A significant milestone has been achieved on the XRP Ledger (XRPL) with the activation of the Dynamic NFT amendment, coinciding with the ongoing Apex 2025 summit. This development marks a new era in the evolution of XRPL, significantly enhancing its capabilities in the realm of tokenized assets. The announcement was made by XRPL contributor Vet, who confirmed via X that the amendment had gone live. Notably, this upgrade was entirely developed and activated by independent community contributors, highlighting the decentralized and open-source nature of the XRPL. Unlike many blockchain upgrades driven by centralized teams or corporations, this amendment emerged organically from within the XRPL developer ecosystem.

Dynamic NFTs (dNFTs) represent a significant advancement over traditional non-fungible tokens. While standard NFTs are static and unchangeable once minted, dNFTs are designed to update their metadata in real time. These updates can be triggered by external events, user interactions, or on-chain activity, making dNFTs highly versatile. The introduction of dNFTs on the XRP Ledger allows developers to create more interactive and responsive tokenized experiences, such as evolving in-game assets, real-time identity tokens, or smart ticketing systems. By combining this flexibility with XRPL’s low transaction costs and energy efficiency, the amendment positions the ledger as a competitive platform for next-generation NFT projects.

What sets this activation apart is its entirely community-led origin. As Vet emphasized in his announcement, the Dynamic NFT amendment was not a Ripple initiative, nor was it driven by any corporate entity. It reflects the initiative of independent developers, who proposed, refined, and validated the amendment through XRPL’s consensus process. This marks a key turning point for the XRPL ecosystem, proving that essential upgrades and innovation can occur without centralized direction. It also highlights the strength and maturity of the XRPL developer community, which continues to expand its influence through meaningful contributions to the ledger’s evolution.

That this amendment went live during Apex 2025, the XRPL’s premier developer summit, adds further significance. Hosted by Ripple and the XRP Ledger Foundation, Apex brings together builders, researchers, and enthusiasts from across the ecosystem. It catalyzes innovation and collaboration, and this year, it became the stage for a major technical advancement. With dNFT functionality now active, developers attending Apex and beyond are already beginning to explore new use cases and creative applications.

The activation of the Dynamic NFT amendment is more than just a technical update; it’s a declaration of XRPL’s growing dynamism and the power of decentralized development. As new use cases begin to emerge, the ledger is set to attract a wider range of developers, creators, and enterprises. Thanks to contributors like Vet and the broader XRPL community, the future of NFTs on the XRP Ledger isn’t just promising, it’s dynamic.

Solana has once again demonstrated its dominance in the decentralized application (dApp) market, generating over $146 million in revenue for the month of June 2025. This achievement marks the 13th consecutive month that Solana has led the sector in dApp revenue, highlighting its growing influence and popularity among developers and users. The platform’s ability to sustain such high levels of revenue generation is a testament to its robust infrastructure and the increasing adoption of its blockchain technology.

Solana’s impressive revenue figures underscore its strength in supporting a wide range of dApps, from gaming and finance to social media and marketplaces. This diversity not only attracts a broader user base but also ensures a steady stream of revenue from various sources. The platform’s high throughput and low transaction costs make it an attractive option for developers looking to build scalable and efficient applications.

Solana’s leadership in the dApp market is further bolstered by its active user base. With 23.45 million active addresses in the past week, Solana has demonstrated a significant increase in user engagement and participation. This surge in activity is indicative of the platform’s growing ecosystem and the trust that users have in its technology. The high number of active addresses also suggests that Solana is successfully attracting new users while retaining its existing ones, a critical factor in maintaining its market leadership.

Since October 2024, Solana has consistently exceeded Ethereum in the volume of decentralized exchange (DEX) and smart contract activity. In June 2025, DEXs based on Solana achieved a volume of more than $5.78 billion, while Ethereum recorded more than $4.7 billion, trailing behind. This trend highlights Solana’s growing dominance in the decentralized finance (DeFi) sector.

