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?

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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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This week’s featured collector is digitalgalaxy

DigitalGalaxy has a stunning collection of one-of-a-kind digital planets. Check it out at lazy.com/digitalgalaxy

Would you join a collector DAO built like Flamingo?

Last week we asked readers whether they would join a collector DAO modeled on Flamingo, the well-known on-chain fund that pools capital to acquire high-end NFTs. The response was anything but lukewarm: 86 percent of participants clicked “Yes,” signaling broad enthusiasm for a curated, professionally managed buying club where members co-own blue-chip assets. Only 14 percent opted out, and—perhaps most striking—no one chose “Not sure,” suggesting that opinions are already well-formed rather than tentative. If you’re building Liquefaction-style vaults (see below) or experimenting with shared-ownership mechanics, this is a strong signal that the appetite for collective collecting is real and growing.

Liquefaction: What Every NFT Collector Needs to Know

Imagine if your favorite NFT could stay safe in your own wallet while its utility—VIP access, voting power, loyalty discounts, or even the prestige of a soul-bound badge—temporarily earned yield for you in someone else’s hands, all without a single on-chain transfer. That’s the promise of Liquefaction, a new technique that uses trusted-execution environments (TEEs) to let multiple parties share a private key under strict, programmable policies. By decoupling “who owns the asset” from “who may use it,” Liquefaction quietly turns previously illiquid rights into tradable, rentable primitives—opening fresh revenue streams for collectors and fresh design space for Web3 builders.

A concrete glimpse of Liquefaction in action is the “Take My Ape” demo, which lets anyone bid for short-term control of a real Bored Ape NFT. After connecting their primary wallet, users spin up an encumbered wallet on the Oasis Sapphire TEE chain, fund it with a small amount of ETH and ROSE, and submit a sealed-bid, second-price auction offer. The highest bidder transfers the Ape into their encumbered wallet and enjoys at least fifteen minutes of full, verifiable ownership: they can display or license the image, sign messages proving possession, enter BAYC-member areas, and even interact with BAYC Studio—all while the original owner’s key remains shielded. Auction payments are burned to the zero address to prevent profiteering, and every policy attached to the encumbered wallet self-expires after four weeks, keeping control periods finite and transparent. The result is a live demonstration of how Liquefaction can monetize NFT utility without relinquishing underlying custody.

Understanding Liquefaction

Liquefaction is a research prototype that quietly challenges one of Web3’s deepest assumptions: that every blockchain address is controlled by a single person or entity. By putting a private key inside a trusted-execution environment (TEE), Liquefaction lets multiple parties—or even automated policies—share control of the same wallet without leaving tell-tale traces on-chain. For NFT collectors this opens unexpected possibilities. A soul-bound token that was meant to act as permanent proof of identity or achievement can now be “loaned” to someone else for a limited time, while remaining in the original wallet. Blue-chip NFTs that grant real-world perks—such as event tickets, metaverse boosts, or staking rewards—can be rented out safely, creating brand-new revenue streams without surrendering custody of the asset.

Because signing happens inside the TEE, transactions can be initiated privately. This means over-the-counter trades, private vault arrangements, or loyalty-point rentals can occur with minimal on-chain footprint. Collectors’ DAOs in particular gain powerful new tooling: a vault could, for example, let one member bid on low-cap artists while another member handles only high-value acquisitions, all through granular delegation instead of new wallets. Liquefaction also offers a practical defense against “dusting” attacks: unsolicited or tainted tokens can be provably segregated so exchanges and compliance desks can see that you never assumed control of them.

The same flexibility carries risks. Liquefaction can enable sophisticated vote-buying schemes in DAOs, make wash-trading harder to detect, and let bad actors rent reputation. Applications that rely on the “one wallet, one user” model may need stronger safeguards—specifically, proofs of Complete Knowledge (CK) that demonstrate a key is under the sole, unencumbered control of its owner. For projects and collectors who adopt such checks, Liquefaction becomes an opt-in feature rather than a stealth threat.

Overall, Liquefaction invites a positive re-imagining of asset ownership. It can unlock liquidity for previously illiquid perks, lower the barrier to premium experiences, and spur new financial primitives—provided the community updates its security models accordingly. To explore the technical details, threat analysis, and open-source code, you can read the full academic paper, “Liquefaction: Privately Liquefying Blockchain Assets” or test the demo at takemyape.com.

