Coinbase-sponsored second layer blockchain Base brought on a stir on Wednesday when, regardless of repeatedly claiming that it had no intention of launching a token, it launched a token.
Confusingly, nonetheless, relying on who you hearken to, it both didn’t launch a token in any respect, or it has launched one thing referred to as a “content coin.”
BASEISFOREVERYONE was introduced by Base by way of an X put up and was billed as being for “coiners, collectors, traders, builders, creators, artists, writers, musicians, visionaries, sports fans, podcasters, travelers, DeFi users, students, and so much more.”
Sadly, the memecoin crashed 88% inside hours.
What’s peculiar, nonetheless, is that Coinbase itself is adamant that it didn’t really launch a token or memecoin. This, it says, is as a result of token launching on Zora.
Zora is a duplicate of Instagram that utilises Base’s layer 2 chain to tokenize each put up customers make, that means they’ll subsequently be traded and offered.
A Coinbase spokesperson informed Protos that “Zora is an onchain social media platform, where people can post, like, and share content. Posts on Zora are automatically tokenized.”
It stated, “To be clear, Base did not launch a token, this is not an official Base token, and Base did not sell this token. Base posted on Zora, which automatically tokenizes content.”
Base’s endorsement of the “Base is for everyone” token.
Base itself additionally tried to skirt across the token launch by claiming that it, and any future cash on Zora, “are not an official network or protocol token for Base, Coinbase, or any other related product.”
It claims they’re “solely for artistic and cultural purposes as collectibles, not as investments or financial instruments.” It additionally says the put up itself is much like a put up on X.
The one downside is, X isn’t turning each photograph you add right into a tradable, monetary instrument, regardless of the loophole Base’s disclaimer is attempting to ascertain.
Base’s Jesse Pollak needs to reinvent the memecoin
As Base founder Jesse Pollak promoted Zora and Base’s freshly launched token, he additionally tried to reinvent the memecoin wheel.
Pollak dubbed Zora’s tokenised posts as “content coins” and claims that, in contrast to memecoins, content material cash have “no expectations,” solely have “singular value,” and are “one piece of content.”
Certainly, sellers of BASEISFOREVERYONE crashed its value within the first two hours whereas three wallets had been noticed shopping for giant quantities of the token earlier than its official endorsement from Base.
The worth has since pumped upwards after this primary main crash.
Others referred to as the content material coin push “major gaslighting,” whereas others assume Base should view memecoins “as a dirty word.” Even Pump Enjoyable CEO Alon Cohen stated now is just not the time for Base’s technique and that its transfer with Zora “has resulted in hurt.”
“I’m a huge advocate for the vision of ‘tokenizing everything’ but you can’t change current market realities — if you launch a coin AND have social influence, that comes with responsibility,” he reasoned.
Pump Enjoyable popularised the memecoin development and has made greater than half a billion {dollars} within the course of. Now, it’s spawned an entire host of copycats and trendchasers, together with Justin Solar’s Solar Pump, Binance’s 4 Meme, and now the Zora app constructed on Base.
After Protos reached out to Coinbase for remark, a spokesperson reiterated the disclaimer Base positioned underneath its Zora put up, acknowledged once more that “Base did not launch a token,” and quoted Base’s put up yesterday.
It stated, “Base is posting on Zora because we believe everyone should bring their content onchain, and use the tools that make it possible. Memes. Moments. Culture. If we want the future to be onchain, we have to be willing to experiment in public. That’s what we’re doing.”
“To be clear, Base will never sell these tokens, and these are not official network tokens for Base, Coinbase, or any other related product. The content we share is creative, and we’re going to keep bringing culture onchain.”
