Today in crypto, the NFT market cap dropped 12% to $8.1 billion as Ether’s price took a tumble, Thailand will allow tourists to use crypto for payments, and the Qubic community voted to target Dogecoin after a recent 51% attack on Monero.
Today in crypto, the NFT market cap dropped 12% to $8.1 billion as Ether’s price took a tumble, Thailand will allow tourists to use crypto for payments, and the Qubic community voted to target Dogecoin after a recent 51% attack on Monero.
NFT market cap drops by $1.2 billion as Ether rally loses steam
The non-fungible token (NFT) market lost more than $1.2 billion in value in less than a week as Ether’s rally slowed, according to sector data.
On Monday, NFT Price Floor data showed that the total valuation of NFT collections had dropped to $8.1 billion, a 12% decline from Wednesday’s NFT market cap of $9.3 billion, which had surged 40% since July.
NFTs losing $1.2 billion in valuation in less than a week coincided with a 9% drop in Ether (ETH) prices. At the time of writing, Cointelegraph data showed ETH traded at $4,260, down from a high of about $4,700 on Wednesday.
Many NFTs are minted on the Ethereum network. With valuations and sales denominated in ETH, bullish or bearish momentum in the crypto asset often translates into increased or decreased value in the NFT sector. As ETH went down 4% in the last 24 hours, a majority of the top 10 collections also showed declines in value.
While it continued to be the top collection by market capitalization, CryptoPunks saw about $300 million wiped from the collection’s value.
At the time of writing, data showed it was worth $2.1 billion, down 12% from its 2.4 billion market cap on Wednesday.
Thailand plans to launch crypto payment sandbox for tourists
The Thai government is planning to announce a nationwide regulatory sandbox to allow visitors to convert crypto into local currency for electronic payments in a bid to boost tourism, local newspaper The Nation reported on Saturday.
The scheme, known as TouristDigiPay, is expected to go live on Monday and allows users to exchange crypto for Thai baht and make electronic payments through providers regulated by the country’s central bank and Securities and Exchange Commission.
Tourists in Thailand will be eligible to use the service after undergoing Know Your Customer due diligence checks and opening an account with a digital asset business. There will also be safeguards including monthly spending limits and a block on direct cash withdrawals.
The scheme is a direct response to a slowdown in foreign visitors. Thailand had 16.8 million tourists in the first half of 2025, down from 17.7 million in the year-earlier period, with a 24% drop in tourists from East Asia and a 34% fall in visitor numbers from China.
Qubic community votes to target Dogecoin after 51% attack on Monero
The community behind Qubic, an AI-focused blockchain responsible for Monday’s 51% attack on the Monero (XMR) privacy network, voted to target Dogecoin next.
Qubic founder Sergey Ivancheglo, who uses the online pseudonym Come-from-Beyond, gave the community several choices for the next target, including DOGE, Kaspa (KAS), Zcash (ZEC), and any other blockchain named by a member.
DOGE received over 300 votes from the Qubic community by the time the vote concluded, more than all other choices combined.
Qubic’s successful 51% attack on Monero and the fact that the community is now looking to target other proof-of-work blockchains could spell trouble for these blockchain-based monetary networks.
