OpenSea has announced that it will now Base on getting its minted digital assets listed on the platform. Meaning everything that an artist creates at Base will be available on OpenSea for the purpose of purchase and sale. Moreover, the community of the Base Network will have access to all the NFT-related toolkits supplied by OpenSea. These will come in handy at the time of minting assets.
Base has confirmed the news, stating its plans to simultaneously launch the Onchain Summer campaign. It commits to offering an NFT reward to users every day. Over 50 brands are expected to be a part of the newly established ecosystem with OpenSea. This includes the likes of Atari and Coca-Cola.
Not just brands, Base Network will also host artists, creators, and platforms for the launch that is scheduled to happen on August 09, 2023. Neither of them has stated the time of the launch except for the date.
What makes OpenSea an ideal partner for the Base Network is its historical reputation of generating organic transactions of NFTs, that is, non-fungible tokens. OpenSea has become a synonym for the NFT marketplace. It was briefly surpassed by the competitor – Blur – however, that stint ended shortly, and OpenSea regained its position in the industry.
Simply put, OpenSea is once again the top choice for NFT traders and artists. Base, on the other hand, is somewhat struggling to keep its hopes alive. It was earlier ranked 3rd in the market with the capacity to process 7.6 transactions per second. That has come down to 2.2 transactions per second. This is a result of a series of drag disasters, including the one caused by BALD, a memecoin, and its top contender.
What made this worse was LeetSwap halting its DEX operations after losing $625,000 on Tuesday. All of that reportedly went missing in a single mine. Trading volume, since then, has been declining constantly.
A partnership with OpenSea is likely to help the Base Network regain its supremacy. If not, then the members of the community could very well benefit from the level of reach that OpenSea has in the market. The fact that OpenSea is making available its NFT-related toolkit is simply a cherry on the cake.
The OpenSea community has responded positively to this development. Some of them said Based while some congratulated the team for this quick development.
The development comes at a time when there are reports emerging claiming that July was a very bad month for NFTs. According to a report by DappRadar, there has been a drop of 49% in the sale of NFTs from January to July 2023. The report has even said that the NFT market froze under the ongoing crypto winter.
It remains to be seen if the interest in NFTs is going through a transition period or if it is the price of cryptocurrency that is playing a spoilsport here.