CocaCola Has Launched Its NFTs on Coinbase’s Layer-2 Base Network – Tech Live Trends

Soft drinks giant Coca-Cola launched its non-fungible tokens (NFTs) collection on Base, Coinbase’s layer-2 network.

Coca-Cola is immersing itself into the digital art ecosystem with a new NFT collection hosted on Coinbase’s layer-2 network Base.

Coca-Cola launched the Masterpiece collection at Coinbase’s “Onchain Summer” event. The Coca-Cola NFT collection fuses revered artworks and contemporary creations with the beverage company’s iconic bottle.

The Masterpiece collection includes artworks such as Edvard Munch’s “The Scream” as well as contemporary art collections from emerging artists. The collection’s artistic amalgamation honors the company’s legacy while simultaneously the potential of digital creativity.

With the NFT collection launch, Coca-Cola is now one of the top consumer brands working with Base. Some of the forthcoming digital collectible projects include Indelible, Showtime, Pixelmon, and Zora. They all demonstrate the growing interest of some of the top mainstream brands in non-fungible tokens.

Coca-Cola’s dalliance with non-fungible tokens goes much further. In August last year, the soft drinks giant airdropped NFTs to holders of the company’s previous collections hosted on the Polygon network.

Coca-Cola’s NFT effort is geared at enhancing fan loyalty and celebrating International Friendship Day, emphasizing the company’s bid to build bridges via virtual and physical experiences.

The Decline in NFT Trading Volumes

Coca-Cola is foraying into the world of NFTs at a time when the trading landscape for non-fungible tokens has been undergoing a decline.

According to a DappRadar report in April this year, there was an 18.76% decline in NFT trading volume, equivalent to a loss of $1.4 billion. The sales count also dropped 9.72%. The number of NFT traders also dropped to a 20-month low, hitting 364,911 traders.

In spite of these ups and downs, the world of NFTs is still a dynamic space and is absorbing very diverse influences, thereby enriching the ecosystem. For instance, there has been a recent announcement of a new anime project called “House of Lee” which has been inspired by the film star Bruce Lee and it is rumored that the project has an NFT component due to the involvement of Shockunit, a Chinese animation studio that has dabbled in various NFT projects and of the animation artist Emily Yang who has been involved in NFT animation.

The NFT ecosystem is attracting diverse players, even from unexpected quarters such as the former U.S. President Donald Trump whose NFTs saw some moderate success and have a valuation of up to $500,000.

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