# Redeeming $BASED

*Author: Bankless*
*Published: Jul 25, 2024*
*Source: https://www.bankless.com/es/redeeming-based*

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[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/07/unnamed--19-.png)](https://bit.ly/3vFsAzL)

  

   Redeeming $BASED
  

  
  Published on July 25, 2024

[
  
  View in Browser

](https://www.bankless.com/metaversal)
 

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.  .  .

 
  
    
      
      CULTURE NEWS
    
    
  
  
    
  Zora's Sparks
  

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/07/Group-14--17-.png)](https://www.bankless.com/dashboard)- ✨** Zora proposes Sparks**. The NFT creator suite extraordinaire [introduced Sparks](https://zora.co/writings/sparks), a new unit system for ETH designed to make dealing with smaller amounts of ETH much easier. 
- 📈** Polymarket is powering up.** The popular predictions marketplace, which uses ERC1155 NFTs to facilitate its binary outcomes, now accounts for [6% of transaction fees](https://x.com/smyyguy/status/1816486012282888588) paid on Polygon. 
- 🤖** Meet SearchGPT**. OpenAI released [a new prototype](https://x.com/OpenAI/status/1816536290822881780) featuring advanced AI web search functionalities, with a full public rollout coming after an initial waitlist testing period. 

.  .  .

 
  
    

    GUIDE

  
  
    
   
Redeeming $BASED with Base Introduced NFTs
  
  
   
     
     Bankless Author: 
     
      [
       
       William M. Peaster](https://x.com/WPeaster)
     
    
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/07/image---2024-07-25T132500.847.png)](https://www.bankless.com/redeeming-based-tokens)**When the testnet of Base was first launched in February 2023, the Layer 2 (L2) scaling solution's team released a commemorative NFT mint, Base Introduced.**

The open edition was collected more than 485,000 times by over 370,000 wallets, making it one of the most widely distributed NFTs ever so far!

Take note, then, because a new memecoin experiment is using these NFTs as a proxy for creating an unofficial Base token, $BASED, that will launch on the L2 in August 2024.

*Let's walk through the basics in case you're interested in diving in and redeeming a $BASED allocation*! 👇

[Read the full guide](https://www.bankless.com/redeeming-based-tokens)
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