Attack of the Memecoins 💥

Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles

Dear Bankless Nation,

Memecoins here, memecoins there, memecoins everywhere 😵‍💫

No kidding, amid the ongoing memecoin boom on Ethereum around 21% of the total ETH burned to date has come from over just the past seven days alone!

That said, yes, a good bit of the air has been sucked out of the room for NFTs right now as a tremendous amount of attention has rotated to the shiny new things on the blockchain.

We’ll see how long this craze lasts. For now though, let’s get you caught up on the past week in NFTs. Have a great weekend everyone!✌️


🙏 Sponsor: Kraken Kraken NFT is built for secure NFT trading

This week the market cap of NFTs dropped from 8.09 million ETH to 7.86 million ETH, or $14.93B USD, for a decline of nearly 3%. The outflow here’s hardly surprising considering how memecoins like $PEPE and $TURBO have been dominating the cryptoeconomy’s attention cycles — and trading action — in recent days. 

  • Treasure welcomed Spark Defense, a hero-driven MOBA defense game, to its ecosystem.

This week artist and data scientist Chainleft dropped Chaos Roads, an innovative, fully onchain NFT collection that uses the Ethereum Virtual Machine to create “runtime art” that consists of visual paintings, music, and poetry all at once. The series has achieved a number of technical firsts, and it also employed an unprecedented technique for extremely efficient onchain storage. Take note, then, because this approach and technique will be emulated by more projects going forward!

1. Elena on the rise and fall of $WSB.

2. Jack Butcher on the format of the new Opepen drops.

3. MetaStreet on the design of the upcoming MetaStreet v2 protocol.

4. TylerD on Sports Illustrated’s new NFT ticketing solution on Polygon.

Yup, a platform that aggregates web3 content, just introduced cross-posting, which lets users simultaneously post on Farcaster, Lens, and Twitter with a single click via the Yup Mobile app. Wanting to dive deeper into web3 social but find it hard to spread out content on multiple different platforms? This new resource might be just what you need to make that leap in easier. If you’re not already a Yup Mobile user, you can sign up for the beta’s waitlist here

Go to today!

William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!

A Bankless Citizen ⚑ turned $264 into $6,077 last year. A 22x ROI 🚀 in a bear market!

Level Up

Kraken NFT is one of the most secure, easy-to-use and dynamic marketplaces available. Active and new collectors alike benefit from zero gas fees, multi-chain access, payment flexibility with fiat or 200+ cryptocurrencies, and built-in rarity rankings. Learn more at

👉 Visit to learn more and open an account today.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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