World News
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.
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.
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
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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.
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
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.
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.
News
US May Completely Cut Income Tax Due to Tariff Revenue

President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.

What Trump Is Saying
Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.
How Taxes Work Now
Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.
Questions From Experts
Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.
What Congress Must Do
The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.

What It Means Right Now
For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.
News
Epstein Files to Be Declassified After Trump Order

Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.
The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.
“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”
U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.
Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.
The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.

Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.
Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.
As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.
Politics
Netanyahu’s UN Speech Triggers Diplomatic Walkouts and Mass Protests

What Happened at the United Nations
On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.

Why Did Delegates and Protesters Walk Out?
The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.
International Reaction and Significance
The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.

Why Is This News Important?
The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.
This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.
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