What’s the most exciting use case for Liquefaction?

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This week’s featured collector is makeitrain

makeitrain has a political collection of pro-crypto NFTs. Check it out at lazy.com/makeitrain

Do you think the SEC will approve an NFT ETF?

A clear majority of last week’s respondents—roughly 62 percent—believe the U.S. Securities and Exchange Commission is likely to green-light an NFT-focused exchange-traded fund, while about one-third see approval as improbable; only a small contingent, 8 percent, remain undecided. The results suggest overall optimism in the market that regulatory barriers to mainstream financial products tied to NFTs will eventually fall, though a significant minority still doubts the SEC’s willingness to move forward.

Flamingo DAO: Inside the Vault That’s Shaping NFT History

A recent in-depth profile of Flamingo DAO is a must read for NFT collectors.

Since quietly launching in September 2020, Flamingo DAO has grown from a modest experiment in collaborative capital deployment into one of the most influential collecting entities in the NFT ecosystem. Conceived by veterans of The LAO and supported by Tribute Labs, the DAO set out to explore the still-fringe world of digital art while most of crypto fixated on DeFi. That early conviction proved prescient: the group now safeguards more than 10,000 NFTs, including landmark holdings such as the only complete attribute set of CryptoPunks, a full suite of Autoglyphs, and an Alien Punk often valued on its own in the eight-figure range. Publicly traceable wallets show roughly 23,300 ETH in assets, yet that tally excludes private vaults and several one-of-one pieces, underscoring how difficult it is to pin down an exact figure for a collection designed less for mark-to-market accounting than for long-term cultural preservation.

What distinguishes Flamingo is not merely scale but structure. The DAO’s 70-plus members span founders, technologists, artists, and seasoned investors—names such as Gary Vaynerchuk, Snowfro, Stani Kulechov, and Aaron Wright all contribute to what member-spokesperson Chris Cable calls a “hive-mind” approach. Governance is intentionally lightweight: any participant can deploy up to five ETH unilaterally, while larger outlays pass through rapid-fire emoji voting in Discord. That agility allowed a single member to mint Bored Apes within the discretionary limit—an unplanned acquisition that ultimately became one of the DAO’s most profitable moves. It is a structure that rewards informed intuition while still channeling collective oversight for significant bets.

Those bets tend to coalesce around what Flamingo describes as “networked collections.” Instead of chasing isolated grails, the DAO prefers to assemble deep, coherent sets—hundreds of CryptoPunks and Chromie Squiggles, three-hundred-plus Meebits, large tranches of Terraforms and Ringers—on the theory that dense ownership of culturally important series amplifies their historical narrative and future optionality. One notable exception is Alien Punk #2890, purchased to cement the DAO’s already high conviction in Punks before prices ran away. Even here, the motive was strategic consolidation rather than headline-grabbing speculation.

A second pillar of Flamingo’s thesis is a willingness to arrive early and stay patient. The DAO was commissioning one-of-ones from emerging artists like Joe Pease and Nicolas Sassoon well before the generative-art boom reached mainstream awareness, and it accumulated extensive AI-art holdings through platforms such as Fellowship and Verse while the segment was still discounted relative to its creative potential. Members routinely emphasize that many NFTs in the vault were acquired at modest entry prices; the portfolio’s breadth owes as much to timely curiosity as to spending power. In Cable’s words, the aim is to build a “time capsule of milestone works” that will still resonate when today’s market cycles fade from memory.

That long horizon also shapes the DAO’s outlook in a cooler market. While broader sentiment has softened since 2022, Flamingo views NFTs less as speculative chips and more as the native artifacts of an increasingly digital culture—code, art, and ownership fused into assets that can be preserved indefinitely on-chain. If the parallels to early contemporary art collecting are apt, many pieces may require years to find wide recognition, yet the DAO seems comfortable playing steward until that cultural value crystallizes.

