This week’s featured collector is SpiritOfTheOcean

SpiritOfTheOcean collects PFPs. Take a look at lazy.com/spiritoftheocean

When physical galleries shutter, what’s the most realistic path forward for art collecting?

Last week’s poll results point to convergence more than disruption: 5 % of respondents envision a hybrid model where brick-and-mortar spaces pair their curatorial cachet with NFT rails for provenance and reach, while 25% still bet on a full gallery rebound, underscoring the enduring appeal of in-person viewing and social ritual. Purely digital optimism was muted—only 8% expect an NFT-only future—and an identical 8% chose “something else / not sure,” hinting that alternative models such as VR showrooms or community-owned spaces remain too nascent to command consensus. Together the votes suggest collectors anticipate NFTs becoming infrastructure rather than a wholesale replacement, with physical venues adapting to remain culturally—and economically—relevant.

From Frozen to Fire: How Luca Turned Pudgy Penguins into a $50 Million Brand

Luca Netz’ rise from buying a floundering JPEG project to steering a $50-million-a-year brand is the kind of founder story NFT collectors shouldn’t miss. On the latest DCo Podcast, the Pudgy Penguins chief executive explains how he rescued the collection in 2022 and then rewired it around three hard metrics—ecosystem strength, attention, and real-world revenue. In Luca’s view, tokenization’s true super-power is turning culture and influence—two assets that were previously intangible—into something people can actually own and trade. That thesis now underpins everything Pudgy does, from toys on Walmart shelves to arcade machines in Mumbai, all of which feed an 80 percent licensing business that grows without minting new NFTs or diluting holders.

The conversation makes it clear why people gravitate to the Pudgy community: Luca treats marketing as a moat. He is unapologetic about pouring cash into social reach—ten million followers and counting—because every impression translates into licensing deals, brand cachet, and eventually higher on-chain value. He also treats the PENGU token as a product in its own right. That means engineering deflation over time and reserving buy-backs for the moment growth levers are genuinely exhausted, not as a knee-jerk short-term pump. Collectors who tried to snipe the airdrop the night before, Luca reminds us, learned a lesson: align early or miss out.

Just as compelling is his critique of crypto’s broken user journey. Luca argues that mass adoption will come only when a single, centralized front-end hides the complexity of wallets, bridges, and DEXs. That’s exactly what Abstract Portal—his ZK-stack consumer “super-app”—is meant to do: one e-mail login, one smart wallet, one discovery feed where any new dApp can find product-market fit overnight.

Collectors wondering whether NFTs will ever roar back get a blunt answer: yes, but via power law. The next cycle won’t reward every cartoon animal; it will elevate the few collections with deep IP, mainstream touch-points, and serious revenue. Pudgy Penguins, Luca believes, can grow from today’s eight-figure run rate to a billion dollar enterprise if it continues stacking licenses, community clout, and cultural relevance. Whether you see that as bravado or vision, the full interview delivers rare candor on airdrops, tokenomics, and the playbook for turning memes into enduring brands. Set aside an hour—you’ll come away re-thinking what makes an NFT collection valuable and how far culture-as-an-asset can go.

Listen to the full interview here:

Decentralised.co

Ep 46 — Turning a Dead NFT Collection into a $50M Empire ft. Luca Netz

Hello…

Listen now

2 days ago · 4 likes · Saurabh Deshpande

Or watch it on YouTube.

Which Luca Nets idea deserves a deeper look?

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This week’s featured collector is inbombs

Inbombs is an artist that creates unique NFTs based on “original artworks and paintings.” Take a look at lazy.com/inbombs

Beeple’s Nakamigos Prank: Satire or Market Manipulation?

Last week’s poll—split 50% “Satire,” 20% “Prank,” and 30% “Something else”—mirrors the fault lines exposed by Beeple’s Nakamigos stunt and the chaos that followed his AI-faked Larva Labs “endorsement.” The bare plurality who read it as satire seem to applaud Beeple’s lampoon of a market that routinely rewards rumor over rigor, seeing the 140 % intraday pump and 25 % lingering gains as proof that speculative reflexes deserved a public skewering. Yet nearly as many voters landed in the gray zone, hinting that this “prank heard ’round the blockchain” isn’t easily reduced to comedy or crime; it’s a case study in how narrative power and financial risk now collide at meme speed. The minority who called it manipulation echo critics for whom Beeple’s influence turned performance art into a high-stakes shell game with real wallets on the line. Collectively, the numbers signal a maturing community: most accept that market-moving theatrics are part of crypto culture, but they also want clearer ethical guardrails before the next viral drop tests the difference between clever commentary and costly deceit.

