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Coca-Cola's recent NFT launch on Coinbase's Base chain amasses over $450,000, marking a significant uptick as major brands typically falter in NFT secondary markets.
On Sunday, Coinbase announced the collection launch as part of its "Onchain Summer" initiative, and minting commenced at noon in New York.
The collection, featuring an artistic fusion of classic and contemporary elements with iconic Coke bottles, has garnered considerable popularity among collectors in its initial days. Nearly 60,000 Masterpieces have been minted, generating over $450,000 in revenues. Minting is scheduled to conclude on Wednesday at 12 pm ET.
Remarkably, despite its relatively short existence, the Masterpiece contract addresses already account for eight out of the top 50 most active collections on Base in terms of transfers within a 24-hour period. Among the 3,000 individual NFT collections on the platform, the Masterpiece series has captured traders' attention.
The proceeds from selling the classic painter-themed collections, including Vermeer, Munch, and Van Gogh, have been directed to a secondary address, accumulating over 192 ether (ETH) worth $360,000. Additionally, separate addresses for contemporary artists have garnered $88,000.
As a burgeoning hub for NFT traders, the Base chain continues to attract attention within the digital collectibles market. Recent data from two Dune Analytics dashboards reveals a steady increase in transfers for two popular NFT standards, ERC-721 and ERC-1155, with Base representing more than 10% of the total multichain volume for both standards.
Despite the impressive initial response, investors in the Masterpieces collection may face challenges in terms of profitability. Historically, purchasing NFT collections from well-known brands has proven to be a challenging endeavor for traders.
For instance, Budweiser's Budverse Cans: Heritage Edition collection, featuring digital renditions of stylized historical beer cans, experienced a notable decline in value after its launch in November 2021. The floor price plummeted to 0.1 ETH with limited transaction activity, representing a 63% drawdown.
Photo: Pawel Czerwinski/Unsplash