For seasoned collectors, Flamingo’s trajectory offers a useful case study. It demonstrates how coordinated purchasing, clear governance thresholds, and a robust curatorial framework can turn fragmented NFT markets into cohesive collections that matter. It also reminds us that influence need not be loud: by focusing on craftsmanship, provenance, and community rather than floor-price theatrics, the “pink-powered” colony has shaped narratives from behind the scenes.

The full interview with Chris Cable delves deeper into acquisition anecdotes, favorite one-of-ones, and the artists currently energizing the DAO. Collectors interested in how high-conviction capital is rewriting the rules of digital patronage will find it worth the read.

Would you join a collector DAO built like Flamingo?

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This week’s featured collector is rust_and_moth

rust_and_moth has large collection of unique NFTs. Check it out at lazy.com/rust_and_moth

Which NFT innovation inspires you most?

In last week’s community poll, collectors overwhelmingly gravitated toward practical utility over novelty: 50 % chose Art Provenance via NFT, highlighting a strong appetite for blockchain’s ability to verify authenticity and ownership histories. Experimental and experiential ideas split the remainder of the enthusiasm—both Spiritual Art NFTs and AI-Generated NFTs captured 25 % each, suggesting equal intrigue in metaphysical storytelling and algorithmic creativity. Meanwhile, aspirations for greener tech and game-based interactivity failed to spark votes this round, with Eco-Conscious NFTs and Interactive NFT Games each landing at 0 %. Overall, the results imply that today’s collectors are most inspired by innovations that solve real-world art-market pain points, while still keeping an eye on emerging creative frontiers.

The NFT ETF Gets Closer

If you’ve been collecting Pudgy Penguins NFT, the news that Cboe has formally asked the SEC to list the Canary PENGU ETF should feel surreal. A 19b-4 filing is the step that turns a crypto idea into a Wall Street product, and now the Cboe has made that move. From here the SEC has up to 240 days to approve or reject the rule change, but even entering the queue puts Penguins on the same regulatory track that birthed spot Bitcoin and Ether ETFs. In other words, NFTs are now rubbing shoulders with gold bars and oil futures in the eyes of U.S. securities law.

According to the filing, roughly 80-95 percent of its assets will be the Solana-based PENGU token, while 5-15 percent will be actual ERC-721 Penguins. That means an institutional desk could soon be bidding on rare traits whenever the portfolio drifts out of balance. Think of it as a permanently funded whale whose mandate is to buy NFTs on weakness and sell on strength, all in the name of tracking NAV. For holders, that could translate into deeper liquidity and a sturdier floor; for flippers, it injects a price-insensitive buyer and seller into the market.

Why would the SEC even consider letting a handful of jpegs back an ETF? Cboe’s argument mirrors its successful pitch for Bitcoin and Ether: the global market is fragmented, trades 24/7, and is patrolled by arbitrageurs who erase most price gaps long before they can be exploited. The exchange also promises cold-storage custody, fifteen-second intraday pricing and daily portfolio disclosure—comfort food for regulators worried about spoofing or insider shenanigans. Still, the Commission has never approved a fund that owns non-fungible assets, so expect questions about how a third-party pricing service will decide what a single Penguin is worth at exactly 4 p.m. Eastern each day.

If the ETF wins approval, the impact could extend far beyond the Penguin ecosystem. Culture-coin projects like ApeCoin, Doodles and even meme NFTs would suddenly have a regulatory blueprint for mainstream exposure. Institutional allocators who can’t touch self-custody wallets could gain penguin exposure with a brokerage order. Brands eyeing IP deals will see licensing potential validated by Wall Street demand. And on-chain, a wave of derivative builders will scramble to mirror the ETF’s index or invent leverage on top of it.

Of course, the SEC could still slam the door. The agency might decide that thin PENGU futures markets and opaque NFT pricing make surveillance impossible. A denial wouldn’t kill the Penguins, but it would delay the flow of capital and credibility. The more likely middle-path is a conditional approval—extra reporting, tighter custody rules, maybe a higher token-to-NFT ratio—to reassure commissioners that retail investors aren’t buying a black-box jpeg fund.

In any case, the filing itself has already nudged NFTs from cute PFP to quasi-commodity status. Whether the SEC signs off or not, this development reshapes the narrative every NFT collector trades on.

Read the full filing cboe.com.

Do you think the SEC will approve an NFT ETF?

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