinbase launched Base at present as a Layer 2 community set to run on high of the Ethereum mainnet. It is constructed on Optimism’s OP Stack and shall be a part of its “Superchain” — a reputation given to the Layer 2 networks constructed on the OP Stack which are suitable with one another.

Base shall be a community for different protocols to construct on high of and it’ll work together with Coinbase’s product suite, nevertheless it will not have a token.

To mark the community’s launch, Coinbase created a free mint NFT. The NFTs could be minted for 4 days following the announcement and are on the Ethereum mainnet. They seem like equivalent and present a blue circle.

The NFTs can be found to be purchased and offered on NFT marketplaces like OpenSea. At the moment they’ve a base worth of 0.011 ETH ($18), which is round the price of shopping for one — when it comes to Ethereum transaction charges. These NFTs have already seen 150 ETH ($247,000) in buying and selling quantity.

Every Base NFT has a quantity and ones with decrease numbers appear to be promoting for extra. The best sale to this point was the Base NFT 45, which was offered for 1.88 ETH ($3,100).

Optimism additionally has a free mint accessible for subscribers to its Mirror publication with the identical function in thoughts. Up to now, 23,719 NFTs have been minted however since they’re on the Optimism community, the transactions charges paid shall be a lot decrease.

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