Coinbase Offers Free NFTs to Mark Base Launch

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  • Crypto exchange Coinbase has offered free NFTs to popularize its Ethereum layer-2 network called Base
  • Dubbed “Base, Introduced,” the NFTs are available for everyone on Zora
  • The base project is a partnership between Coinbase and Optimism

Crypto exchange Coinbase has offered free NFTs to help popularize its Ethereum Layer 2 network, Base, which was built in partnership with Optimism. Interestingly, the free NFTs are available on the NFT platform Zora instead of on the exchange’s own marketplace Coinbase NFT, despite denying rumors it’s retiring its collectibles trading platform. The free NFTs are available to everyone but with a limit of a single collectible per wallet.

Free NFTs but High Gas Fees

Interested collectors have until the end of Sunday, February 26 to mint the identical NFTs. Due to their free nature, collectors have scooped over 104,000 NFTs, a phenomenon that has contributed to the rising transaction fees on the Ethereum blockchain. According to Coinbase, the digital artworks are a way of commemorating “the initial launch of Base.” 

However, the NFTs are originally available on Zora and only appear on Coinbase NFT as secondary listings. This is despite the exchange confirming that it has no plans to close its collectibles marketplace Coinbase NFT. 

Although the exchange hasn’t attached any utility to the NFTs, early minters have already listed them on secondary trading platforms but with varying prices depending on the time they were originally minted. For example, while some have a floor price of as low as $16, others like #888 have already changed hands for close to $1,500 with its new owner aiming to flip it for $14,700.

Home to Millions of Dapps

The exchange hopes to use the Base blockchain to power its on-chain projects and provide a home to a multitude of decentralized applications (Dapps). 

The new platform and free NFT offering come days after Coinbase revealed its working on a federally regulated crypto exchange. Considering its recent run-in with financial regulators, it’s yet to be seen whether Base and the free NFTs will gain solid traction beyond speculative attention.