After the Galleries Close: Why NFTs Could Be the Art Market’s Next Lifeline

This summer’s spate of U.S. gallery closures—Tim Blum, Venus Over Manhattan, CLEARING, and the 35-year-old Kasmin’s hand-off to Olney Gleason—has thrust the art market into yet another season of soul-searching. Even the Art Dealers Association of America hit pause on its 2025 fair, citing what director Kinsey Robb calls “a period of extraordinary change in the art world at large.” Against a backdrop of rising overhead, cooling demand, and what collector Jeff Magid describes as a market that feels “closed off” to newcomers, dealer Adam Lindemann’s blunt assessment rings loud: “Every gallery in the world will eventually close. The only question is when.” Yet history shows that each contraction—1990, 2008, 2016—has seeded the next wave of innovation.

For NFT collectors, this moment isn’t a death knell for brick-and-mortar spaces; it’s an invitation to help rebuild the ecosystem in more resilient form. Traditional galleries struggle with rent, storage, and a relentless exhibition calendar, while blockchain marketplaces operate with a fraction of those fixed costs and a 24/7 global audience. The technology’s baked-in provenance tools answer a problem now front-of-mind for both collectors and insurers: how to verify ownership instantly, even when a gallery’s lights go dark.

Crucially, NFTs can widen the funnel at precisely the point where the conventional system is narrowing. Artsy’s 2025 survey found that only 17 percent of collectors feel the market meets their needs—a statistic that should trouble anyone who cares about generational renewal. By minting limited digital editions priced well below six-figure physical works, artists and galleries can cultivate the “emerging buyers” segment Robb says the field desperately needs, while still offering scarcity and status through on-chain proof of authenticity.

Skeptics will note that the NFT boom of 2021 crashed just as sharply, and they’re right to insist on more sustainable models. Fortunately, the space has matured: major platforms now use energy efficient chains and some marketplaces are supporting creator royalties. Pair that with token-gated physical shows—where an NFT serves as both certificate and VIP pass—and you have a hybrid model that lowers risk for dealers while restoring a sense of community for collectors.

As Nick Olney puts it, the goal is “finding an equilibrium between being incredibly active and making sure you’re doing everything for a reason.” NFT infrastructure can provide exactly that: a lean, transparent layer that lets galleries focus on curating and career-building rather than chasing ever-larger square footage. For collectors who already understand digital scarcity, supporting artists through well-executed NFT drops isn’t merely a hedge; it’s a way to participate in the market’s next chapter—one where creativity, not overhead, sets the pace.

Read a deep dive on the decline of galleries at Artsy.net.

When physical galleries shutter, what’s the most realistic path forward for art collecting?

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This week’s featured collector is Kamataris

Kamataris has a beautiful collection of nature art and mythic symbolism. Browse it at lazy.com/kamataris

If your NFT collector persona were a flower… 🌸

Last week’s poll asked our readers to imagine their NFT collector persona as a flower, and the results say a lot about where the community’s collective head is at. The overwhelming majority—67%—chose “Glitch Orchid: slightly broken,” embracing a vibe that’s resilient, a little offbeat, and willing to find beauty in imperfection after surviving the rollercoaster of NFT markets. Meanwhile, 33% saw themselves as the “Mythic Lotus: 1/1, never for sale,” signaling a mindset focused on rarity, long-term holding, and a touch of legendary status. It seems this season’s collectors are less interested in nostalgia, FOMO, or adaptability, and more invested in authenticity and the unique charm that comes with a bit of digital patina.