Solana has also been leading in transaction fees paid to applications and protocols since November 2024. This illustrates high levels of developer and user interest throughout the network. The platform’s native token, SOL, is consolidating above the $140 support level, with analysts observing a potential 15% rally toward the $170 resistance level. Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have maintained signs of bullish moves.

Solana reported a new quarterly high in Bitcoin trade volume for Q2 2025, increasing its relevance for BTC holders within DeFi. The network also concluded its Colosseum hackathon, signaling ongoing developer interest. Additionally, Solana showcased cost-saving advantages for global payment networks like Visa and Mastercard, suggesting potential institutional use cases.

Solana’s dApp revenue accounted for 41% of its total blockchain revenue in June. This share remains significantly higher compared to Ethereum and Binance Smart Chain, demonstrating deeper integration of utility and usage across decentralized platforms within the Solana network. The performance signals robust demand for decentralized services deployed on Solana, which continues to attract developers and liquidity providers to its ecosystem.

In conclusion, Solana’s $146 million in dApp revenue for June 2025 is a significant milestone that underscores its dominance in the blockchain sector. The platform’s ability to sustain high levels of revenue generation and user engagement is a testament to its robust infrastructure and strategic focus on developer support. As the dApp market continues to evolve, Solana’s leadership position is likely to remain unchallenged, making it a key player in the future of decentralized applications.

The cryptocurrency market is undergoing a seismic shift. Bitcoin’s dominance—its share of the total crypto market cap—has plunged to 48% in July 2025, down from 67% in late 2024, according to CoinMarketCap data. This decline, driven by institutional capital flooding into DeFi protocols and Layer-2 scaling solutions, signals a structural reallocation of assets toward altcoins. For investors, the writing is on the wall: the era of Bitcoin’s unchecked dominance is over, and the next phase of crypto’s evolution belongs to the altcoin “alt season.”

The Institutional Adoption Catalyst

Institutional investors, long wary of Bitcoin’s volatility and limited utility beyond speculation, are now drawn to DeFi yield opportunities and Layer-2 scalability. DeFi platforms like SEI and protocols like Optimism (OP) offer annualized yields of 15–30% on stablecoins and liquidity pools—a stark contrast to Bitcoin’s “yield” of zero. Meanwhile, Layer-2 solutions reduce Ethereum’s transaction costs by 90% and boost throughput to 100,000+ transactions per second, making it viable for real-world applications like gaming, NFTs, and decentralized finance.

This shift is reflected in ETF inflows. The DEFi ETF (ticker: DEFI), which tracks a basket of DeFi tokens including ETH and OP, has seen $2.1 billion in net inflows year-to-date, while Bitcoin ETFs like BITO have stagnated. .

Technical Indicators Confirm the Structural Shift

Bitcoin’s technicals are flashing red. Its price has broken below the 38.2% Fibonacci retracement level of its 2023–2024 rally, a key support threshold. Meanwhile, altcoins are surging: Ethereum (ETH) has retested its 2021 all-time high, and Layer-2 token Optimism (OP) has formed a bullish ascending triangle pattern, signaling a potential breakout to $12–$15.

Historical backtests of this strategy confirm its reliability. Over the past three years, buying these tokens when they formed a bullish ascending triangle and holding for 30 days resulted in an average return of 1.5%, with OP achieving a 90% success rate over that period. These results align with the structural shift toward altcoins, as seen in their historical outperformance during similar setups.

The decline in Bitcoin dominance aligns with historical cycles. Every time Bitcoin’s share of the market cap dips below 50%, it triggers an “alt season” where altcoins outperform by an average of 200% in the following 12 months. .

