On August 9, 2023, Coinbase officially opened its Ethereum Layer 2 network, Base, to the general public, marking one of the most significant infrastructure launches in the crypto space this year. The rollout was accompanied by the kickoff of “Onchain Summer,” a month-long celebration featuring over 50 brands, digital artists, and platforms — many of which leaned heavily into NFTs and digital collectibles to showcase what the new network can do.
TL;DR
- Coinbase launched the Base mainnet to the public on August 9, 2023
- Base is an Ethereum Layer 2 blockchain built on the OP Stack from Optimism
- “Onchain Summer” kicked off the same day with 50+ brand collaborations, NFT drops, and digital art events
- Coinbase confirmed that Base will not have its own network token
- At launch, Base quickly became one of the largest Ethereum Layer 2 solutions by activity
A New Home for Digital Collectibles
The timing of Base’s public launch was no accident. By pairing the mainnet rollout with Onchain Summer, Coinbase ensured that creators, brands, and NFT enthusiasts had immediate reasons to engage with the network. Over 50 partners — including major consumer brands and prominent digital artists — participated in the launch festival, releasing exclusive NFT collections, interactive experiences, and on-chain art installations designed to demonstrate Base’s speed and low transaction costs.
For the NFT ecosystem, Base represents a compelling proposition. As an Ethereum Layer 2 built on the OP Stack, it inherits the security guarantees of Ethereum while dramatically reducing gas fees and transaction times. This combination makes minting, trading, and collecting digital assets significantly more accessible to mainstream users — a key hurdle that has long plagued NFT adoption.
What Base Brings to the Table
Base is built using the OP Stack, the same modular framework that powers Optimism. This means it benefits from optimistic rollup technology, batching transactions off-chain before settling them on Ethereum mainnet. The result is a network capable of handling high throughput at a fraction of the cost users would pay on Ethereum L1.
Coinbase has been clear about one thing: Base will not launch its own token. This is a deliberate design choice meant to position Base as infrastructure rather than a speculative vehicle. Revenue comes from sequencer fees, and the network is designed to be a gateway for the millions of Coinbase users who have never interacted with decentralized applications or NFT marketplaces.
Onchain Summer: More Than a Party
The Onchain Summer campaign was carefully structured to demonstrate real-world utility. Each day of the month-long event featured new drops and collaborations. Brands released limited-edition digital collectibles, artists created generative art projects minted directly on Base, and decentralized applications (dApps) opened their doors to the public for the first time.
The festival also served as a stress test. By driving a high volume of users and transactions to the network from day one, Coinbase could identify bottlenecks and optimize performance under real conditions. Early reports indicated that Base handled the influx smoothly, with transaction finality remaining fast and fees staying low throughout the launch period.
Why This Matters for NFTs
The NFT market had been in a prolonged slump heading into August 2023, with trading volumes a fraction of their 2021 peaks. Base’s launch offered a potential catalyst for renewal. By making it cheaper and easier to create and trade digital collectibles, Base lowers the barrier for both creators and collectors. The integration with Coinbase’s massive user base — over 100 million verified users — means that millions of people who have never owned an NFT could suddenly find themselves one click away from their first mint.
Furthermore, the decision to build on the OP Stack aligns Base with the broader Superchain vision, a network of interoperable Layer 2 chains that share security and communication protocols. For NFT projects, this means assets minted on Base could eventually move seamlessly across a constellation of compatible chains without bridges or wrapped tokens.
As the crypto industry continues to search for the next wave of mass adoption, Coinbase’s Base network and its Onchain Summer initiative represent a genuine attempt to bring digital collectibles and on-chain experiences to a mainstream audience. Whether it succeeds will depend on sustained developer activity, user engagement, and the broader market environment — but the launch itself was undeniably one of the biggest stories of the summer.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
no token is actually the right call. prevents the whole security classification headache
coinbase building on the OP stack instead of rolling their own L2 is a huge win for interoperability
Onchain Summer was genuinely fun. Minted a few NFTs on Base and the gas was basically zero. First time showing a non-crypto friend and they actually got it.
50+ brands at launch is massive. never seen that kind of mainstream participation on an L2 rollout
Coinbase has 100M+ verified users. If even 1% onboards to Base that is more users than most L2s combined.