Us Crypto Exchange Coinbase has launched a same. Or rather, his subsidiary issued a “piece of content”. Or maybe he just published “chain” content? The distinctions are slippery but, but we define the actions of Coinbase, the response of the cryptographic industry has been scouring and put the company listed on the defensive.
The controversy began on Wednesday when the social media team for base, La Blockchain de Coinbase, published a picture This “Base is for everyone” reading, on Zora, an NFT platform that pivoted the same. When Base published the image, Zora created a linked cryptocurrency, which quickly exceeded a market capitalization of more than $ 14 million before crashed at $ 1 million. It has since been bounded at more than $ 12 million from Friday evening, according to Dex screen.
The base is for everyone. pic.twitter.com/gq3llluxo1
– Base (@base) April 16, 2025Commentators of the crypto industry allegedly alleged that the launch of tokens was a “pump -and -nump” program, or when influencers grow – or “pump” – up to a cryptocurrency price for sale – or “discharge” – the token for profit. “The base will never sell these tokens, and they are not official network tokens for the base, the base or any other related product,” said Coinbase in a statement. So what exactly did it go-Coinbase really launched a same? And why are people so angry? Here is a guide to controversy:
What is Zora?
Founded in 2020, Zora was originally designed as an NFT platform where users could transform images into non-loot tokens that others could buy and sell. But, while the NFT market has dried up, Zora pivoted the same or cryptocurrencies which have no use and which have been traditionally based on online jokes.
The same became in the fashion of the crypto, so the pivot, which occurred at the end of February, had a meaning. “Zora is a social network where each message is a same,” said Dee Goens, co -founder and chief of the startup, said Fortune in a declaration.
The company emits its same on the basis, a layer-two blockchain built above Ethereum that Coinbase has promoted and developed. Thus, Jesse Pollak, member of the Coinbase management team who heads the company’s basic division, began to experiment with the platform.
He has made a series of messages on Zora in the past six weeks that have generated their own cryptocurrencies, including a photo of granola and an image generated by AI baby. “I totally agree with this change,” said Pollak FortuneIn reference to the transition from Zora from NFTS to same way, “because it allows creators to monetize better and let them become viral faster.”
What is a “content coin?
On Wednesday, the company has the base, not just Pollak, experienced Zora and actually launched its own same, or what Pollak called a “piece of content”. The term, he said, refers to cryptocurrencies associated with online media, the price of which can be interpreted as the reflection of the popularity of a position.
“It is not only the creators who are individuals who deserve to benefit from these technologies,” he said. “They are also marks.”
The merchants quickly bought the base “piece of content” from the base. “People thought it was a same, and if there was an official same launched by Coinbase, or base, under this big brand, that everyone knows and loves, who will be the only objective,” said Alon Cohen, the co -founder of the same Launchpad Pump. Fortune.
I think there is a reality where the base has done is normal in a few years
But it is certainly not today and it led to an injury
I am a great defender of the vision of “all tokenizing” but you cannot change the realities of the current market – if you launch a room and you have …
– Alon (@ a1lon9) April 16, 2025However, traders were wrong that the same would be the “only orientation” of Coinbase. Base made another post on Zora which generated another cryptocurrency, which prompted the price of the original token to fall.
After having deleted a debacle of the same after the other, some in the community very online of crypto felt a sense of already seen. “When they launched the second piece, people felt a quote, a robust unbote, and that is what was reflected in the graph,” said Cohen, referring to “carpet prints”, or when crooks have a media threshing to disappear only after having cashed the money from the victims.
What now?
The price of the token, however, recovered, and Pollak said that indignation was moved. Coinbase did not take advantage of the launch of tokens, does not intend to sell his holding holdings and simply experiences with new technologies. “It’s just for creativity,” he said.
Cohen, whose company Pump.Fun has become the standard bearer of the same, said that he did not believe Coinbase and Pollak acting with maliciousness. “They just didn’t understand the market as well as they should have, and what they should have done,” he concluded.
* Even enemies
– Jesse.base.eth (@jessepollak) April 17, 2025Despite the counterou, Pollak remains incompetent. He thinks that “content pieces” are the future of the online media. And Friday, he continued to publish on Zora. His most recent “same” – or “content corner” – was linked to a screenshot of one of his X recent messages. “The base is for everyone,” he read. “Even enemies.”
This story was initially presented on Fortune.com