The Investment Case: SEI, OP, and ETH Lead the Pack

1. SEI (Sei Network): A high-performance DeFi blockchain with 200% annualized growth in liquidity since Q1 2025. Its unique “validator” model ensures stability while offering yields on its native token. Historical backtests show SEI’s 70% win rate over 30-day holds supports its breakout potential.
2. OP (Optimism): The Layer-2 scaling solution for Ethereum, OP’s price has a 0.85 correlation with Ethereum’s adoption metrics. With a 90% success rate in past triangle setups, OP is well-positioned to capitalize on its breakout target.
3. ETH (Ethereum): The second-largest crypto by market cap, ETH’s recent EIP-4844 upgrade slashes gas fees, unlocking mass adoption for DeFi and NFTs. Its 80% win rate in triangle-based trades since 2022 reinforces its role as an altcoin leader.

Risks and Cautions

The crypto market remains volatile. A sudden Bitcoin rebound—driven by ETF approval or macro stability—could compress altcoin gains. Investors should allocate no more than 5–10% of their portfolio to altcoins, with a focus on projects with real-world usage metrics (e.g., daily active users, transaction volume).

Conclusion

The structural shift from Bitcoin to altcoins is no longer a speculative bet—it’s a fundamental reallocation driven by yield, scalability, and institutional capital. For investors, the time to pivot toward DeFi and Layer-2 tokens is now. As Bitcoin’s dominance fades, the next crypto cycle will be defined by the protocols that power real-world applications.

The alt season is here. Position accordingly.

In a bold move signaling the next phase of crypto’s evolution, Coinbase announced the acquisition of Opyn’s leadership team on July 11, 2025. This strategic talent grab isn’t just about adding engineers—it’s a calculated play to accelerate hybrid onchain markets that blend decentralized innovation with institutional-grade compliance. As the crypto market surges past Bitcoin’s $113,000 record and Coinbase’s stock hits $389, the move underscores a clear vision: turning DeFi’s wild west into a regulated, scalable ecosystem ready for Wall Street’s adoption.

The Opyn Acquisition: A Masterclass in Talent-Driven Innovation

The acquisition of Opyn’s core team—including CEO Andrew Leone and Head of Research Joe Clark—signals Coinbase’s shift from protocol acquisition to expertise acquisition. Unlike previous moves that targeted operational protocols (e.g., Deribit’s derivatives platform), this deal focuses on the minds behind groundbreaking decentralized derivatives like Power Perpetuals and Squeeth. These instruments, which allow high-leverage exposure to assets like ETH², are now being integrated into Coinbase’s Verified Pools, an onchain liquidity system on its Base Layer 2 network.

The strategic genius here lies in leveraging Opyn’s regulatory navigation experience. Opyn’s 2023 $250,000 settlement with the CFTC over unregistered derivatives provides Coinbase with a roadmap to avoid similar pitfalls. By embedding this compliance know-how into its DeFi tools, Coinbase is positioning itself as the first-mover in compliant decentralized derivatives, a space where institutional players like hedge funds and pension funds are already circling.

The Synergy of Prior Acquisitions: Building a Full-Stack Crypto Infrastructure

The Opyn deal is the sixth acquisition in a yearlong blitz that includes:
– Deribit: A $2.9 billion purchase of the world’s largest crypto derivatives exchange, now powering Coinbase’s institutional-grade derivatives offerings.
– Liquifi: A token management platform acquired in 2025, enabling Coinbase to streamline compliance, tax reporting, and token lifecycle management for crypto projects.
– Iron Fish: A privacy-focused blockchain team, bolstering Coinbase’s ability to attract institutional users wary of transparency risks.

Together, these moves form a comprehensive ecosystem for institutional adoption:
1. Deribit provides the depth and liquidity for high-stakes derivatives trading.
2. Liquifi ensures compliance and operational efficiency for token issuers.
3. Opyn’s team adds decentralized innovation, turning Base Layer 2 into a playground for next-gen financial instruments.

This synergy creates a flywheel effect: more institutional users drive demand for compliance tools (Liquifi), advanced products (Opyn), and scalable infrastructure (Deribit), all underpinned by Base’s Layer 2 efficiency.

