Base Hits Milestone Amid NFT Misuse Allegations

Base Reaches One Billion Transactions

Base, the Ethereum Layer-2 network, has achieved a major milestone by completing one billion transactions since its launch in August 2023. This accomplishment, announced on November 15, 2024, was achieved in just over a year, marking a record-breaking growth trajectory.

For comparison, it took Bitcoin over 15 years to reach the same milestone. Base’s rapid progress highlights its position as a leader among Layer-2 solutions, surpassing competitors like Optimism and Arbitrum.

The Fastest-Growing Ethereum Layer-2 Network

According to a recent CoinGecko report, Base is the second most popular blockchain in 2024 and receives nine times more attention than its closest contender, Arbitrum. This success is supported by Coinbase, the largest cryptocurrency exchange in the U.S., which has been instrumental in Base’s development and sustainability.

NFT Release Sparks Backlash

To celebrate the one billion transaction milestone, Base released a commemorative NFT. However, the release faced criticism when digital artist Chris Biron accused Base of copying his artwork without proper attribution. Biron alleged that the NFT generated over $36,000 in profits without his consent.

Biron voiced his concerns publicly, stating, “When a $76 billion corporation uses my work and earns significant profits without credit, it feels unfair.”

Apology and Resolution

In response to the backlash, Base lead developer Jesse Pollak issued a public apology. Pollak explained that the incident was unintentional and acknowledged the resemblance to Biron’s artwork. As a resolution, Base transferred all NFT proceeds to Biron and committed to improving its processes to prevent similar issues in the future.

Biron accepted the apology graciously, calling it a “class act” and praising Base for handling the situation respectfully. He noted the importance of addressing creative ownership issues in the blockchain space.

Key Takeaways

• Base completed one billion transactions in record time, becoming the fastest-growing Ethereum Layer-2 network.
• The network benefits significantly from the support of Coinbase, its primary backer.
• Base faced criticism over an NFT release accused of infringing on an artist’s rights.
• The network resolved the controversy by transferring NFT proceeds to the artist and committing to improved creative ownership practices.

Base’s milestone underscores its impact on the blockchain ecosystem, while the NFT controversy serves as a reminder of the challenges associated with creative attribution in the digital age.