Over 700K NFTs Minted by 268K Users in Base’s Onchain Summer Web 3.0 Event

Coinbase’s Onchain Summer Promotion

Coinbase launched its Ethereum layer 2, Base, on Aug. 9. To encourage adoption, they launched a month-long promotion with over 50 companies, artists and creators, releasing new digital art NFTs exclusively on Base. This resulted in over 700,000 NFTs minted by more than 268,000 unique wallets, as the Base team announced on Sept. 6.

The first two weeks of the promotion saw over $242 million worth of crypto bridged to Base, and over 130,000 unique wallets used it daily. The final NFT set was released on Aug. 31 and will remain mintable until Sept. 7.

The Base team has released more information about which digital art sets were the most popular. This event is a great example of how Defi, NFTs, DAOs and Web 3.0 can be used to create a successful promotion.

Web 3.0 and Its Benefits

The Coca-Cola collection that was available from Aug. 13–16 was the most popular, with over 80,000 pieces being minted. Other collections that were highly minted include those of Iskra, the Web3 gaming platform (71,000 mints), Friends With Benefits social media platform (71,000 mints), Zora layer-2 network (70,000 mints) and Anotherblock music rights marketplace (55,000 mints).

During this period, the amount of cryptocurrency locked in Base’s contracts also increased, reaching a peak of over $402 million on Sept. 3, according to DefiLlama data.

Despite these successes, Base’s launch hasn’t been without its issues. The network encountered an outage on Sept. 5 when its sequencer stopped producing blocks. Additionally, there have been multiple scams promoted on the network, such as the $6.5 million rug-pull with Magnate Finance.

The advantages of Web 3.0 are numerous. It allows for faster and more secure transactions than Web 2.0, as well as providing users with access to decentralized applications (DApps), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). Coinbase and Genshin Impact have both recently launched Web 3.0 events, showcasing the potential of the technology.