Coinbase Announces Layer 2 "Base"
Can this revive their NFT marketplace?
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It's Friday. We made it. You made it. - we will start you with this quote:
“The weekend is a time for nos – no alarm clock, no rushing, no urgent phone calls, no working nights!” — Catherine Puslifer
Who knew an acronym could get me so pumped, let's jump into today's news!
Here is the breakdown of today's newsletter:
⛓️ Coinbase's new Layer 2 Base📈 Top 10 NFT project metrics🐦 @camolNFT makes us wonder
Disney-backed project Momoguro launched yesterday to insane numbers, with the floor just under 1ETH at the time of writing. Check out their amazing trailer for their game here.
Danny Cole, founder of Creature World shows a sneak peek of the upcoming Creature fashion line. Take a peek here.
Nike RTFKT continues its partnership with Ledger to release new crypto wallet designs, including the stunning new Nano X Vial. (@RTFKT)
Rita Ora shared her Cool Cats and Doodles accessories with her 16 million followers on Instagram. (@beast_eth)
Does the community have Blur to thank for the recent pump in NFT volume? (CD)
Coindesk announces Consensus, a possibly groundbreaking take on NFT ticketing with a three-year minimal vision. Find out how to get your claim here.
OpenSea updated its interface to be more similar to its competitors at Blur. They are also working on a single signature bulk listing. (@opensea)
Have you noticed Gwei gas prices spiking lately? As NFTs continue their uptrend, expect gas to fluctuate on a heavier scale. Here are some smart charts on Gwei performance over the years. (GN)
A New Layer 2: Coinbase "BASE" ⛓️
There's no question that the entire decentralized ecosystem is a giant pond and when a stone is cast the ripple will affect everything in its wake.
For example, If cryptocurrencies dive in value then NFT floors drop in reaction. We have seen this over and over again.
🚨 The Announcement:
Cryptocurrency exchange Coinbase's $COIN stock price rose nearly 10% after it announced the launch of its own Ethereum layer-2 network, named Base. This would make Coinbase the only publicly traded company to have its own layer-2 network. Base is designed to make transactions cheaper and faster, and will primarily serve as a place for developers to build decentralized applications (dApps). Dozens of projects have signaled their commitment to using Base already which is a very bullish sign. Coinbase created Base on top of Optimism’s OP Stack, a set of open-source tools for creating layer-2 networks.
1/ 🔵 We’re excited to announce @BuildOnBase.
Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.
Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. https://t.co/RmwZFJzGGs
— Coinbase (@coinbase)
Feb 23, 2023
💡 What is a Layer 2 network?
Quite simply, Layer 2 is a separate blockchain that extends Ethereum.
By sending bundles of transactions, a Layer 2 blockchain frequently interacts with Ethereum to ensure that it has the same security and decentralization guarantees. None of this necessitates altering the Layer 1 protocol (Ethereum).
👀 How does this affect NFTs?
Well, there's no question that Coinbase's push into NFTs over a year ago was a complete failure.
Live look at when Coinbase had a 3 million+ waitlist for its NFT marketplace but still couldn't get any traction with the community:
But with over 110 million users Coinbase could eventually try to revamp its marketplace by utilizing its new layer 2 and whatever dApps are produced in turn.
For now, we are left with a Base commemorative free NFT that is on Zora that you can mint here. Good news is people seem to show interest with over 412,000 already minted.
And yes we are aware the NFTs are a nod to Jack Butcher's "Checks" Collection.
Can you imagine?
what if marketplaces displayed users social media handles instead of wallet address? https://t.co/j3azQGiVm2
— camol (@camolNFT)
Mar 2, 2023
Here's a look at the metrics of the biggest collections:
why do we have to be so cringe sometimes...
please send everything to $0 https://t.co/HhNUNvHg28
— ciniz 👁️ (@screentimes)
Mar 3, 2023
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