Regulatory Compliance as a Competitive Moat

The crypto industry’s $1.5 trillion market cap remains shackled by regulatory uncertainty. Coinbase’s acquisitions are designed to turn this liability into an asset. By absorbing teams with regulatory battle scars (like Opyn’s CFTC settlement), Coinbase is building a living compliance framework into its DeFi stack. This reduces legal risks for institutional clients, who can now adopt crypto without the “trust but verify” headaches of unregulated platforms.

Consider Liquifi’s role: its tools for managing token ownership and vesting schedules are already used by Uniswap and Optimism. Integrating this into Coinbase’s Prime offering positions it as the go-to partner for Fortune 500 companies launching tokenized assets—a market projected to hit $2 trillion by 2030.

Why Coinbase is the Prime Play for Institutional Crypto Adoption

The crypto market’s growth hinges on two factors: trust and simplicity. Coinbase’s hybrid model delivers both:
– Trust: By marrying decentralized innovation with centralized compliance, Coinbase offers institutions the best of both worlds.
– Simplicity: Its ecosystem reduces the need for clients to stitch together fragmented DeFi tools, slashing operational and regulatory complexity.

With Bitcoin’s price soaring and crypto ETF approvals inching closer, Coinbase’s stock is primed to capture the upside of this institutional influx. Its $389 all-time high isn’t just about crypto euphoria—it’s a bet on Coinbase’s vision becoming reality.

Risks and Considerations

• Regulatory Overreach: While Coinbase’s compliance focus mitigates risks, U.S. SEC actions could still disrupt momentum.
• Competition: Binance’s global dominance and self-custodial platforms like FTX (pre-bankruptcy) pose threats.
• Execution: Integrating multiple teams without diluting innovation will test Coinbase’s leadership.

Final Take: Buy COIN for the Institutional Crypto Tsunami

Coinbase’s strategic acquisitions are no longer about chasing DeFi hype—they’re building the operating system of institutional crypto adoption. With a $2.9B bet on Deribit, a $250M+ play on Opyn’s talent, and Liquifi’s compliance backbone, the company is now the most formidable bridge between Wall Street and blockchain.

For investors, COIN’s stock is a leveraged play on this transition. While risks persist, the structural tailwinds of crypto’s maturation and Coinbase’s execution make this a buy for long-term portfolios. As the CEO of Liquifi put it: “This isn’t just about crypto—it’s about rebuilding finance itself.” Coinbase is leading that charge.

Investment Grade: Buy
Risk Rating: Moderate (High upside, regulatory execution risks)

The play-to-earn (P2E) model, once the beating heart of Web3 gaming, is gasping for air. With daily active users plummeting 17% quarter-over-quarter in Q2 2025 and funding collapsing 93% year-over-year, the sector is undergoing a brutal reckoning. Yet within this downturn lies an opportunity: a historic shift toward foundational technologies that could redefine the future of gaming. For investors, the path forward is clear—allocate to infrastructure, not speculation. The era of betting on flashy game titles is over. The future belongs to the bedrock: real-time engines, asset distribution layers, and blockchain tooling that enable sustainable, high-performance ecosystems.

The Decline of P2E and the Rise of Infrastructure Investment

The numbers are stark. Over 300 Web3 games have shut down in 2025, victims of unsustainable tokenomics and low retention rates. Investors are fleeing speculative game launches, with just $73 million allocated to consumer-facing titles in Q2—down from a peak of over $1 billion in 2023. Meanwhile, 75% of the remaining funding is flowing into infrastructure—real-time game engines, cross-chain asset distribution platforms, and blockchain tooling. This shift is no accident.

The collapse of P2E models exposed a critical flaw: games prioritized financial incentives over gameplay. Players abandoned titles when token prices stagnated, triggering a death spiral of falling engagement and liquidity. In contrast, foundational technologies are immune to this volatility. They serve as the invisible scaffolding for all Web3 gaming—enabling smoother transactions, faster load times, and interoperability across chains. These are the tools that will underpin the next generation of games, not speculative NFT collectibles.

