Coinbase L2 network “Base” NFT Ethereum destroyed more than Blur

On February 24, it was reported that the destruction of Ethereum in the “Base” NFT of the Coinbase L2 network had reached 403.06 ETH, surpassing Blur (336.67 ETH), and ranked first in the past 24 hours, according to the data of ultra-sound.

Interpretation of this information:

The message reports on the destruction of Ethereum in the “Base” NFT of the Coinbase L2 network, with the destruction reaching 403.06 ETH on February 24. This destruction surpasses the amount of Blur, which was destroyed by 336.67 ETH, and has ranked first in the past 24 hours, as per the data from ultra-sound.

This news is an indication of the growing popularity of the NFT market, which has been grabbing attention in recent times. NFTs or non-fungible tokens are unique digital assets that represent ownership of a particular asset or collectible, such as art or a tweet. The ownership of this asset is stored on a blockchain, which provides authenticity and transparency to the transaction.

The destruction of Ethereum in the “Base” NFT is a process by which a user can burn their NFT to redeem certain rewards or benefits. This process reduces the supply of Ethereum, which is a digital currency that powers the Ethereum blockchain. As the supply of Ethereum decreases, its value is expected to go up, making it a scarce asset.

This trend of burning NFTs suggests that investors are not just buying NFTs for their value as collectibles, but also for the rewards associated with burning them. This indicates that NFTs have evolved beyond just being a digital collectible, but are now seen as a valuable investment opportunity.

The popularity of NFTs has also led to the development of the Coinbase L2 network, which is a layer-2 scaling solution for Ethereum that aims to improve transaction speeds and reduce gas fees. This network allows users to trade NFTs more efficiently and cheaply, making it an attractive platform for NFT investors.

In summary, the destruction of Ethereum in the “Base” NFT of the Coinbase L2 network reaching 403.06 ETH highlights the growing popularity of NFTs and their potential as a valuable investment opportunity. The trend of burning NFTs indicates that investors see value not only in the collectibles themselves, but also in the rewards associated with burning them. The development of the Coinbase L2 network is an indication of the growing infrastructure around NFTs, making it more accessible and attractive to investors.