Base Emerges The 4th Top NFT Blockchain Network

Base, an Ethereum Layer Two blockchain network, has seen a surge in NFT trading sales volume, now ranking fourth among the top blockchain networks in the space, according to data from CryptoSlam.

Over the past 24 hours, Base L2-based NFTs have generated trading sales volume of $1.9 million, marking a 52% increase compared to the previous day. This performance has propelled Base into the fourth position.

Leading the pack is Ethereum, the well-known blockchain network that hosts most blue-chip NFT collections. In the past 24 hours, Ethereum-based NFTs have generated a trading sales volume of $10 million, although this volume has decreased by 14.92% during this period.

Bitcoin, which hosts Bitcoin Ordinals, Runes, and BRC-20 non-fungible token collections among others, follows closely behind as the second most-traded blockchain network in the NFT space. During the past 24 hours, Bitcoin-based NFTs have generated a trading sales volume of $5.1 million, surging by 12.97% from the previous day.

Solana, another blockchain network that supports smart contracts and non-fungible tokens, ranks third among the top NFT blockchain networks. In the past 24 hours, Solana-based NFTs have generated a trading sales volume of $3.6 million, also showing a 39% increase from the previous day.

Coinbase, the company behind the Coinbase Crypto Exchange and Base Layer Two network, has won an appeal in a 2023 lawsuit filed by the United States Securities and Exchange Commission.

The lawsuit, which was filed in March 2023, alleged that Coinbase had been operating as an unregistered exchange and that it had misled users by claiming that the majority of the crypto assets on its platform were not securities. The lawsuit also specifically named several crypto assets, including Solana (SOL), that the SEC claimed should have been registered as securities.

Coinbase had filed a motion to dismiss the lawsuit, arguing that the SEC had overstepped its authority and that the court lacked jurisdiction over the matter. However, Analisa Torres, the District Judge who presided over the case, had denied Coinbase's motion to dismiss the lawsuit in June 2023, paving the way for the case to proceed.

Following the District Court's decision, Coinbase filed a petition for an interlocutory appeal, which would allow a higher court to review the lower court's decision before the final judgment in the case.

On January 8, 2025, Katherine Polk Failla, a resident Judge in the United States District Court Southern District of New York, granted the order for an interlocutory appeal. The appeal will now be heard by the United States Court of Appeals for the Second Circuit.

This development could have a significant impact on the crypto industry, as it will set a precedent for how digital assets are classified and regulated by the SEC. Many crypto enthusiasts and industry insiders are hoping that the Second Circuit will overturn the lower court's ruling and provide clarity on the regulatory landscape for digital assets.