Base Emerges as Top NFT Platform: Ranks Third for Transfers

Less than a week since its launch, Base has emerged as one of the top Ethereum Virtual Machine (EVM) chains for NFT transfers.

For both the ERC-721 and ERC-1155 NFT standards, Base is now the third most popular EVM by transfer volume.

Base NFT Tranfers Surge Past Arbitrum, Avalanche, and Optimism

Since the launch of the Base Mainnet on August. 9, the new L2 has clocked hundreds of thousands of daily users. Moreover, the total value locked (TVL) on the chain has surged to nearly $200 million. And, of course, all those new users aren’t just transferring crypto to Base for fun.

NFT transfer volumes on the network have risen above those seen on alternatives, including Arbitrum, Avalanche, Optimism, and those that take place directly on Ethereum.

In fact, in recent days, only Polygon and BNB have recorded more ERC-721 and ERC-1155 transfers than Base.

On the day of its public launch, ERC-721 transfers on Base rose above 100,000 for the first time. By the next day, they had soared to 165,00, accounting for 14.2% of all transfers that day.

ERC-721 Transfers by EVM (Source: Dune)

For ERC-1155 transfers, Base appears to have eaten directly into Polygon’s share of the total volume.

On Sunday, Base accounted for nearly 20% of all ERC-1155 transfers. And in what used to be a rare occurrence but may become the new normal, Polygon’s share fell to below 65%.

ERC-1155 Transfers by EVM (Source: Dune)

Base Integrates Into Wider NFT Ecosystem

Of course, it’s difficult to ascertain whether Base will sustain high NFT transfer volumes.

The surge in NFT activity on Base could result from multiple new projects launching in tandem and excitement around releasing a new L2. From new NFT games like parallel life to previously unreleased music mints on another block, Base’s NFT ecosystem is already populated by diverse projects.

But the pace with which the new chain has attracted users in the space is what’s most impressive.

After months of testnet development, Base has entered the world already pre-integrated with the wider ecosystem.

For example, major wallets, including Metamask and Trust Wallet, had Base integrations ready to go as soon as the Mainnet launched. What’s more, because all fees are paid in ETH, there is no need for new users to purchase network tokens to transact on Base, making it even easier to onboard.