The Prank Heard ‘Round the Blockchain

Beeple’s Nakamigos Prank: Satire or Market Manipulation? The NFT Community Debates

On August 10, the NFT world witnessed a masterclass in digital performance art—or, depending on your viewpoint, a troubling example of influential overreach. Beeple, the notorious provocateur and one of the space’s most recognizable artists, dropped what many are calling his most controversial stunt yet. In a staged video, he implied that the Nakamigos NFT collection was secretly connected to the legendary Larva Labs, creators of CryptoPunks. For a few chaotic hours, Nakamigos became the most talked-about project in the space. The floor price pumped 140% before cooling off at a still-lofty 25% gain.

What followed? A furious debate about the boundaries between satire, hype, and market manipulation—an argument only the NFT space could have at this scale and speed.

How the Hoax Unfolded

Beeple’s event in South Carolina was already buzzing with CryptoPunks fans. Attendees were treated to a “history lesson” video featuring (fake) endorsements from Matt Hall and John Watkinson—yes, the Larva Labs duo—claiming a secret link between CryptoPunks and Nakamigos. Flyers at the venue and viral social posts drove the narrative further.

The market responded with the reflexes of a startled cat: Nakamigos’ floor price rocketed, traders aped in, Twitter/X exploded, and rumor gave way to frenzied FOMO.

But as quickly as it began, the truth came out: it was all an elaborate joke. The video was AI-generated. No press releases, no proof, no partnership. Just pure, unfiltered Beeple—trolling, commenting, and, in the eyes of some, crossing a serious line.

Community Reactions: Divided and Devoted

The response was immediate and intense. Supporters hailed the stunt as a brilliant piece of social commentary—a lampooning of an industry often driven by rumors, lore, and speculation more than substance. After all, how many times have collectors rushed into a project on little more than Discord whispers and Twitter threads?

On the other hand, critics—led vocally by Red Beard Ventures founder Drew Austin—accused Beeple of leveraging his influence irresponsibly. “Beeple putting projects in his art and creating speculative hype is one thing. Outright lying to influence buyers, with his influence, is just a weird, not cool move,” Austin tweeted. For him and many others, the line between playful satire and outright manipulation had been crossed. There were real financial consequences for those who FOMO’d in.

Beeple Doubles Down

Beeple’s response? Another video—this time a tongue-in-cheek “apology” explaining why the hoax was obviously a joke: no press release, announced by AI, no evidence. He ended with an offer for a “free NFT” for those “affected by this horrible situation”—directing users to a fake website (whose name we’ll spare for decency).

If you’re reading this, you probably saw the joke, saw through the joke, or maybe, just maybe, bought a Nakamigos on the hope it wasn’t a joke.

What Does It Mean for Collectors?

For experienced collectors, this is more than just Beeple being Beeple. It’s a wake-up call: Influence in the NFT space is powerful—and risky. Projects live and die on the strength of narrative, and those with the loudest voices can move markets, sometimes with nothing more than a well-timed meme.

If you’ve been here long, you know this isn’t the first or last time hype will trump fundamentals. But the ethical stakes are rising. At what point does performance art tip into manipulation? Do we need stronger norms—or even rules—about what constitutes acceptable behavior for NFT influencers?

The Takeaway: Stay Skeptical, Stay Savvy

Beeple’s prank will be debated for months, maybe years. Whether you see it as performance art or market mischief, the lesson is clear: in the NFT space, skepticism isn’t just healthy—it’s necessary. Double-check your sources, follow the evidence, and never, ever let FOMO be your only reason to buy.

After all, in a world where even the wildest rumors can spark a floor price frenzy, only the most discerning collectors will thrive.

Beeple’s Nakamigos Prank: Satire or Market Manipulation?

We ❤️ Feedback

We would love to hear from you as we continue to build out new features for Lazy! Love the site? Have an idea on how we can improve it? Drop us a line at info@lazy.com

This week’s featured collector is MonkHouse

MonkHouse has a unique NFT collection that focuses on crypto culture. Browse it at lazy.com/monkhouse

NFT Treasury Companies: The Next Big Catalyst—or Just Another Narrative Pump?

