Less than a week after 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 transfers are rising past Arbitrum, Avalanche and Optimism
Since the launch of the Base Mainnet in August. As of September 9, the new L2 has clocked hundreds of thousands of daily users. In addition, the total value locked on the chain (TVL) has risen 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 of alternatives, including Arbitrum, Avalanche, Optimism, and those that take place directly on Ethereum.
In fact, only Polygon and BNB have recorded more ERC-721 and ERC-1155 transfers than Base in recent days.
On the day of the public launch, ERC-721 transfers on Base rose above 100,000 for the first time. By the next day, they had risen to 165.00, accounting for 14.2% of all transfers that day.
ERC-721 Transfers by EVM (Source: Dune)
For ERC-1155 transfers, Base seems to have directly eaten up 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 stock fell below 65%.
ERC-1155 Transfers by EVM (Source: Dune)
Base integrates into wider NFT ecosystem
Of course, it is difficult to determine whether Base can handle high NFT transfer volumes.
The increase in NFT activity on Base could be due to multiple new projects launching at once and excitement surrounding the release of a new L2. From new NFT games like parallel life to previously unreleased music coins on another block, Base’s NFT ecosystem is already populated by diverse projects.
But the pace at which the new chain has been drawing users to 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. Plus, because all fees are paid in ETH, new users don’t have to buy network tokens to transact on Base, making it even easier to get on board.