On-chain Weekly Digest: NFT treasury companies are coming
Bitcoin NFT market heats up with Shroom sale and Big 4 rally, Polymarket plans U.S. return and explores stablecoin launch...
On-Chain Overview
NFTs are regaining center stage as institutions explore treasury allocations, while meme coin activity declines and Zora emerges as the key narrative within the Base ecosystem.
Crypto market cap edged up 1.02% to $3.95T, while DEX activity declined, with total volume down 4.16% to $121.73B and BSC and PancakeSwap seeing sharp drops of over 15%.
（Data accurate as of: July 28, 2025, 4:00 am, UTC）
Altcoin, Meme coin, NFT and RWA
Altcoin market cap rose 0.72% to $1.06T, in which meme coins declined, with market cap and volume down 5.92% and 8.99% respectively; NFT market cap grew 4.48% to $11.65B.
（Data accurate as of: July 28, 2025, 4:00 am, UTC）
Macro, Stocks & Commodities
Gold dipped 0.34% to $23.25T, while U.S. equities advanced (S&P 500 +1.18%, Nasdaq 100 +0.59%) amid falling VIX (-9.19%) and bond yields (-0.67%), with modest moves in DXY (+0.15%) and oil (-1.06%).
（Data accurate as of: July 28, 2025, 4:00 am, UTC）
Key Events of the Week
NFT | NFT treasury companies are coming (24 July)
GameSquare’s $5.15M CryptoPunk buy hints at a new wave of corporate NFT treasuries, echoing the Bitcoin playbook as seen with MicroStrategy; with the NFT market still smaller than a top 25 chain, institutional inflows could rapidly reshape the space—ready or not.
NFT | Bitcoin NFT market heats up with Shroom sale and Big 4 rally (27 July)
A rare Bitcoin Shroom (#40) sold for 1.95 BTC ($230K), while Adderrels soared +775% to a 0.024 BTC floor; top collections also surged—Taproot Wizards (+36%), NodeMonkes (+60%), Bitcoin Puppets (+30%), and OMB (+29%).
Prediction Market | Polymarket plans U.S. return and explores stablecoin launch (22 July)
Polymarket is set to reenter the U.S. via a $112M acquisition of QCEX after regulatory clearance, and is reportedly considering launching its own stablecoin.
Launchpad | LetsBonk unveils meme buyback plan and overtake Pump.fun in key metrics (24 July)
Following the Pump founder’s interview with Threadguy, BONK announced a 1% BonkFun revenue meme buyback as LetsBonk overtook Pump.fun in volume, fees, and active wallets—cementing its dominance in the meme coin launchpad race.
NFT | Hoodie Punks see $3m sweep, floor hits 50 ETH (25 July)
Prediction Market | xAI has announced a partnership with Kalshi to integrate Grok into Kalshi’s prediction market platform (25 July)
Previously, in June 2025, Kalshi raised $185 million in a funding round led by crypto investment firm Paradigm, bringing its valuation to $2 billion.
Stablecoin | Ethena Labs ecosystem accelerates as stablecoin momentum builds (27 July)
Ethena’s USDe supply surpassed $7B amid rapid growth across the stablecoin sector—StablecoinX raised $360M, Strata launched with $19M TVL in 3 days, and USDtb became the first GENIUS-compliant stablecoin—fueling a flywheel of DeFi, RWAs, and equity buybacks.
SocialFi | Base App drives SocialFi boom with Zora Coin surge (27 July)
Since rebranding Wallet to Base App on July 16, Zora Coins have exploded with 38K daily mints, over 150K trades, $6M+ in volume, and $30K in daily creator rewards—ushering in a new era of wallets that let users chat, post, mint, and earn.
Looking Ahead
ETH Art | The Digital Prophecy exhibition, featuring the artwork EthBoy, will open on August 7 in London (7 Aug)
Defi | Curve ($CRV) is scheduled to undergo a token emission halving event (12 Aug)
Wrapping Up
From a market data perspective: Crypto market cap rose slightly to $3.95T, while meme coins declined and NFTs saw a 4.48% rebound amid weak DEX activity.
From a market events perspective: Institutional interest in NFTs, the rise of LetsBonk, and the SocialFi boom around Zora mark a narrative shift, while Polymarket and Ethena signal renewed momentum in prediction markets and stablecoins.