Last week’s poll on NFT Treasury Companies: The Next Big Catalyst — or Just Another Narrative Pump? revealed a split market psyche. Exactly 40% of respondents see treasury-focused NFT companies as the “next big catalyst,” suggesting a significant bloc of collectors and investors believes these entities could underpin a new wave of market growth. However, an equal 40% admitted they “don’t know,” underscoring a climate of uncertainty and the nascency of this niche. The remaining 20% leaned toward skepticism, labeling the narrative as just another short-term hype cycle.

The even split between optimism and uncertainty is telling—it points to a sector at an inflection point, where conviction is building but knowledge gaps remain. For believers, the promise likely lies in the idea that publicly traded NFT treasuries can provide stability, long-term planning, and resilience in volatile NFT markets. For skeptics, the risk is that the concept becomes more of a buzzword than a functional shift, driven by speculative storytelling rather than sustainable mechanics. The high “I don’t know” response rate suggests that for many, the jury is still out, and that education, transparency, and proven case studies will be crucial before this narrative gains widespread traction.

In short, the results hint at a market intrigued by the potential of NFT treasury companies but still searching for clarity—and perhaps, waiting for a catalyst of its own.

Artist Profile: Lana Denina’s Flower Girls

Lana Denina’s art is a vivid reflection of her multicultural upbringing and her belief in the transformative power of beauty. Born in Benin, raised in the south of France, and now based in Montreal, she blends influences from her diverse heritage into a surrealist style marked by vibrant colors, striking female figures, and a sense of editorial poise.

“My dad is Jewish, from Algeria… My mom is from Benin. They’re two really opposite cultures, but they merge together so well. I’ve always tried to incorporate that mixture of cultures in my art. I wanted the people I drew to be racially ambiguous—you don’t really know where they’re from—so everyone can identify with them,” she explains.

This intentional ambiguity is central to her work, inviting audiences from all backgrounds to see themselves in her characters.

Her latest project, Flower Girls, is an expression of joy, transformation, and community. The idea began after a breakup, when she painted a girl comforting herself inside a flower. “It’s about flourishing and making beauty out of sadness—appreciating the feeling of blossoming into something stronger,” she says. This seed of an idea grew into a collection of racially ambiguous female portraits blooming within petals inspired by 25 real-life flowers. Some works include rare, intricate details—bees, butterflies, or water droplets—that bring the flowers to life and add to their collectability. The collection also bridges the digital and physical worlds: anyone who collects four Flower Girls can claim a flower-shaped coaster set designed by Denina. “I love the idea of art becoming part of your everyday life, something you can actually use and share,” she explains, underscoring her commitment to making her work accessible, functional, and woven into the fabric of daily living.

For NFT collectors, Flower Girls offers both aesthetic and narrative depth. It carries a personal story of resilience while celebrating cultural diversity, and it extends beyond the screen with tangible, beautifully crafted objects. Denina’s decision to release the work as a large collection reflects her desire to cultivate a wide, inclusive community of owners, united by a shared appreciation for beauty and positivity. As her career continues to evolve—with more paintings, exhibitions, and an increasingly mature artistic voice—Flower Girls stands as a vibrant testament to her ability to merge personal storytelling with universal appeal.

Those interested in exploring more about Lana Denina’s creative process, inspirations, and upcoming projects can find the full conversation on the OpenSea blog.

If your NFT collector persona were a flower… 🌸

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This week’s featured collector is ponyola

ponyola collects pixelated NFTs. Check out their collection at lazy.com/ponyola

How do you think the Ninth Circuit’s BAYC ruling will affect the NFT space?

Last week’s poll was one of the most clear cut we’ve seen in a long time. An overwhelming majority believe that the Ninth Circuit’s ruling will be a big boost to NFT brand protection. This is good news for the next wave of NFT creators.

NFT Treasury Companies: The Next Big Catalyst—or Just Another Narrative Pump?

Last week’s NFT market action felt like 2021 all over again. A single anonymous sweep of 45 CryptoPunks for 2,082 ETH—roughly eight million dollars—yanked the Punk floor to 46 ETH, igniting a domino rally that sent Moonbirds soaring, Pudgy Penguins waddling upward, and Bored Apes clawing off recent lows. In just twenty-four hours the total NFT market cap ballooned almost 30 percent to 6.9 billion dollars, while trading volume tripled to multi-month highs. Amid the euphoria, Yuga Labs CEO Garga lobbed a tweet that poured jet fuel on the flames: “The world isn’t ready for NFT treasury companies but they are coming anyway.” To seasoned collectors, that single line was more than hype; it hinted at a structural shift that could reroute serious institutional money straight into blue-chip NFTs.

