Written by: Bright, Foresight News
Non-Fungible Tokens seem to be following ETH back to $4,000, with veteran blue-chip Non-Fungible Tokens thawing and recovering from an 18-month ice age.
CryptoPunks Non-Fungible Token series traded over $24.6 million last week, creating the highest record since March 2024, growing 416% from the previous week.
On July 24th evening, NASDAQ-listed GameSquare announced that its board approved strategically purchasing CryptoPunk #5577 from Robert Leshner, Compound protocol founder and Superstate CEO. According to the acquisition agreement, GameSquare issued preferred shares worth $5.15 million to Robert Leshner, which can be converted to approximately 3.4 million GameSquare common shares at $1.50 per share.
This move triggered a trading frenzy for CryptoPunks Non-Fungible Tokens, significantly raising the floor price and average selling price. As public companies become major token holders, Non-Fungible Tokens seem to be "saved" through corporate entities.
Previously, Arthur Hayes stated that when ETH rises, DeFi and Non-Fungible Tokens will also rise. He predicted that this round's ETH holders' returns would not outperform CryptoPunks.
Other ETH blue-chip Non-Fungible Tokens also rose in sync within a week. Moonbirds' floor price broke through 2 ETH, rising nearly 50%; Milady Maker's floor price broke through 3 ETH, rising over 20%.
However, Non-Fungible Tokens are just gaining momentum. Last Sunday, Solana co-founder Anatoly Yakovenko and Base founder Jesse Pollak started a "confrontational mode" on Twitter about whether creator tokens on Zora could be compared with anonymous meme coins on Pump.fun.
Jesse Pollak claimed that creator tokens on Zora have unique content and creator value, and equating them with tokens on Pump.fun is a logical fallacy. Anatoly Yakovenko argued these tokens are merely viral spread products, with buyers just wanting to quickly resell. Pollak countered that tokens are powerful technology enabling creators' value flow, and those who disagree can maintain the "content has no value" perspective.
During the debate, Anatoly Yakovenko bluntly concluded that "Memecoins and Non-Fungible Tokens are digital garbage without intrinsic value" and compared such digital assets to free game "unboxing" mechanisms.
Although Solana greatly benefited from Memecoin-driven activities in the first quarter of 24-25, Toly himself has repeatedly stated that memecoins have no intrinsic value.
However, Toly himself undeniably assumed the role of a Meme shill KOL, already famous in the community for "crazy promoting Meme on Solana". By the late stage of the Solana Meme boom, Toly's shill credibility as Solana's co-founder had almost completely disappeared.
Rewinding to two years ago, from December 2023 to the Chinese Dragon Year Spring Festival in 24, Silly Dragon became a top-tier Meme on Solana. The reason for this Meme's birth was simply that Toly personally liked the dragon's image and appeared in events with that design.
After Silly Dragon's creation, when it only had 1,454 fans, Toly had already followed it. This action caused Silly Dragon to surge 10 times within 1-2 hours at the time.
Subsequently, as the Silly Dragon community continued to grow, Toly became even more "addicted to promotion". Not only did he subtly include dragon emojis in tweets, but he directly retweeted related Meme project tweets.
Looking back, Solana's rise from obscurity to the third-largest market cap was due to its lowest transaction costs, with most new Non-Fungible Tokens and protocols initially choosing Solana. Non-Fungible Tokens and Meme, as the most prominent symbols of the crypto-native community, objectively helped Solana form one of the strongest communities in the entire crypto field. Toly's cutting off Non-Fungible Tokens and Meme, and judging speculative assets from a moral high ground, undoubtedly gives the community a feeling of "criticizing the chef after finishing the meal".
