#157 - Coinbase makes "on-chain" the new "online"

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Today,

1. Blockchain news: Coinbase launches its own L2

2. Five small but worthy Wolf Game updates

3. Spotify trials NFT-gated playlists

Plus, all the web3 headlines, memes, and Tweet of the day.

Top 24 hr collection volume

via CoinMarketCap

1. MAYC - 538 sales earning 8,686.19 ETH (0.00%)

2. Azuki - 405 sales earning 6,118.86 ETH (0.00%)

3. BAYC - 42 sales earning 3,112.24 ETH (0.02%)

4. Clone X - 449 sales earning 2,303.89 ETH (0.02%)

5. Pudgy Penguins - 375 sales earning 2,031.6 ETH (0.03%)

#1 Blockchain news ⛓️ Coinbase goes on-chain with Base, a new L2

Coinbase is launching an L2 layer, and it's got a cool logo: 🔵

Base is a layer 2 blockchain deployed on Ethereum, maintained by Coinbase, and built using Optimism's open-source tech stack.

In a Twitter thread, Coinbase described Base as its new on-chain home – a place for web3 apps built by the company and independent developers.

If onboarding goes well, Base will help Coinbase's millions of users interact directly with blockchains (not just Base itself), instead of through centralized third-party apps.

What's an L2?

• Layer 2 (L2) protocols are built on top of exisitng blockchains like Ethereum and Bitcoin

• L2s process transactions separately then sync with the primary chain

• This helps lower the time and cost of transactions, supporting higher usage

But there'll be no token

Launching a blockchain brings the possibility of a native cryptocurrency – queue clamoring for a $BASE airdrop from Crypto Twitter...

However, Coinbase quickly stamped out rumors: "we do not plan to issue a new network token for Base and will use ETH as the native gas token."

Is this like BNB?

Binance, Coinbase's biggest competitor, built a decentralized ecosystem called Build 'n Build (BNB) Chain.

BNB is an L1 blockchain with its own token, $BNB.

Coinbase, on the other hand, is taking a more integrated approach, with an Ethereum-based L2.

This should encourage greater interoperability between Base and other protocols, such as Polygon.

Why is Base interesting? 🤔

Online ➡️ onchain.

With Base, Coinbase can take its millions of mainstream, crypto-curious users on a web3 journey.

Users can start by trading crypto on the company's centralized exchange, before transferring to Base and becoming fully in control of their blockchain assets.

It's the next step in Coinbase's expansion from a humble exchange into a full-service web3 product suite.

In the spirit of open onboarding, Base will also be fully open to dApp developers, and you won't need to KYC (disclose your identity) to use it.

– and there's an NFT

To celebrate Base's launch, Coinbase dropped a free, commemorative open edition NFT.

Interestingly, Coinbase chose to mint on the platform Zora, not via their own, struggling NFT marketplace.

At the time of writing, over 35K editions have been minted, spurring hundreds of thousands in gas fees.

The minting window is open until midnight Sunday.

Gimme more info!

Ok, ok. geez.

Here's the announcement from CoinbaseWhich contains a decent amount of substance and transparency;

Here's more in-depth info on Base's tech and plansBankless podcast spoke with Base lead Jesse Pollak;

Mint the “Base, Introduced” NFTThe OE is available through the minting platform Zora;

Here's a bunch of Base explainer docsIncluding info for Base builders and users;

And here's Base's official Twitter profileFor more updates and spaces on the new protocol.

Coinbase Base will launch to Mainnet in ~two months.

Tweet of the day

On the web3 wire

US Copyright Office indicates it won't consider AI 🤖A recent ruling suggests that artists who use AI image generation will find it hard to copyright their work.

Metaverse game Worldwide Webb raises $10m from Pantera 🤑The web3 game lets you compete for NFTs using your favorite pfp as an avatar.

New charges over political donations added to SBF's rap sheet 🚔The latest indictment relates to 300+ donations made by FTX in attempts to influence crypto policy.

Yuga Labs drops some gameplay tips in a Toad Mode how-to video 🎮The explainer video guides Dookey Dashers through the game's latest iteration.

#2 Wolf Game gets a minor update

Here are five small but worthwhile updates coming to the P2E NFT strategy battle between wolves and sheep – Wolf Game.

The latest upgrades should make it easier to see what other players are up to, as well as making gameplay stats more accessible.

#1 - ENS names appear beneath assets 🏷️

As the shepherd says, manipulating "social dynamics are key" to success in Wolf Game.

To help you identify others on the farm, ENS names now show beneath wolves and sheep.

#2 - Farmers get animations 👩‍🌾

Farmers get a little more life in their veins, with some basic animations.

#3 - See the wallets of other players 👜

Probably the most significant feature for gameplay – it's now easier to see (and analyze) the wallets of other players.

However, you won't be able to see farmer status or breeding and bathing locations.

#4 - View bathhouse recharging time 🛁

Bathhouse owners can instantly check how many days, hours, and minutes remain until their precious baths are replenished.

#5 - Find your sheep in structures 🐑

Lastly, you'll now be able to more easily see when your sheep are using structures for breeding or recharging.

New to Wolf Game? Why not start by reading the WOOLpaper.

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#3 Spotify tests NFT-gated playlists

Here's an experimental Spotify feature: token-enabled playlists.

They let NFT holders unlock playlists made by their projects.

Let's say you're a fan of Kingship (a web3 band 🤷‍♀️) and you own their special key card NFT.

Linking your wallet to Spotify means you get access to Kingship's VIP playlist – which could contain exclusive content, early releases, etc.

Other NFT communities testing out token-gated playlists include the web3 game Overlord, Fluf metaverse, and Moonbirds.

Spotify is supporting the feature on a geo-limited basis for the next few months (just the US, UK, and select countries right now).

Also in the works at Spotify: a personal AI DJ...

Tmrw: web3 threads of the week! 👋

Meme of the day

What we're reading this week