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Monthly NFT sales fell for fifth consecutive month to $495M in July on August 3, 2023 at 7:00 pm

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The NFT space isn’t doing too well right now. Although it seems like there’s a new project being launched every week, there’s less and less money being spent in the space.

In July, NFT sales totaled $495.6 million, down 23% from $646.1 million in June, according to data from NFT aggregator CryptoSlam. This marks the fifth consecutive month of NFT sales falling since February, when the sector saw sales hit $1.2 billion.

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July recorded the lowest level since April 2021, which saw sales at $339.4 million, a few months before the NFT boom began in July 2021.

Today’s decline could be attributed to a number of factors, like consumers buying NFTs for less — the average sale in July was just $47, meaning fewer people are interested in “blue-chip” NFTs. It’s worth noting that transaction levels have remained high in the past couple of months — June had about 10.8 million transactions and July had about 10.4 million, the highest levels since February 2022.

The decline in sales doesn’t necessarily mean NFTs are going bye-bye. Instead, it points to the growing prevalence of low-barrier NFT sales and the space becoming more accessible to general audiences, who may not want to spend a lot on NFTs right away.

In the past 30 days, the top three blockchains to sell the most NFTs were Ethereum at $293 million, Bitcoin at $56.2 million and Solana at $35 million, per CryptoSlam data. Only two NFTs –— a Bored Ape Yacht Club and a CryptoPunk — were sold for over $1 million during that time.

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Regardless of how you look at it, the decline in NFT sales means the players and builders in the sector have to look for new opportunities to grow again. It’s time to sink or swim.

This week in web3

Developers continue to dive into the crypto space as market remains lackluster
Curve Finance’s $62M exploit exposes larger issues for DeFi ecosystem
SEC sues Richard Heart and his projects Hex, PulseChain and PulseX for fraud, securities violations
Global web3 venture funding on pace to decline for seventh straight quarter
Kenya suspends Worldcoin scans over security, privacy and financial concerns
Sequoia Capital cuts crypto, ecosystem funds by over 50% as it continues to downsize
Worldcoin’s official launch triggers swift privacy scrutiny in Europe

The latest pod

For this week’s news episode, Jacquelyn sits down with Jesse Pollak, lead for Base and head of protocols at Coinbase. You might remember him from an interview we did with him back in April.

Coinbase, which is the second-largest crypto exchange by trading volume, launched Base, an Ethereum-focused layer-2 (L2) blockchain, in February. The platform was in testnet, which is a test phase of the blockchain network, until mid-July, when it launched its mainnet, the fully live version of a blockchain on the main network (hence the name: mainnet) to developers.

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Next week, Base is officially launching its mainnet to the public on August 9, alongside its “Onchain Summer” initiative.

We dive into what’s going on, why it matters, where Pollak sees Base going in the future and why he’s keeping an eye on the bigger layer-2 ecosystem.

Subscribe to Chain Reaction on Apple Podcasts, Spotify or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!

Follow the money

Solv Protocol raised $6 million to expand its institutional DeFi platform
Blockchain solutions developer HashPort raised $8.5 million in its Series C
Futureverse launched $50 million venture fund and studio Born Ready

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This list was compiled with information from Messari as well as TechCrunch’s own reporting.

What else we’re reading

Want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week.

Not all early-stage AI startups are created equal
Uber is now a profitable, cash-generating machine
Elon Musk is probably right about one thing
Reed Jobs, son of Steve Jobs, takes the wraps off a $200 million venture fund that will back new cancer treatments
A comprehensive list of 2023 tech layoffs

Follow me on Twitter @Jacqmelinek for breaking crypto news, memes and more.

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​ Welcome back to Chain Reaction. The NFT space isn’t doing too well right now. It seems like there’s a new project being launched every week, but there’s less and less money being spent in the space. 

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News

Terror Attacks in New Orleans and Las Vegas Linked

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The start of 2025 has been marred by two horrific terror attacks in the United States, one in New Orleans and another in Las Vegas, both occurring on New Year’s Day. These incidents have left communities reeling and have raised concerns about potential connections between the suspects involved.

In New Orleans, a truck driven by 42-year-old Shamsud-Din Jabbar plowed into a crowd celebrating on Bourbon Street, resulting in at least 15 deaths and over 30 injuries. Eyewitnesses reported that Jabbar, a U.S. Army veteran from Texas, deliberately targeted pedestrians while flying an ISIS flag from his vehicle. Following the attack, he exited the truck armed with an assault rifle and opened fire on police officers before being killed in the ensuing confrontation. Authorities discovered improvised explosive devices (IEDs) within his vehicle and in the vicinity of the attack site, further confirming the premeditated nature of this act of terrorism.

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Simultaneously, a separate incident unfolded in Las Vegas when a Tesla Cybertruck exploded outside the Trump International Hotel. The driver, identified as Matthew Livelsberger, also had a military background and was reported to have detonated the vehicle packed with firework mortars and fuel, resulting in his death and injuring seven others. Investigators are exploring whether Livelsberger and Jabbar had any prior connection, as both men served at the same military base at different times.

While the FBI has confirmed that they are investigating both attacks as acts of terrorism, they have not established a definitive link between the two incidents. However, similarities in their execution—both suspects rented vehicles from the same company—have prompted further scrutiny into their backgrounds and any potential accomplices.

As investigations continue, authorities are urging anyone with information about either suspect to come forward. The tragic events have sparked discussions about security measures in public spaces, particularly as cities prepare for large gatherings in the coming months.

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Politics

Donald Trump Named TIME’s 2024 Person of the Year

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Donald Trump has been selected as TIME magazine’s Person of the Year for 2024, marking his second time receiving this distinction. The former president, who won a historic comeback victory in the 2024 election, was chosen for his significant impact on global affairs and American politics.

TIME editor-in-chief Sam Jacobs explained the decision, citing Trump’s “comeback of historic proportions,” his role in driving “a once-in-a-generation political realignment,” and his reshaping of both the American presidency and the country’s global role. This recognition comes after Trump’s unprecedented achievement of reclaiming the White House after losing reelection four years earlier.

The selection process involved an extensive interview with Trump at Mar-a-Lago in November, covering a wide range of topics including the economy, foreign policy, and his plans for a second term. Notably, TIME took the unprecedented step of publishing a comprehensive fact-check alongside the interview transcript, examining 15 distinct assertions made by Trump.

Trump’s relationship with TIME has been tumultuous over the years. While he expressed honor at receiving the title in 2016, he has also criticized the magazine’s selections and even claimed he refused a potential Person of the Year offer in 2017. Despite this, Trump participated in the process this year, granting TIME access for an in-depth interview.

To commemorate the announcement, Trump rang the opening bell at the New York Stock Exchange (NYSE). This event marked a significant moment in Trump’s career, as it was his first time participating in this Wall Street tradition.

Trump’s selection as Person of the Year reflects his continued influence on American politics and his ability to reshape the political landscape. As the country prepares for his return to the White House, all eyes will be on how Trump’s second term might further impact both domestic and international affairs.

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Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!

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Film Industry

Jay-Z Denies Allegations Amid Lawsuit

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Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.

The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.

Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.

Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.

The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.

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Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!

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