Base, the newly launched Layer 2 (L2) network, has quickly risen to become the third most popular EVM (Ethereum Virtual Machine) platform by transfer volume, according to the ERC-721 and ERC-1155 NFT standards. Since its Mainnet launch on August 9, Base has gained significant traction with hundreds of thousands of daily users and an impressive total value locked (TVL) of nearly $200 million. Notably, the network's NFT transfer volumes have surpassed those of alternatives like Arbitrum, Avalanche, Optimism, and even direct transfers on Ethereum.
Recent statistics indicate that only Polygon and BNB have recorded more ERC-721 and ERC-1155 transfers than Base in recent days. On its public launch day, ERC-721 transfers on Base exceeded 100,000 for the first time and quickly climbed to 165,000 on the subsequent day, contributing to 14.2% of all transfers that day.
When it comes to ERC-1155 transfers, Base has made a notable impact on Polygon's market share. On a particular Sunday, Base accounted for nearly 20% of all ERC-1155 transfers, causing Polygon's share to dip below 65%, a shift that was uncommon but might become more frequent.
Base's integration into the broader NFT ecosystem is evident, with a diverse range of projects populating its NFT ecosystem. This surge in NFT activity on Base might be attributed to the simultaneous launch of multiple new projects and the excitement surrounding a new L2 solution. The network's success in attracting users is particularly remarkable, especially considering the pre-integration of the wider ecosystem following months of testnet development.
Noteworthy wallet providers like Metamask and Trust Wallet have seamlessly integrated with Base from the Mainnet launch. Moreover, the absence of the need for network-specific tokens and the acceptance of fees in ETH make onboarding new users onto Base even more convenient. While the sustainability of high NFT transfer volumes on Base remains uncertain, its rapid growth and integration highlight its potential as a prominent player in the NFT space.
