CryptoPunks Catch Fire Again
1️⃣ 'Punks heat up
This week, CryptoPunks recorded its strongest 7-day volume stats in over a year and briefly crossed the $200k floor price mark for the first time since March 2024.
Driving some of the buy pressure? Renewed interest in the wake of Ethereum holding company GameSquare's purchase of rare ape 'Punk #5577 for its corporate treasury.
Now the grand question is which companies might follow suit with their own 'Punk bids. More ETH treasury strategies are all but inevitable, but top Ethereum NFTs have officially entered this conversation, too.
2️⃣ Chastain's convictions overturned
In 2022, the NFT world was shocked when OpenSea employee Nate Chastain was hit with wire fraud and money laundering charges.
Then, in 2023 he was convicted. The crux: prosecutors alleged Chastain used insider information via OpenSea to buy up certain NFTs early and sell them once they pumped.
However, Chastain's case did a 180 this week as a U.S. appeals court decided to overturn his convictions. Ultimately, the judges decided his conduct may have been unprofessional, but he didn't actually appropriate property and thus didn't meet the bar for fraud.
3️⃣ Pump slumps
Pump.fun has been the undisputed king of the hill in memecoins since 2024. Now, though, the popular coin launcher is starting to seriously lose ground.
This week, the platform's revenues slid to a 10-month low as its main competition on Solana, LetsBonk, is now facilitating way more daily trading and token launches, while on Base Zora's coining activity is surging.
It's safe to assume Pump can reach a second wind. Then again, this wouldn't be the first time a hot project has faded into the distance in crypto. Let's see if the project can rally again from here.
4️⃣ Top Shot vending machines
NBA Top Shot moments, which helped kick off the NFT bull run in 2021, just hit the streets of Japan.
Thanks to a new collab between Dapper Labs and marketing firm 24karat, fans can now buy Top Shot NFTs from smart vending machines in train stations and shopping centers across the country.
The machines offer randomized packs for around $7, with buys made via phone and no crypto knowledge or wallet required. A Flow wallet is abstracted under the hood, streamlining onboarding.
It's Dapper's latest push into the mainstream. Lately, I've actually been playing around with the Disney Pinnacle app, which Flow also powers. Don't sleep on this team, I say.