If the phrase “NFT treasury company” sounds new, think back to 2020-2021 when MicroStrategy turned its corporate coffers into a Bitcoin vault and became Wall Street’s proxy for BTC exposure. An NFT treasury vehicle would follow the same playbook: list on a public exchange, raise capital from equity investors, then deploy that cash into a curated portfolio of high-value NFTs—CryptoPunks, Bored Apes, Pudgy Penguins, Art Blocks grails, and other culturally iconic assets with deep liquidity and brand equity. The bet is simple: as the company’s mark-to-market net asset value rises, so does its share price, which in turn attracts more capital that can be recycled into additional purchases, tightening supply and boosting NFT floors in a feedback loop. For TradFi investors, the stock acts as a regulated wrapper around a notoriously unruly asset class. For collectors already holding the grails, sudden, price-insensitive buying could translate into instant mark-ups on their vaults.

Signals that the thesis is moving from speculation to reality are already popping up. GameSquare Holdings just absorbed the rare Cowboy-Ape CryptoPunk #5577 from Compound founder Robert Leshner in a 5.15-million-dollar stock deal and padded its own treasury with another ten million dollars worth of ETH, bringing its on-chain holdings to more than fifty-two million dollars. SharpLink Gaming and BitMine Immersion are building nine-figure ETH treasuries that could pivot into NFTs, while Animoca Brands chairman Yat Siu is openly exploring a publicly listed ApeCoin treasury vehicle—one he says could also acquire BAYC NFTs alongside tokens. Each disclosure nudges more traders to front-run what they think will land on an institutional buy list, and the resulting speculation has already pushed blue-chip floors higher.

For collectors, the upside is obvious: a single fifty-million-dollar fund vacuuming scarce supply could create a supply shock far larger than last week’s Punk sweep. Fresh capital also means new eyes, mainstream media coverage, and a narrative bridge that finally links digital culture to traditional equity markets. Yet the downsides are equally real. Unlike fungible tokens, NFTs are illiquid and unique; unloading even a handful of grail pieces during a downturn could crater floors, and auditors will have a field day figuring out how to value a hoodie Punk versus a zombie Punk. Exit liquidity vanishes fast when the music stops, and we’ve all seen what happens when narratives outrun fundamentals—ICOs, DeFi summers, GameFi winters.

So what’s the smart move? Focus on quality over quantity. Institutional treasuries won’t chase yesterday’s meme mint; they’ll home in on assets with lore, liquidity, and long-term cultural staying power. Keep an eye on SEC filings and earnings calls, because public companies must disclose material NFT purchases, and those breadcrumbs could become the new whale-watching meta. Above all, stay nimble. Illiquid assets can shoot upward in a heartbeat, but they can plunge just as fast when liquidity evaporates.

Whether NFT treasury companies become the catalyst that reignites a full-blown bull run or fade into yet another fleeting hype cycle will depend on how well collectors, auditors, and public-market investors navigate the uncharted waters ahead. The concept might sound premature, but this space has never waited for the world to be ready.

For a deeper dive into the data, quotes, and nuances driving this emerging narrative, read Matt Medved’s original article, “Is the World Ready for NFT Treasury Companies?” published July 24, 2025.

NFT Treasury Companies: The Next Big Catalyst—or Just Another Narrative Pump?

We ❤️ Feedback

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This week’s featured collector is thebluedan

TheBlueDan is an artist living in Brazil. Check out their creations at lazy.com/thebluedan

What’s the most exciting use case for Liquefaction?

Last week’s poll on “the most exciting use case for Liquefaction” drew a clear lead for sharing soul‑bound credentials, which captured 40 % of the vote, suggesting the community sees credential portability as the protocol’s most compelling value‑add. Renting out NFT perks and monetizing DAO voting power tied for second at 20 % each, indicating solid but secondary enthusiasm for liquidity and yield strategies. Interestingly, 20 % of respondents admitted they still don’t understand Liquefaction, signaling a need for clearer education.