Why Infrastructure Matters: Building Sustainable Ecosystems

The infrastructure boom is driven by three pillars:

1. Real-Time Engines:
   Blockchain’s latency issues have long frustrated players. Companies like Immutable X and Enjin are building low-cost, high-speed engines to power seamless in-game experiences. As shows, chains prioritizing speed—like WAX, which dominates in transaction counts—are attracting users fleeing slower platforms.

2. Asset Distribution Layers:
   Fragmentation is Web3’s greatest weakness. New protocols like Polygon’s Avail and Aptos’ Move-to-Earn are unifying asset ownership across chains, reducing friction for players and developers. These layers are critical as studios like Sega and Ubisoft pivot to Web3—established studios demand interoperability to avoid siloed ecosystems.

3. Blockchain Tooling:
   Security remains a disaster. The $5.5 billion Mantra protocol collapse in Q2 underscores the need for robust audit frameworks and scalable smart contracts. Companies like Chainlink (LINK) and Certora are leading here, offering tools to fortify protocols against exploits.

The Rise of Performant Ecosystems: opBNB, WAX, and Emerging Chains

User migration is already underway. Chains like opBNB—which saw a 30% quarterly rise in unique active wallets—now host 20% of Web3 gaming traffic, while WAX dominates in transaction volume. Newer chains like Aptos and SKALE are also gaining traction, their Layer 2 scalability appealing to developers.

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Investors should prioritize firms and protocols enabling these ecosystems. For instance, WAX’s focus on low-cost NFT minting aligns with the surge in utility-driven sales (up 78% despite falling NFT volumes). Meanwhile, SKALE’s customizable blockchain templates are ideal for studios needing tailored game environments without reinventing the wheel.

AI and Web3 Gaming: A Synergistic Future

The pivot to AI isn’t just a fad. Teams like Mojo Melee and Realms of Alurya abandoned failed P2E models to build AI-driven platforms, signaling a sector-wide reorientation. AI’s potential in gaming—from dynamic content creation to personalized user experiences—is vast. But none of this matters without infrastructure.

Invest in companies bridging AI and blockchain. TensorTrade‘s AI-powered NFT pricing algorithms or Aleph.im‘s AI-driven data oracles exemplify this synergy. These tools will ensure AI-enhanced games can scale, secure, and monetize seamlessly on Web3.

Navigating Risks and Prioritizing Security

The $6.3 billion lost to exploits in Q2 is a wake-up call. Infrastructure investments must prioritize security-first solutions. Look for protocols with verifiable audits, like StarkWare‘s zero-knowledge proofs, or Torus’ decentralized authentication systems. Avoid “innovative” chains lacking proven security track records—they’re just new frontiers for hackers.

Investment Strategy: Focus on Bedrock Technologies

• Allocate to infrastructure over games: 75% of funding is already there—follow the capital.
• Back interoperability layers: Cross-chain bridges and asset distribution protocols are the oxygen of Web3.
• Target chains with proven performance: opBNB, WAX, and Aptos are user-tested winners.
• Embrace AI-integrated tooling: AI is the next wave—build it on secure, scalable infrastructure.

Avoid speculative NFTs or games relying on P2E. These are relics of a bubble. Instead, focus on companies like The Sandbox‘s toolkits for asset creation, Improbable‘s spatial computing platforms, or Unity’s blockchain integration efforts. These firms are laying the groundwork for the next era of gaming.

Conclusion: Infrastructure is the New Gold

Web3 gaming’s decline isn’t an end—it’s a reset. The sector is shedding its speculative skin to build a sustainable future. For investors, the message is clear: fund the bedrock. Allocate to real-time engines, asset distribution networks, and chains that prioritize performance and security. The next great gaming titles will rise from this infrastructure—not the other way around.

The P2E graveyard is a cautionary tale. Let it guide you to the next frontier.

