This week in the NFT space saw a mix of market surges, a major legal reversal, a shift in meme coin dominance, and a new mainstream push.
CryptoPunks experienced their strongest week in over a year, with trading volume soaring. The floor price of these popular NFTs briefly climbed above $200,000 for the first time since March 2024. This renewed interest was largely driven by a notable acquisition: GameSquare, an Ethereum holding company, purchased the rare ape 'Punk #5577' for its corporate treasury. This move has sparked speculation that more companies might begin acquiring top-tier NFTs as part of their corporate treasury strategies.
In a surprising turn of events, a U.S. appeals court overturned the 2023 conviction of former OpenSea employee Nate Chastain. Chastain had been convicted of wire fraud and money laundering for allegedly using insider information to profit from NFT sales. The appeals court ruled that while his conduct was unprofessional, he did not illegally "appropriate property," thus failing to meet the legal standard for fraud.
The once-dominant meme coin launcher, Pump.fun, is now facing a significant decline in its market position. The platform's revenues have dropped to a 10-month low, as competitors gain ground.
LetsBonk on Solana is now facilitating more daily trading and token launches, while Zora's coining activity on Base is also seeing a surge. This shift raises questions about whether Pump.fun can regain its market leadership.
NBA Top Shot, the NFT collection that helped launch the 2021 bull run, is now available in Japan. Through a new partnership between Dapper Labs and marketing firm 24karat, fans can purchase Top Shot NFTs from smart vending machines located in train stations and shopping centers. The machines offer randomized packs for about $7, with purchases made via phone, requiring no prior crypto knowledge or wallet setup. This initiative represents Dapper Labs' latest effort to make NFTs more accessible to the mainstream.
August 2025, Cryptoniteuae