What the Ninth Circuit’s Mixed Ruling in Yuga Labs v. Ryder Ripps Means for NFT Collectors

The U.S. Court of Appeals for the Ninth Circuit has handed down a mixed yet momentous decision in Yuga Labs v. Ryder Ripps, a case closely watched by anyone who holds or trades NFTs. At its core, the court affirmed that Bored Ape Yacht Club NFTs are “goods” entitled to trademark protection under the Lanham Act—the same federal law that shields designer sneakers and luxury handbags. That finding alone brings long‑awaited clarity to the status of NFTs in U.S. intellectual‑property law and strengthens the legal toolkit available to blue‑chip projects that want to police copy‑minting or outright counterfeits.

But the ruling was hardly a slam‑dunk for Yuga Labs. The appellate panel wiped out an earlier district‑court order that had awarded roughly eight million dollars in damages and imposed an injunction against Ryder Ripps’ RR/BAYC collection. Concluding that likelihood of consumer confusion is a “fact‑intensive” question, the judges said a reasonable juror might not equate RR/BAYC tokens—sold for under two hundred dollars and clearly labeled with an “RR” prefix—with the six‑figure originals. Because of those evidentiary gaps, the case now returns to the lower court for a full trial, where Yuga must prove actual or likely confusion among typical NFT buyers before any financial recovery or injunction can be reinstated.

The opinion also strikes a nuanced balance on fair‑use and First‑Amendment claims. While the panel rejected Ripps’ contention that his work is automatically protected parody or nominative use, it refused to rule out those defenses altogether. Instead, the judges left it to a fact‑finder—potentially a jury—to decide whether Ripps’ “expressive appropriation art” meaningfully distinguishes itself from genuine BAYC assets in the eyes of the market. In practical terms, appropriation artists can still invoke commentary or satire as a shield, but they must show unmistakable context, clear labeling, and other signals that avert confusion.

For collectors and investors, the immediate take‑away is twofold. First, trademark owners now have precedent to litigate look‑alike NFTs as readily as counterfeit merchandise, a development that could bolster brand value across established collections. Second, the ruling underscores how provenance tools, explicit disclaimers, and price signals affect the legal calculus. As marketplaces tighten verification badges and token issuers refine license terms, due‑diligence steps—checking contract addresses, cross‑referencing marketplace warnings, scrutinizing floor‑price anomalies—will matter more than ever.

Looking ahead, the remand sets the stage for a trial that could run late into 2025. Although Ripps portrays the appellate outcome as a “resounding victory,” he must still persuade a jury that his project was satirical commentary rather than an infringing cash‑grab. Yuga, meanwhile, has fresh incentive to settle: another year of depositions, expert reports, and cross‑examination poses reputational risks and mounting legal bills on both sides. If the parties cannot strike a deal, any final verdict could be appealed yet again, and a cert petition to the Supreme Court—though unlikely to be granted—remains possible.

From a policy perspective, the Ninth Circuit’s restraint feels healthy. By declining to impose blanket liability at the summary‑judgment stage, the court signals that new technologies deserve careful, evidence‑driven analysis rather than snap judgments that might chill artistic experimentation. At the same time, the explicit recognition of NFTs as trademark‑eligible goods offers the crypto ecosystem a firmer legal foundation and should reduce the “regulatory‑gray‑area” discount investors often apply to digital assets. In short, the decision brings order without foreclosing creativity: brand owners gain a clearer shield, but artists still have room—albeit narrower—to critique, parody, or repurpose so long as confusion stays off‑chain.

Ultimately, the ruling advances legal certainty in Web3 without locking it into an overly rigid mold. Collectors who prize provenance and long‑term value can view it as a net positive, while creators pushing conceptual boundaries are reminded that the First Amendment protects commentary, not camouflage. As the case returns to trial and similar disputes percolate in other circuits, one principle is already settling in: on‑chain or off‑chain, commerce and culture will share the same courtroom rules.

Learn more at Court House News.

How do you think the Ninth Circuit’s BAYC ruling will affect the NFT space?

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