Base Blockchain Surges to #3 in NFT Trading Volume
Base Climbs to Third Spot in NFT Trading Volume
Coinbase's layer-2 network, Base, has ascended to the third position in non-fungible token (NFT) trading volume, experiencing a 70% increase over the last 30 days.
Data from DappRadar indicates that Base's NFT volume reached $47.67 million during this period, surpassing networks like Immutable zkEVM and Solana, which now rank fourth and fifth, respectively. This growth highlights the increasing activity and interest within the Base ecosystem.
Key Drivers of Growth
The surge in NFT trading volume on Base can be attributed to the popularity of collections such as:
- Get Based
- DX Terminal
- Based Style
These collections collectively accounted for approximately $25 million in NFT trading volume, significantly contributing to Base's overall growth.
Beyond NFT activity, Base has also demonstrated significant growth in overall network usage. Over the past 30 days, the network processed over 27 million transactions and facilitated more than $16 billion in decentralized application (DApp) volume, reflecting the total value of token transfers across DApps on the network.
Ethereum Remains the NFT Leader
Despite Base's impressive growth, Ethereum continues to dominate the NFT market. In the last 30 days, Ethereum recorded $408 million in NFT trading volume.
Leading NFT collections on Ethereum include:
- CryptoPunks
- Pudgy Penguins
- Moonbirds
- Bored Ape Yacht Club (BAYC)
- Lil Pudgys
These collections collectively accounted for over $200 million in trading volume on the Ethereum network.
Floor Price Fluctuations in Blue-Chip NFTs
Interestingly, this activity occurred amidst a recent downturn in floor prices for several blue-chip NFT collections. Data from DefiLlama revealed that floor prices for top Ethereum-based collections like Pudgy Penguins, BAYC, and Doodles experienced double-digit percentage declines. CryptoPunks, however, remained relatively stable with a less than 2% drop.
Polygon's NFT Market
Polygon secured the second-largest network position in 30-day NFT trading volume, reporting $62.29 million, a 15% rise over the last month.
The lion's share of this came from Courtyard NFTs, representing tokenized real-world assets (RWAs) such as trading cards. These NFTs contributed $57.65 million, a 21% increase over the same period.