Playnance has announced the launch of their fully on-chain Web3 social gaming platform, PlayW3, built on PlayBlock. After 18 months of development, the platform is now live, designed for both casual and crypto-savvy players.

A fast, accessible Web3 gaming hub powered by G Coin and built for everyone

PlayW3 is the first fully on-chain Web3 social gaming platform, acting as a hub for thousands of titles with real-time rewards and a variety of community features. Built using PlayBlock, Playnance’s custom blockchain, it merges the ease of Web2 with the potential of Web3.

BOCA RATON, FL, July 11, 2025 (GLOBE NEWSWIRE) — DeFi Development Corp. DFDV (the “Company”) the first public company with a treasury strategy built to accumulate and compound Solana (“SOL”), today announced the signing of a non-binding Letter of Intent (LOI) with Switchboard Technology Labs Inc., a core contributor to the Switchboard Protocol, a leading decentralized oracle network on Solana.

Under the agreement, DeFi Dev Corp. and Switchboard intend to explore a strategic collaboration focused on building the data and oracle infrastructure necessary to support real-world asset (RWA) initiatives across the Solana ecosystem. The agreement outlines a mutual interest in the following areas of cooperation:

• Development of custom oracle feeds for real-world asset pricing and data
• Implementation of real-time proof-of-reserve attestations
• Joint go-to-market opportunities for RWA-related products
• Integration of Switchboard’s oracle infrastructure into DeFi Dev Corp.’s RWA framework

“This collaboration reflects our belief that trusted, transparent, and verifiable onchain data is critical to unlocking the next wave of tokenized assets on Solana,” said Parker White, COO & CIO of DeFi Dev Corp. “Switchboard’s robust oracle infrastructure makes them a natural partner as we build out our tokenization/RWA strategy.”

Switchboard has established itself as a premier oracle solution within the Solana ecosystem, powering mission-critical data feeds for some of the most respected DeFi protocols, including margin trading platforms, lending markets, and derivatives infrastructure. With a focus on security, flexibility, and decentralization, Switchboard is one of the few oracle providers offering customizable feeds and verifiable randomness for builders. As such, the partnership represents a meaningful step in further strengthening the foundation for real-world asset adoption on Solana.

About DeFi Development Corp.

DeFi Development Corp. DFDV has adopted a treasury policy under which the principal holding in its treasury reserve is allocated to SOL. Through this strategy, the Company provides investors with direct economic exposure to SOL, while also actively participating in the growth of the Solana ecosystem. In addition to holding and staking SOL, DeFi Development Corp. operates its own validator infrastructure, generating staking rewards and fees from delegated stake. The Company is also engaged across decentralized finance (“DeFi”) opportunities and continues to explore innovative ways to support and benefit from Solana’s expanding application layer.

The Company is an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions, as well as value-add services, to multifamily and commercial property professionals, as the Company connects the increasingly complex ecosystem that stakeholders have to manage.

The Company currently serves more than one million web users annually, including multifamily and commercial property owners and developers applying for billions of dollars of debt financing per year, professional service providers, and thousands of multifamily and commercial property lenders, including more than 10% of the banks in America, credit unions, real estate investment trusts (“REITs”), debt funds, Fannie Mae® and Freddie Mac® multifamily lenders, FHA multifamily lenders, commercial mortgage-backed securities (“CMBS”) lenders, Small Business Administration (“SBA”) lenders, and more. The Company’s data and software offerings are generally offered on a subscription basis as software as a service (“SaaS”).

About Switchboard Technology Labs Switchboard Technology Labs Inc develops infrastructure software and provides research and development as well as consulting services to help bring data on chain. Switchboard Technology Labs Inc. is a core contributor of the Switchboard protocol. The Switchboard protocol is a suite of web3 services and oracle network which lets developers easily connect real world data into web3. 

