The metaverse is Unbanked Newsletter For a weekly level up on the NFT and on-chain frontier
Dear unbanked nations,
One of the biggest success stories in our field right now is Base.
Base, a layer 2 (L2) scaling solution incubated by cryptocurrency exchange giant Coinbase, has skyrocketed since its public launch in August 2023 and has become home to one of the fastest-growing app scenes in the cryptocurrency economy in a short period of time.
In other words, this bloom has helped Base foster an NFT scene that can already compete with almost any L1 and L2.
In today’s post, we’ll check out what’s trending on Base and examine the current NFT landscape to see what’s possible here and what could come in the coming months.
-WMP
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More than US$1.3 billion More than Total Value Locked (TVL) 1.3 million monthly active usersWith hundreds of apps deployed, Base is one of the largest and richest networks in the cryptocurrency economy today.
While much of this activity comes from Base’s already robust DeFi scene, a significant portion of it comes from L2’s emerging NFT ecosystem.
To date, the network has facilitated the issuance of: +95 million NFTs, among the top four chains among all NFTs created to date, following Polygon, Ethereum, and Solana. Additionally, Base is currently responsible for: ~6% of all NFT transactions On the Ethereum Virtual Machine (EVM) chain.
Base’s growth has been fueled by two key technology pillars: Coinbase’s infrastructure product umbrella and the OP stack.
Of course, the main Coinbase Exchange Platform It is one of the oldest and most trusted companies in the cryptocurrency space, boasting millions of users worldwide. Combine this port of entry with: coinbase wallet and smart walletAnd you will get the best on-chain onramping route that exists today.
In fact, during the recent bear market, I got a few family and friends into cryptocurrency through Base. When I transferred directly from Coinbase to Base, I was able to skip the time and cost of bridging on Ethereum L1 and jump right into the app.
Also, because it is L2 based on Optimism, OP Stack Base, a “superchain” technology, offers a fast, low-cost UX and is interoperable with advancements in Ethereum and Optimism. For example, when Ethereum is activated EIP-4844 in Dencun upgrade Tomorrow Optimism plans to implement this quickly. This is a measure that has helped reduce Base’s gas costs by up to 98% in some cases.
This UX foundation and the prospects for further improvement are very important.
Anecdotally, people I’ve joined in crypto this cycle have found the Coinbase Wallet + Base experience to be virtually indistinguishable from the Phantom + Solana experience, and Solana is known for fast and cheap transactions. As Base continues to develop, it could become even more dominant in the DeFi and NFT app scene.
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The Base team has created a great initial platform to facilitate and enable all kinds of on-chain enterprises. Some of the major projects built in and around the nascent Base NFT ecosystem today include:
Coinbase Wallet, Rainbow, Metamask It has become a top choice for many Base users. Rabbit Wallet Recently it has also become popular here.
Privy’s built-in wallet The easy login system also proved to be key to growing Base’s nascent mobile app segment with a trailblazing user following. friend.technology and Prenpet.
safe Base now also offers multi-signature distribution. This is suitable for personal or group financial security and also has a portfolio hub: debank, energyand he was Track assets across Base and other networks simultaneously.
Many people connect to Base directly from Coinbase as it is the cheapest and fastest way to do so.
There is also a main bass bridge For those interested in transferring ETH or stablecoins from Ethereum. Deposits are relatively fast, but this legitimate bridge enforces a 7-day withdrawal period as a security measure.
Here are some third-party alternatives that offer fast deposits. and Fast withdrawal though. Some of these providers that stand out are: Across protocols, address, cBridge on the Seller Network, connectionand hop protocol.
The Base ecosystem includes a growing number of tools for decentralized autonomous organizations (DAOs), including: Aragon, noun writer, partyand tallyThis provides a way to deploy and manage on-chain populations, all in L2.
for example, Base managementDeployed DAO via noun builderhave Throw your own party Collect native assets ranging from ERC-20s like $DEGEN to NFTs. BasePaint Open EditionIn groups.
Additional resources surround these key solutions: prop house and joke lace This allows on-chain collectives to easily distribute funds within the community above Base.
open sea It is a notable early adopter of Base and has become a hub for the secondary market around L2’s NFTs. Another upside here is: Reservoirthis is Basic NFT API Allows other platforms to create their own Base NFT marketplace.
In terms of NFTfi (NFT x DeFi) sudo swap Royalties can be executed on-chain to create or trade through the liquidity pool of the underlying NFT. Another project to keep in mind is Astaria, Base’s cryptocurrency lending marketplace that recently promoted cryptocurrency lending. The first NFT-based loan.
For fungible ERC-20 token transactions involving NFT projects, Uniswap’s Base distribution is the primary method. for example, Adworld The team just released Ape In. DN-404 Collect PFP automatically from Base Drop an NFT 1 to your wallet when purchasing $APEIN The token is Uniswap.
Base has an impressive collection of creator-focused platforms.
Jorah Although it is the most notable DIY casting platform today, it has some new competitors: highlightjust now Facilitated the largest generative art collection of all time.and mint.fun), an NFT collection and creation hub, is also noteworthy. In the music world, sound and catalog radio The initial Base stands out.
There are also many more experimental projects in the Base creative scene, such as: base paint (collective pixel art), hyper serve (NFT-based subscription), meme.market (memecoin + meme creator hub) and title (AI friendly remixer app)
Farcaster has taken the cryptocurrency social scene by storm this year. /default channel Warpcast, the leading Farcaster app, has become the biggest app on the platform with over 120,000 followers.
Beyond Warpcast becoming a huge conversation center for the Base community, the app’s smooth UX and recent Farcaster Frame Rollout It also made it a major center for the Base’s foundry activities. In Obres The growth of Zancan’s work, now the largest collection of generational art published to date, is largely due to: Base + Warpcast + Frame Combo It makes the casting process very easy and open.
Web3 publishing platforms such as: mirror and I It also supports Base mints and Frames, so a growing number of blog posts are being collected in L2 recently via Warpcast.
Here are a few other projects to look at right now: Bounty Caster (web3 performance platform) and Don’t be lonely (Live Stream + NFT Clip).
Another promising area for Base is the gaming scene. The biggest player here right now is science fiction trading card games. parallel, there are many cards as NFTs on Base. The team is also exploring ways to create a layer 3 (L3) on top of Base for AI games. parallel colony.
As for more experimental titles, see the previously mentioned PrenpetTamagotchi-style adventure game We recently released V3., here’s something that catches your eye early on: Other emerging efforts to watch include: Land, Labor, Capital (LLC), speed tracerand YONK by Small Brain.
From infrastructure to gaming and everything in between, the nascent Base NFT scene has a little bit of everything, and this base is already much richer and more diverse than most NFT-centric L1s and L2s have to offer.
The Base team’s mission is to onboard over 1 billion people on-chain, and with the growing appeal of NFT use cases combined with Coinbase’s products and OP stack, this mission appears realistically achievable over the next 10-20 years. .
Of course, Base hasn’t even passed its first birthday yet, so there’s a lot more development ahead. The next step in this evolution will occur tomorrow when proto-danksharding arrives via EIP-4844 and will drastically lower gas costs for native transactions. arrive later full danksharding This will further reduce these costs.
Accordingly, as gas costs approach zero and new L3 is built on top of Base, we are poised to see a massive boom in cross-pollination of NFT experiments and ideas that were previously impossible. And with base decentralization and Moving toward maturityL2’s already impressive NFT scene appears ripe for continued growth in the future.
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It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a solicitation to buy or sell any asset, or a solicitation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.
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