Coinbase’s Layer-2 Network, Base, Sees Significant Growth in NFT Trading
Coinbase’s layer-2 network, Base, has climbed to the third position in non-fungible token (NFT) trading volume, experiencing a remarkable 70% increase over the past 30 days.
According to decentralized application data aggregator DappRadar, Base’s NFT volume reached $47.67 million, marking a 70% rise in a month. This surge propelled the network ahead of several competitors in the NFT sector, including Immutable zkEVM and Solana, which now hold the fourth and fifth ranks by 30-day volume.
Notable collections such as Get Based, DX Terminal, and Based Style together accounted for approximately $25 million in NFT trading volume, contributing to the boost in digital collectible transactions on the network.
Beyond just NFT activities, data indicates that Base is emerging as one of the busiest ecosystems overall. In the past 30 days, the network facilitated over 27 million transactions and had more than $16 billion in decentralized application (DApp) volume, reflecting the cumulative token transfers across DApps within the network.
While Base experiences growth, Ethereum continues to hold the title of the leading network for NFTs. DappRadar’s data revealed that Ethereum generated $408 million in trading volume over the last 30 days.
Prominent NFT collections such as CryptoPunks, Pudgy Penguins, Moonbirds, the Bored Ape Yacht Club (BAYC), and Lil Pudgys have been at the forefront of NFT trading on Ethereum, with these collections collectively accounting for over $200 million in trading volume.
This all occurred despite a recent decline in floor prices across top blue-chip collections. On Tuesday, data from DefiLlama indicated that NFT floor prices for leading collections based on Ethereum experienced a decrease. Collections like Pudgy Penguins, BAYC, and Doodles each saw double-digit percentage drops.
Nevertheless, CryptoPunks maintained stability with a floor price decrease of less than 2% during the same period.
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Polygon’s Performance in NFT Trading
Polygon continues to hold its position as the second-largest network in terms of 30-day trading volume, having achieved $62.29 million, reflecting a 15% increase over the last month.
The majority of Polygon’s NFT trading volume came from Courtyard NFTs, which represent tokenized versions of real-world assets (RWAs) like trading cards. Courtyard NFTs accounted for $57.65 million, marking a 21% growth in the last 30 days.
Top blockchains by 30-day NFT volumes