Forward-Looking Statements This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” strategy,” “future,” “likely,” “may,”, “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) fluctuations in the market price of SOL and any associated impairment charges that the Company may incur as a result of a decrease in the market price of SOL below the value at which the Company’s SOL are carried on its balance sheet; (ii) the effect of and uncertainties related the ongoing volatility in interest rates; (iii) our ability to achieve and maintain profitability in the future; (iv) the impact on our business of the regulatory environment and complexities with compliance related to such environment including changes in securities laws or other laws or regulations; (v) changes in the accounting treatment relating to the Company’s SOL holdings; (vi) our ability to respond to general economic conditions; (vii) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (viii) our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth and (ix) other risks and uncertainties more fully in the section captioned “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contact:

ir@defidevcorp.com 

Media Contact:

Prosek Partners

pro-ddc@prosek.com 

Major NFT marketplaces are shifting their focus from digital art to cryptocurrency trading as the nonfungible token market experiences a significant decline. OpenSea and Magic Eden, two leading NFT platforms, are now generating a substantial portion of their revenue from users trading Bitcoin, Solana-linked memecoins, and other cryptocurrencies rather than digital collectibles.

In the second quarter, NFT trading volume decreased by 45% to $867 million, despite a 78% increase in sales to 14.9 million transactions. Magic Eden reports that up to 75% of its daily volume now comes from cryptocurrency trading rather than NFT sales. OpenSea has been testing cryptocurrency trading since February, with token trading volume growing 100% month-over-month.

The transformation reflects a dramatic shift in user behavior since NFTs peaked in January 2024. Magic Eden’s daily volume now comes as much as 75% from users exchanging tokens like Bitcoin or Solana-linked memecoins. The platform has been helping users buy memecoins and making it easier to swap tokens for NFT purchases.

“There’s a reality where companies that are NFT-focused are expanding to other asset types,” said Chris Akhavan, Magic Eden’s chief business officer. “That’s a reflection of the market.”

OpenSea, the Miami-based marketplace that helped turn NFTs into a pop-culture phenomenon, now allows users to trade cryptocurrencies directly on its platform. The company announced July 9 it acquired startup Rally to boost its token-trading capabilities. Magic Eden made a similar acquisition in April to grow its cryptocurrency trading features.

Between 30% and 50% of Magic Eden’s daily revenue in the last 30 days has come from cryptocurrency trading, according to Akhavan. OpenSea CEO Devin Finzer described the platform as “the best place to trade anything on chain” and said the company is “tapping into a different audience.”

The pivot has been aided by regulatory shifts. The Securities and Exchange Commission has largely halted enforcement around digital-asset trading and dropped an investigation into OpenSea earlier this year. This regulatory environment has allowed marketplaces to broaden their ambitions from NFTs to crypto trading and possibly into tokenized stocks and real-world assets.

NFT marketplaces are evolving into mainstream exchanges tailored for retail traders by necessity rather than design. The transformation comes as much of the crypto community has moved on to speculate on cryptocurrencies like Bitcoin and memecoins instead of digital art collectibles.

Research firm DappRadar reported that while NFT sales increased 78% to 14.9 million in the second quarter, the average price dropped sharply even as the number of traders increased 20%. The data “highlights a sharp drop in average price,” the researcher noted.

The memecoin market remains highly volatile despite attracting NFT platform attention. After peaking at about $127 billion in December, the total memecoin market value has slid to $57 billion. However, monthly volume on Pump.fun, the leading website for creating memecoins, climbed in June from May.

Many memecoins have trended downward in recent months, but the trading activity continues to drive revenue for platforms adapting to market conditions. The shift represents a fundamental change in how these platforms view their role in the digital asset ecosystem.

The NFT marketplace transformation from digital art trading to cryptocurrency exchanges illustrates how quickly platforms must adapt to survive in the volatile crypto market. As million-dollar monkey portraits fade from relevance, memecoin trading has become the new frontier for platforms seeking to maintain user engagement and revenue growth.